Reactive power, which is also a critical side service, must be regulated within the network to ensure voltage stability and the consistent provision of required loads. Nevertheless, formal objectives frequently govern the independent market for reactive power. These objectives may include maximizing the profit of participants in reactive compensation and minimizing the final costs of network reactive compensation. This is because, during the resolution of the autonomous reactive power market, other factors such as market profitability, profit distribution, the number of participants, and the degree of market competition may be considered alongside the standard objective function to encourage participation in this market. In this study, a novel method for settling the independent reactive power market that employs random planning is presented. The objective is to guarantee the optimal values of certain quality indicators of reactive power compensation, in addition to the conventional goals. Using the PSO optimization algorithm, the settlement strategy based on the proposed index for the independent reactive power market was simulated in the 30-bus IEEE RTS network. The findings indicate an increase in the level of profit among reactive power market participants, a reduction in network reactive power compensation costs, an improvement in competition in reactive power compensation, and a rise in the desire to participate in the reactive power market. Profit distribution is equitable.
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