Stochastic active and reactive power dispatch in electricity markets with wind power volatility

This paper proposes a stochastic multiobjective optimization algorithm for simultaneous active and reactive power dispatch in electricity markets with wind power volatility. Considering only economic issues during market clearing will achieve minimum system payment but may not yield an efficient and secure system operating point. Therefore, maximizing expected voltage security margin and minimizing transmission congestion probability are incorporated into the proposed multiobjective function. To demonstrate the effectiveness of the proposed algorithm, five average deviation indices and a spider diagram are introduced to evaluate the proposed algorithm.