Modern chemical manufacturers are increasingly interested in improving the agility of their operations. This is particularly true in regions with deregulated electricity markets where participation in demand response programs or taking advantage of real-time prices can be profitable. Processes that consume electricity as a primary feedstock and can shift operating points quickly, such as the chlor-alkali process, are prime candidates for such participation; however, process dynamics that evolve over a longer time-scale typically need to be accounted for to ensure safe operation and an on-spec product. This calls for an integrated scheduling and control approach. The resulting optimization problems are computationally challenging due to multiple time-scales and the relatively long horizons involved (on the order of days). We present a methodology for efficient representation of nonlinear process dynamics using novel parameterizations of Hammerstein−Wiener models. We carry out an extensive study concerning real-time electricity market participation of a chlor-alkali process, focusing on the optimal allocation of bids in the day ahead and real-time markets under electricity price and product demand uncertainty.