Published Paper Details:

This research employs Differential Evolution (DE) to find the optimal feasible placement and control of Flexible AC Transmission System (FACTS) devices in an effort to achieve Security Constrained Optimal Power Flow (SCOPF) in a deregulated energy market. SCOPF is an acronym that stands for Security-Constrained Optimal Power Flow. In this method, the AC load flow equations are modified to include constraints on power system generation, transmission line flow, bus voltage magnitude, and FACTS device settings. Two different kinds of FACTS devices, referred to as thyristor-controlled series compensators (TCSC) and static VAR compensators (SVC), are utilised in the suggested method. In order to accurately represent the bilateral exchanges, secured bilateral transaction matrices with the AC distribution factor and the slack bus contribution are utilised. The cost of installing FACTS devices under typical conditions of operation was factored into the calculation of SCOPF in this body of work. The simulation of an IEEE 6 bus system is used to test and validate the proposed method. An investigation is carried out into the economic and security implications that FACTS devices may have on bilateral transactions within a deregulated electrical grid. According to the findings, the active power production cost as well as the installation cost of FACTS devices can be decreased by determining the suitable position and control of these devices using the DE algorithm. This can also reduce the cost of bidding on the active power generated. Because SVC provides lower bids for active power generation and cheaper installation costs than TCSC does, it is the FACTS device that provides the most value for the money.