Western Energy Imbalance Market surpasses the $6 billion benefit milestone
FOLSOM, Calif. – The Western Energy Imbalance Market (WEIM), which commemorates its 10th anniversary next month, is reporting that it has achieved $6.25 billion in cumulative economic savings for market participants, while also providing increasingly significant energy transfers to support reliability across the West.
During the third quarter, which saw two significant heat waves that affected California and much of the West, the WEIM demonstrated its effectiveness in balancing supply and demand by enabling energy transfers among participants located within the 11-state footprint.
In addition to supporting reliability across the West, the WEIM generated $394.8 million in reduced expenses for its 22 participants, according to the latest benefits report from the California Independent System Operator (ISO)
Launched in 2014, 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 market also facilitates easier energy transfers within the market to help meet demand for areas that need additional resources during extreme weather events.
The 2024 Q3 economic benefits by participant are as follows:
| (millions $) | |
|---|---|
| Arizona Public Service | $ 14.68 |
| AVANGRID Renewables | $ 10.02 |
| Avista | $ 3.16 |
| Balancing Authority of Northern California | $ 48.78 |
| Bonneville Power Administration | $ 8.90 |
| California ISO | $ 10.65 |
| El Paso Electric | $ 5.48 |
| Idaho Power | $ 7.89 |
| Los Angeles Department of Water & Power | $ 29.25 |
| NV Energy | $ 67.57 |
| NorthWestern Energy | $ 18.51 |
| PacifiCorp | $ 44.66 |
| Portland General Electric | $ 10.14 |
| Public Service Company of New Mexico | $ 14.97 |
| Puget Sound Energy | $ 15.14 |
| Powerex | $ 5.97 |
| Seattle City Light | $ 16.32 |
| Salt River Project | $ 13.25 |
| Tacoma Power | $ 10.33 |
| Tucson Electric Power | $ 9.46 |
| Turlock Irrigation District | $ 1.93 |
| WAPA Desert Southwest | $ 27.82 |
| Total | $394.88 |
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 view the EDAM fact sheet.
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 the Extended Day-Ahead Market.