Cost-benefit analysis of TCSC installation to power system operation

Abstract

FACTS devices can be utilized to increase power transfer capability by reducing system losses and cost of generation. Optimal allocation of TCSC is very much important to get the maximum benefit and their control can significantly affect the operation of the system. Genetic Algorithm is used as the optimization tool to determine the location as well as the parameters of TCSC simultaneously. In this paper both technical and economical benefit arising from the installation of TCSC device with the emphasis on generation cost. The Optimal Power Flow (OPF) calculations and GA based optimization are employed to allocate TCSC device. The allocation objective is based on cost function that includes cost of FACTS devices, the cost of installation and annual maintenance cost, and the cost of both generated active and reactive power. The economic benefits arising from their installation are assessed using NPV and Pay back method. This paper provides the best techno-economic solution for the IEEE - 30 bus systems by minimizing the overall system cost function, which includes generation cost and the investment costs of the FACTS device.