Open AccessLong‐term economic model for allocation of FACTS devices in restructured power systems integrating wind generation
Author(s) -
Elmitwally Akram,
Eladl Abdelfattah,
Morrow John
Publication year - 2016
Publication title -
iet generation, transmission and distribution
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.92
H-Index - 110
eISSN - 1751-8695
pISSN - 1751-8687
DOI - 10.1049/iet-gtd.2014.1189
Subject(s) - electric power system , profit (economics) , particle swarm optimization , mathematical optimization , computer science , wind power , scheduling (production processes) , power flow , reliability engineering , term (time) , operations research , engineering , power (physics) , economics , electrical engineering , physics , quantum mechanics , mathematics , microeconomics
This study proposes an approach to optimally allocate multiple types of flexible AC transmission system (FACTS) devices in market‐based power systems with wind generation. The main objective is to maximise profit by minimising device investment cost, and the system's operating cost considering both normal conditions and possible contingencies. The proposed method accurately evaluates the long‐term costs and benefits gained by FACTS devices (FDs) installation to solve a large‐scale optimisation problem. The objective implies maximising social welfare as well as minimising compensations paid for generation re‐scheduling and load shedding. Many technical operation constraints and uncertainties are included in problem formulation. The overall problem is solved using both particle swarm optimisations for attaining optimal FDs allocation as main problem and optimal power flow as sub‐optimisation problem. The effectiveness of the proposed approach is demonstrated on modified IEEE 14‐bus test system and IEEE 118‐bus test system.