Convex Hull Pricing for Unit Commitment: Survey, Insights, and Discussions
Farhan Hyder,
Bing Yan,
Mikhail Bragin
et al.
Abstract:Energy prices are usually determined by the marginal costs obtained by solving economic dispatch problems without considering commitment costs. Hence, generating units are compensated through uplift payments. However, uplift payments may undermine market transparency as they are not publicly disclosed. Alternatively, energy prices can be obtained from the unit commitment problem which considers commitment costs. But, due to non-convexity, prices may not monotonically increase with demand. To resolve this issue… Show more
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