Abstract—This paper introduces and rationalizes a new model for bidding and clearing energy storage resources in wholesale energy markets. Charge and discharge bids in this model depend on the storage state-of-charge (SoC). In this setting, storage participants submit different bids for each SoC segment.
In terms of market design, we consider three market models: Multi: the energy storage is not constrained by the market bidding model and can freely make charge and discharge decisions to arbitrage price differences. This case represents the best possible arbitrage results and adopts the optimization multi-period dispatch model (1).
To address this, we propose an open-source, implementable framework for multi-market bidding under uncertainty designed to increase the profitability of energy storage systems through enhanced coordination. Specifically, we consider two spot markets: the day-ahead market and continuous intraday trading.
Multi-market bidding is essential for energy storage systems to maximise profitability by leveraging temporal price differences across the day-ahead and continuous intraday markets.
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