This paper presents an optimal allocation method for flexible ac transmission system (FACTS) devices for market-based power systems considering congestion relief and voltage stability. The purpose of the FACTS devices installation is to provide benefit for all entities accomplished by both minimizing annual device investment cost and maximizing annual benefit defined as difference between expected security cost (ESC) with and without FACTS devices installation. Different from previous approaches, the proposed method accurately evaluates the annual cost and benefits obtainable by FACTS devices installation by formulating a large-scale optimization problem that contains power flow analyses for a large number of system states representing annual power system operations. In addition, dynamic state transitions caused by specified contingencies are also simulated in the optimization problem to evaluate the effect of FACTS control actions as well as the other coordinated controls. The expected cost consists of operating cost under normal and contingency states along with their related probabilities to occur. Maximizing social welfare is the objective for normal state while minimizing compensations for generations re-scheduling and load shedding as well as maximizing social welfare are the objectives in case of contingency. Although installation cost of FACTS devices is required, they are useful as cost free means, which can reduce effectively the annual costs for generations re-scheduling and load shedding.

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A large amount of renewable energy penetration may cause a serious problem in load dispatch in the future power system, where the amount of controllable generators will decrease while disturbances increase. Therefore, a new economic load dispatch (ELD) method is required in order to make the best use of the ramp-rate capability of existing generators to cope with the disturbances caused by loads as well as by renewable energy generations. This paper proposes a new dynamic ELD method to meet the general requirements for real-time use in a future power system, where load following capability is critically limited. The method is also satisfactory from an economical point of view, and is suitable for high-speed online application due to fast and steady computation time. The proposed method has been successfully tested on several systems supplying a typical morning to noon demand profile.Index Terms-Dynamic economic dispatch, feasible operation region, reserve.