Social welfare improvement using market clearing mechanism of a wind farm‐CAES hybrid congested transmission system

Abstract

Abstract The goal of any well‐established deregulated power sector is to satisfy their customer by delivering the power with maintaining the best quality at a reasonable price. This paper presents the impression of the wind farm (WF) and compressed air energy storage (CAES) hybrid systems in the congested deregulated power system. The main motto of this work is to enhance social welfare by using a market‐clearing mechanism of the WFCAES hybrid system. To determine the effect of the hybrid system, initially the market‐clearing power (MCPO) problem is measured without considering the WF‐CAES hybrid system, and then the same work has been carried out with considering the WF‐CAES hybrid system. The bus sensitivity factor (BSF) decides the optimal position of the WF‐CAES hybrid system in the congested day‐ahead electrical system. The study is followed out through generator sensitivity factor (GSF) with the application of artificial bee colony algorithm (ABC) and slime mould algorithm (SMA) to calculate optimal market clearing price (MCP) and market clearing volume (MCV). The market‐clearing power problem has been solved in a modified IEEE‐30 bus test system. The SMA algorithm is been implemented in the market‐clearing mechanism for the first time which is the novelty of this paper.