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Summary In this paper, a new multi‐objective power market clearing framework with index‐based vision is proposed in order to flexibly cover various aspects of the power market, simultaneously. Separate clearing constraints and a weighting strategy are also implemented along with the proposed clearing framework aiming at considering the importance of the power market and network‐based indices. Also, a number of applicable indices are integrated into the objective functions. These indices which help with improving the quality of the power market clearing are to control on the market total cost, market profitability rate, discrimination among market players, dispersion in the net surplus and revenue among market players, players participation tendency in the power market, and the market power potential. Moreover, voltage stability constraints have been introduced to improve the proposed framework. The proposed framework is used to clear the separate reactive power market (SRPM) as a case study and is tested on 24‐bus IEEE reliability test system (RTS). The problem is solved by a non‐dominated sorting genetic algorithm (NSGA‐II). The results evidence that the proposed market clearing framework significantly improves the performance of the power market clearing.

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