FACTS devices in deregulated electric power systems: a review

The changing nature of the electricity supply industry is introducing many new subjects into power system operation related to trading in a deregulated, competitive market. Commercial pressures on obtaining greater returns from existing assets suggests an increasingly important role for dynamic network management using FACTS devices and energy storage as an important resource in generation, transmission, distribution and customer service. This paper presents the influences of FACTS devices on deregulated electric power systems and their technical and economical benefits.