An Efficient Approach for Optimal Placement of TCSC in Double Auction Power Market

This paper proposes an investment cost recovery based efficient and fast sequential optimization approach to optimal allocation of thyristor controlled series compensator (TCSC) in competitive power market. The optimization technique has been used with an objective to maximizing the social welfare and minimizing the device installation cost by suitable location and rating of TCSC in the system. The effectiveness of proposed approach for location of TCSC has been compared with some existing methods of TCSC placement, in terms of its impact on social welfare, TCSC investment recovery and optimal generation as well as load patterns. The results have been obtained on modified IEEE 14-bus system.

Authors:

• Prashant Kumar Tiwari
• Yog Raj Sood

Keywords:

• Double auction market
• Investment cost recovery
• Optimal location
• Social welfare
• TCSC

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