WEIM entities share sizeable energy transfers during Q2 2024
Contact: ISOMedia@caiso.com
Real-time market participants realize $365 million in customer benefits
FOLSOM, Calif. – The Western Energy Imbalance Market (WEIM) continues to demonstrate significant cost savings and energy transfers around the region, according to the latest quarterly benefits report from the California Independent System Operator (IS0).
During a very hot start to the summer, large amounts of energy – 2.8 million megawatt hours (MWh) of export transfers from the ISO area – were shared during the second quarter across the WEIM footprint that includes 11 Western states.
In June alone, the ISO balancing authority enhanced reliability by sending 1.1 million MWh of energy to WEIM entities. The transfers helped balance supply and demand when some of the WEIM entities were experiencing higher electricity usage due to a heat wave that saw temperatures climb 7 to 16 degrees above normal for several days across the West.
More recently, subsequent to the June 30 closing of the second quarter, the real-time market also provided an important platform for energy trading during the record-setting heat wave in July that caused triple-digit temperatures across much of California and the West. Market participants provided similar assistance with robust energy transfers throughout the region.
During the second quarter, the WEIM’s 22 participants realized $365 million in reduced expenses, while also providing important operational benefits. Since the market was launched in 2014, the cumulative benefits achieved through the WEIM’s efficient use of diverse resources across a larger geographic footprint now totals $5.85 billion.
The WEIM is a real-time electricity market that enables participating entities to buy and sell power close to the time electricity is generated and consumed. Using state-of-the art technology, the market finds and delivers lowest-cost resources to meet immediate power needs and manages congestion on transmission lines to maintain grid reliability.
The 2024 Q2 economic benefits by participant are as follows:
| (millions $) | |
|---|---|
| Arizona Public Service | $4.57 |
| AVANGRID Renewables | $8.56 |
| Avista | $2.95 |
| Balancing Authority of Northern California | $49.90 |
| Bonneville Power Administration | $4.72 |
| California ISO | $36.02 |
| El Paso Electric | $3.09 |
| Idaho Power | $15.57 |
| Los Angeles Department of Water & Power | $30.52 |
| NV Energy | $33.65 |
| NorthWestern Energy | $7.88 |
| PacifiCorp | $27.35 |
| Portland General Electric | $11.25 |
| Public Service Company of New Mexico | $11.21 |
| Puget Sound Energy | $8.26 |
| Powerex | $18.73 |
| Seattle City Light | $4.87 |
| Salt River Project | $20.93 |
| Tacoma Power | $5.44 |
| Tucson Electric Power | $8.02 |
| Turlock Irrigation District | $0.98 |
| WAPA Desert Southwest | $50.57 |
| Total | $365.04 |
Building on the proven success of the WEIM, the ISO has collaborated with Western stakeholders to develop an Extended Day-Ahead Market (EDAM) that enables entities participating in the WEIM to benefit from optimized and efficient commitments in the day-ahead market to meet next-day demand, where the majority of energy transactions occur. For more information, please visit the EDAM webpage.
For more information visit the Western Energy Markets website.
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California ISO | 250 Outcropping Way | Folsom, CA 95630 | www.caiso.com
The California Independent System Operator (ISO) is a nonprofit public benefit corporation dedicated, with its partners, to continuous improvement and secure operation of a reliable grid operated for the benefit of consumers. It provides comprehensive grid planning, open and nondiscriminatory access to one of the largest networks of high-voltage transmission power lines in the world, and operates a $9 billion competitive electricity market. Recognizing the importance of the global climate challenge, the ISO is at the forefront of integrating renewable power and advanced technologies that will help provide a sustainable energy future efficiently and cleanly. The Western Energy Imbalance Market (WEIM) is a real-time wholesale energy trading market that enables participants anywhere in the West to buy and sell energy when needed. The Western Energy Markets Governing Body is the governing authority designed by regional stakeholders and has shared authority with the ISO Board of Governors to resolve rules specific to participation in the WEIM and EDAM.