Abstract
Reactive power management is required to support real power shipment, providing reserve for voltage security and supplying reactive loads. Reactive power management is different in the deregulated electricity market of various countries. In this paper, a novel reactive power procurement model is proposed, which ensure secure and reliable operation of deregulated electricity market. Various issues of reactive power management in the deregulated electricity market have been discussed. A reactive power bid, reactive capability of a generator has been discussed in the context of procurement reactive power model. A two level framework of the reactive power is proposed. The first-level of the proposed model, i.e. reactive power procurement, to be done on (few months ahead)advance basis from real time operation with an objective of minimization of reactive generation cost followed by maximization of its Societal Advantage Function(SAF) while considering the second-level, i.e., reactive power dispatch in tandem with real-time operation. The IEEE 24-bus RTS test system is used to illustrate the proposed reactive power procurement. The offers of generation have been considered by minimization of reactive generation cost followed by maximization of Societal Advantage Function.
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