Spider area-based multi-objective stochastic energy and ancillary services dispatch

This paper presents a multi-objective stochastic optimization algorithm for coupled energy, reserve and reactive power dispatch in electricity markets. The algorithm intends to minimize expected total market payment, transmission congestion probability and power system emission. To guarantee secure and reliable operation of power systems even after the occurrence of disturbances, two preventive actions, maximizing expected voltage security margin and expected reactive power reserve, are incorporated into the proposed multiobjective algorithm. A spider area-based multi-objective stochastic optimization is proposed being applied to find a trade-off among all objectives. To speed up market clearing process, a scenario generation method is suggested for modeling wind speed volatility. Using Monte Carlo simulation method, eight indices are introduced and effectiveness of the proposed stochastic algorithm is evaluated.