Abstract
This paper proposes an investment cost recovery based efficient and reliable optimization approach to optimal allocation of thyristor controlled series compensator (TCSC) in double auction power market. The optimization technique has been used with an objective to maximizing the social welfare and minimizing the device investment cost by suitable location and rating of single TCSC in the system. The effectiveness of proposed approach for location of TCSC has been compared with some existing methods of single 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 5-bus system, modified IEEE 14-bus system and 246-bus Indian practical Northern Regional Power Grid (NRPG) system.
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