In this paper, a new multiobjective joint energy and
reserve market clearing model is presented, in which the payment
cost minimization and the voltage stability maximization are
considered as the economic and security objectives, respectively.
In the proposed model, microgrid aggregators (MGAs) submit
their bids as demands to participate in the day-ahead electricity
market. Both pay-at-market clearing price (uniform pricing)
and locational marginal price-based settlement mechanisms are
employed to determine the payoffs of market participants in the
proposed payment cost minimization model, and the outcomes
are compared with those of the offer generation cost minimization
model. It is shown that the proposed payment cost minimization
model leads to a lower consumer payment cost than the offer
cost minimization model. A new approach, which is referred to as
bi-objective desired solution generator, is introduced to solve the
proposed bi-objective problem. It is shown that the desired solution
is determined without approximating all efficient solutions,
which in turn results in lower processing time and computational
burden. A modified IEEE 24-bus reliability test system is
used as a test system to verify the effectiveness of the proposed
approach.