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In this paper we propose a quadratic programming model that can be used forcalculating the term structure of electricity prices while explicitly modelingstartup costs of power plants. In contrast to other approaches presented in theliterature, we incorporate the startup costs in a mathematically rigorousmanner without relying on ad hoc heuristics. Moreover, we propose a tractableapproach for estimating the startup costs of power plants based on theirhistorical production. Through numerical simulations applied to the entire UKpower grid, we demonstrate that the inclusion of startup costs is necessary forthe modeling of electricity prices in realistic power systems. Numericalresults show that startup costs make electricity prices very spiky. In thesecond part of the paper, we extend the initial model by including the gridoperator who is responsible for managing the grid. Numerical simulationsdemonstrate that robust decision making of the grid operator can significantlydecrease the number and severity of spikes in the electricity price and improvethe reliability of the power grid.

The impact of startup costs and the grid operator on the power price equilibrium