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State-of-charge (SoC) dependent bidding allows merchant storage participants to incorporate SoC-dependent operation and opportunity costs in a bid-based market clearing process. However, such a bid results in a non-convex cost… Click to show full abstract
State-of-charge (SoC) dependent bidding allows merchant storage participants to incorporate SoC-dependent operation and opportunity costs in a bid-based market clearing process. However, such a bid results in a non-convex cost function in the multi-interval economic dispatch and market clearing, limiting its implementation in practice. We show that a simple restriction on the bidding format removes the non-convexity, making the multi-interval dispatch of SoC-dependent bids a standard convex piece-wise linear program.
Journal Title: IEEE Transactions on Power Systems
Year Published: 2022
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