This paper presents a new stochastic framework for clearing of day-ahead reactive power market. The uncertainty of generating units in the form of system contingencies are considered in the reactive power market-clearing procedure by the stochastic model in two steps. The Monte-Carlo Simulation...

This paper presents the market clearing of joint energy and reserves auctions and its mathematical formulation, focusing on a possible implementation of the Payment Cost Minimization (PCM). It also discusses another key point in debate: whether market clearing algorithm should minimize offer...