Joint Market Clearing of Energy and Demand Response Offers ConsideringVoltage Dependent Load Models

This paper presents a new multi-objective day-ahead market clearing (DAMC) mechanism with demand-side reserves/demand response offers, considering realistic voltage dependent load modeling. The paper proposes objectives such as Social Welfare Maximization (SWM) including demandside reserves, and Load Served Error (LSE) minimization. In this paper, energy and demandsidereserves are cleared simultaneously through co-optimization process. The paper clearly brings out the unsuitability of conventional SWM for DAMC in the presence of voltage
dependent loads, due to reduction of load served (LS). Under such circumstances multi-objective DAMC with demand response offers is essential. Multi-objective Strength Pareto Evolutionary Algorithm 2+ (SPEA 2+) has been used to solve the optimization problem. The effectiveness of the proposed scheme is confirmed with results obtained from IEEE 30 and IEEE 300 bus test systems.

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