This study aims at investigating the changes in power market transaction levels when taking into account the voltage stability consideration in the market settlement scheme. The study is based on a security constrained optimal power flow (SC-OPF) framework for a combined bilateral-and-pool electricity market. An IEEE 30-bus test system is used in the study. It is found that the voltage security constraints could help independent market operators to include a sufficient margin for allowable power transactions to ensure the system security while maximizing the social welfare. In that case, the power systems will be operating with a larger security margin. It is, however, important to note that the social welfare is compromised with the increased security margin.
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