Separate Reactive power market clearing algorithm based on quality index of clearing market

In this paper a new algorithm for clearing of independent reactive power is presented. In the proposed algorithm both traditional objective function of reactive power and some new indices are optimised. The traditional objective function is minimizing the total cost of market and maximizing the profit of players. Some new indices such as Units Association Rate, Producer Unit Profit Rate, Profit Distributing Rate, Production Sharing  Rate and Risk of Work In Capacity Limits are introduced in this paper. These indices show the effectiveness of the proposed clearing strategy. The proposed algorithm is implemented on IEEE 24 bus test system.