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Convergence bidding has been adopted in recent years by most IndependentSystem Operators (ISOs) in the United States as a relatively new marketmechanism to enhance market efficiency. Convergence bidding affects manyaspects of the operation of the electricity markets and there is currently agap in the literature on understanding how the market participantsstrategically select their convergence bids in practice. To address this openproblem, in this paper, we study three years of real-world market data from theCalifornia ISO energy market. First, we provide a data-driven overview of allsubmitted convergence bids (CBs) and analyze the performance of each individualconvergence bidder based on the number of their submitted CBs, the number oflocations that they placed the CBs, the percentage of submitted supply ordemand CBs, the amount of cleared CBs, and their gained profit or loss. Next,we scrutinize the bidding strategies of the 13 largest market players thataccount for 75\% of all CBs in the California ISO market. We identifyquantitative features to characterize and distinguish their differentconvergence bidding strategies. This analysis results in revealing threedifferent classes of CB strategies that are used in practice. We identify thedifferences between these strategic bidding classes and compare theiradvantages and disadvantages. We also explain how some of the most activemarket participants are using bidding strategies that do not match any of thestrategic bidding methods that currently exist in the literature.

A Data-Driven Study to Discover, Characterize, and Classify Convergence Bidding Strategies in California ISO Energy Market