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In recent years, major structural changes were introduced to the power sector all over the world. As a consequence, transmission expansion activities must be implemented to upgrade the utilities' power delivery systems. Some application of flexible AC transmission system (FACTS) technologies to existing high-voltage power systems has proved that the use of FACTS technology may be a cost-effective option for power delivery system enhancements. Undoubtedly, FACTS devices can minimise costly capital investments, but selecting the appropriate number and placement of these devices can be a challenge. To face this challenge, the paper deals with a methodology, based on a genetic algorithm, to identify the optimal number and location of FACTS devices in an assigned power-system network for maximising system capabilities, the social surplus and to satisfy contractual requirements in an open power market. In order to validate the usefulness of the approach suggested herein, a case study using the IEEE 30-busbar power system is presented and discussed.