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The implementation of electricity markets based on locational marginalpricing in a multi-settlement process has allowed wholesale competition, withpricing mechanisms that incentivize the optimal allocation of generation,transmission, and demand-response resources. While efficiency and reliabilitygains have been achieved in the US at a regional level, the lack of adequateinter-regional coordination mechanisms has limited broader gains. Theshortcomings of cross-border coordination of electricity markets become moreapparent as the industry transitions towards higher penetration of renewableresources, which tend to be concentrated in certain regions of the country,usually distant from load pockets. In addition to allowing market participantsto respond to economic signals beyond the market region where their assetsreside, a coordinated market solution would allow the extension of marketmechanisms such as financial transmission rights and capacity contracts tocover transactions across borders; thereby, reducing price uncertainty aroundthe investment in new generation resources. This paper presents a distributedsolution to the unit commitment problem that allows for full coordination ofthe market clearing process across interconnected electricity markets.

A Distributed Optimization Approach to the Multi-Regional Day-Ahead Clearing Process in Electricity Markets