Design of joint active and reactive power reserve market: a multi-objective approach using NSGA II

A joint active and reactive power reserve market is presented in this study. Reactive and active powers are closely related through some issues such as load flow equations, network line current limitations and synchronous generator capability curve. The proposed solution deals with simultaneously determining of optimal capacities of active and reactive power reserve after administration and settlement of active and reactive power markets separately. Three following objectives would be met in the proposed joint market while satisfying constraints of network and producing units in all contingencies: i Minimising cost of required simultaneous active and reactive power at each contingency. ii Minimising unsupplied energy due to lack of active power at each contingency. iii Minimising unsupplied energy due to insufficiency of reactive power. IEEE 24 bus RTS system is used for evaluation of the proposed market and results have been compared with those from traditional separate active power reserve markets.