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Currently, most ISOs adopt offer cost minimization (OCM) auction mechanismwhich minimizes the total offer cost, and then, a settlement rule based oneither locational marginal prices (LMPs) or market clearing price (MCP) is usedto determine the payments to the committed units, which is not compatible withthe auction mechanism because the minimized cost is different from the paymentcost calculated by the settlement rule. This inconsistency can drasticallyincrease the payment cost. On the other hand, payment cost minimization (PCM)auction mechanism eliminates this inconsistency; however, PCM problem is anonlinear self-referring NP-hard problem which poses grand computationalburden. In this paper, a mixed-integer nonlinear programing (MINLP) formulationof PCM problem are presented to address additional complexity of fast-growingpenetration of Vehicle-to-Grid (V2G) in the price-based market clearingproblem, and a solution method based on the generalized benders decomposition(GBD) is then proposed to solve the V2G-integrated PCM problem, and itsfavorable performance in terms of convergence and computational efficiency isdemonstrated using case studies. The proposed GBD-based method can handlescaled-up models with the increased number of decision variables andconstraints which facilitates the use of PCM mechanism in the market clearingof large-scale power systems. The impact of using V2G technologies on the OCMand PCM mechanisms in terms of MCPs and payments is also investigated, and byusing numerical results, the performances of these two mechanisms are compared.

Price-Based Market Clearing with V2G Integration Using Generalized Benders Decomposition