An enhanced 2-D locational marginal pricing with FACTS devices under variable bus voltage profile

The objective of this paper is to propose an AC optimal power flow (OPF) framework to perform locational marginal pricing (LMP) in the presence of voltage-dependent active and reactive power loads, and FACTS devices. The classical 2-D LMP assumes the load power factors to be independent of voltage magnitudes. This assumption is applicable only for the constant power load. The voltage dependency of the loads can affect the OPF result as well as the LMP. Therefore, in this paper, generalized voltage dependent load modeling is used which can consider any type of load. There can be multiple load bid requests of multiple load types from the same location. The reactive power compensators are also modeled as voltage dependent entities. Different active and reactive power LMPs are obtained for different types of loads and compensators. The proposed methodology is illustrated through a suitable case study.

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