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Multi-Objective Day-Ahead Real Power Market Clearing with Voltage Dependent Load Models

In this paper, we investigate the influence of voltage dependent load models on day ahead real power market clearing (DA-RPMC). The investigations clearly bring out the unsuitability of conventional single objectives such as production cost minimization (PCM) (or social welfare maximization (SWM)), due to reduction of load served. Hence, the multi-objective optimization is essential in this context. The paper proposes several objectives such as production cost minimization (PCM) (or social welfare maximization (SWM)), load served maximization (LSM), and Voltage Stability Enhancement Index (VSEI); which can be judiciously combined as per the needs of the operating condition. Multi-objective Strength Pareto Evolutionary Algorithm (SPEA) has been used to solve the DA-RPMC problem. The effectiveness of the proposed approach is tested on IEEE 30 bus system and the detailed simulation studies have been carried out by considering different operating conditions with voltage dependent load modeling.