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We consider the problem of merchant storage participating in the regulationmarket with state-of-charge (SoC) dependent bids. Because storage cansimultaneously provide regulation up and regulation down capacities, themarket-clearing engine faces the computation challenge of evaluating storagecosts under different regulation scenarios. One approach is to employ a bileveloptimization that minimizes the worst-case storage cost among all potentialregulation events. However, subproblems of such a bilevel optimization arenonconvex, resulting in prohibitive computation challenges for the real-timeclearing of the regulation market. We show that the complex nonconvex marketclearing problem can be convexified by a simple restriction on theSoC-dependent bid, rendering the intractable market clearing computation tostandard linear programs. Numerical simulations demonstrate that SoC-dependentbids satisfying the convexification conditions increase the profits of merchantstorage owners by 12.32-77.38% compared with SoC-independent bids.

Convexifying Regulation Market Clearing of State-of-Charge Dependent Bid