Evolutionary Programming-based Simulation of Bilateral Real Power Contracts by Optimal Placement of Flexible AC Transmission System Devices Using Contingency Analysis

Abstract

Under a restructuring atmosphere, energy customers and producers generally create various bilateral real power markets. The transmission company usually carries out these bilateral power markets contained by the restrictions allowed through the power network design and working situation. The market operator can misuse the “power markets” and earn additional revenue. Flexible Alternate Current Transmission System devices are considered to be one such technology that helps in improving the bilateral real power markets. In this work, a new methodology for correct placement of Flexible Alternate Current Transmission System devices in the restructured power markets is proposed. A generalized evolutionary programming technique is projected to find out the optimal bilateral real power markets with and without Flexible Alternate Current Transmission System devices under a restructuring atmosphere. Flexible Alternate Current Transmission System devices, such as the Thyristor-Controlled Series Compensator, Static VAR Compensator, and Unified Power Flow Controller, are employed. Utilization of these devices helps in minimizing the cost and also helps in reducing the total overloads, excess power flow, and severity of overloading. A sample 4-bus system and 24-bus extra high-voltage Indian system are presented as examples to exemplify the use of this formulation to reduce the price of the bilateral power market.