Valuation of dynamic reactive power based on probability aspects of power system

Nowadays, the valuation of reactive power is an important research issue in restructured power systems. Although different methods established for the valuation or pricing reactive power but they have a little attention to power system security and reliability. Here a new concept of equivalent reactive power compensation method based on contingency selection and probability characteristic of power system is introduced. Also modification of this method by using voltage control areas is discussed. Results procured from these improvements show the effectiveness of the proposed modifications.