Abstract
This paper presents the formulation and features of the Price Based Unit Commitment (PBUC) in a deregulated power market. This model can be used by GENCOs in some deregulated markets where GENCOs are responsible for unit commitment, to commit and schedule their units for selling power, purchasing power, selling spinning and non-spinning reserves in order to maximize their own profit. Transmission congestion is incorporated through Locational Marginal Prices (LMPs) in PBUC. This paper also represents the derivation of the bidding strategy as a function of generation schedule.