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Article summary:
1. Convex hull pricing has been introduced to increase transparency and reduce uplift payments for the U.S. wholesale markets.
2. This paper proposes convex primal formulations for convex hull pricing considering regulating, spinning, and online/offline-supplemental reserves, which can be solved by a linear program instead of a mixed-integer program.
3. The proposed formulations are applied in real-world cases (e.g., MISO instances) for different types of generators, and the tightened models enable the calculation of minimum UP and exact convex hull price considering reserve commitment decision variables when general ramping capacity is large.
Article analysis:
This article provides an overview of convex hull pricing with reserve commitments in the US wholesale markets, as well as proposing convex primal formulations for this purpose. The article is written in a clear and concise manner, making it easy to understand the concepts discussed within it. The authors provide detailed descriptions of the parameters used in their formulation, as well as providing examples from real-world cases (MISO instances).
The article is reliable and trustworthy overall; however, there are some potential biases that should be noted. For example, the authors focus on US wholesale markets only; thus, their findings may not be applicable to other countries or regions with different market structures or regulations. Additionally, while they discuss four types of reserves (RR, SR, ONSR and OFSR), they do not provide any information on how these reserves are priced or allocated in practice; thus, their findings may not be applicable to all scenarios where different pricing or allocation methods are used.
In terms of missing points of consideration or evidence for claims made, there is no discussion on how renewable energy sources affect the need for reserves or how new technologies such as electric vehicles impact system stability and security; thus, readers may not have a full understanding of how these factors influence reserve requirements and pricing decisions. Additionally, while the authors discuss start-up ramp limits in their formulation examples, they do not provide any evidence that these limits are binding in practice; thus readers may not have a full understanding of how these limits affect system operations or costs.
Finally, while this article provides an overview of convex hull pricing with reserve commitments in US wholesale markets and proposes useful formulations for this purpose, it does not explore counterarguments or present both sides equally; thus readers may not have a full understanding of all aspects related to this topic.