A stability-constrained market clearing and pricing approach for coordinated frequency and voltage security in high-renewable electric power systems

The increasing penetration of renewable energy sources (RESs) has significantly altered power system dynamics, heightening the risks of frequency and voltage instability. Electricity markets are expected to coordinate diverse resources to maintain secure operation, yet existing market frameworks generally overlook the emerging stability requirements of high-renewable power systems, which may exacerbate stability issues and reduce market efficiency. This paper proposes a stability-constrained market clearing and pricing framework that jointly addresses frequency and voltage security within the day-ahead scheduling process. A set of linearized stability constraints is developed and integrated into the clearing model to represent system frequency and voltage stability requirements. A stability-constrained market clearing model is then established to co-optimize energy, reserve, and stability services, with RES uncertainty managed via a distributionally robust chance-constrained approach. A differentiated pricing mechanism is further proposed to quantify the marginal contribution of heterogeneous resources to frequency and voltage stability and to provide appropriate economic incentives. Case studies show that the proposed method optimizes clearing cost and produces interpretable price signals that reflect the regulation quality of participating resources. Sensitivity analyses further demonstrate how renewable penetration levels and control strategies influence market outcomes.