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This paper proposes two new methodologies for the placement of series FACTS devices in deregulated electricity market to reduce congestion. Similar to sensitivity factor based method, the proposed methods form a priority list that reduces the solution space. The proposed methodologies are based on the use of LMP differences and congestion rent, respectively. The methods are computationally efficient, since LMPs are the by-product of a security constrained OPF and congestion rent is a function of LMP difference and power flows. The proposed methodologies are tested and validated for locating TCSC in IEEE 14-, IEEE 30- and IEEE 57-bus test systems. Results obtained with the proposed methods are compared with that of the sensitivity method and with exhaustive OPF solutions. The overall objective of FACTS device placement can be either to minimize the total congestion rent or to maximize the social welfare. Results show that the proposed methods are capable of finding the best location for TCSC installation, that suite both objectives. {\textcopyright} 2006 Elsevier B.V. All rights reserved.