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Wholesale market participation of storage with state-of-charge (SoC)dependent bids results in a non-convex cost in a multi-interval economicdispatch, which requires a mixed-integer linear program in the market clearing.We show that the economic dispatch can be convexified to the standard linearprogram when the SoC-dependent bid satisfies the equal decremental-cost ratio(EDCR) condition. Such EDCR bids are shown to support individual rationalitiesof all market participants in both the day-ahead multi-interval economicdispatch under locational marginal pricing and the rolling-window look-aheaddispatch under temporal-locational marginal pricing in the real-time market. Anumerical example is presented to demonstrate a higher profit margin with anSoC-dependent bid over that from an SoC-independent bid.

Wholesale Market Participation of Storage with State-of-Charge Dependent Bids