Performance comparison of evolutionary programming and differential evolution approaches for social welfare maximization by placement of multi type FACTS devices in pool electricity market

Abstract

In restructuring power markets, the money matters of demand and supply governs the prices at each bus with rigid constraints imposed in transmission line. The market operators can misuse the “market power” and make additional profit. It eventually hinders the growth of restructured power market and minimizes the social welfare. Hence Flexible AC Transmission System (FACTS) devices are considered one such technology that helps in improving the social welfare. In this paper, the new methodology for proper placement of FACTS devices in the restructured electricity market is proposed. An efficient and reliable evolutionary programming (EP) and differential evolution (DE) techniques based economic dispatch for pool electricity market is used to improve the social welfare. These techniques are developed for both the cases with and without FACTS devices and the results are compared. Utilization of these FACTS devices helps in “maximizing the benefit” and “minimizing the cost” and also helps in reducing the total number of overloads, excess power flow and severity of overloading. The standard data of sample 5 bus, three generators and two customers system has been taken into account and simulated with aid of MAT-lab software and comparative results are obtained.