The Western Energy Imbalance Market’s (WEIM) cumulative benefits rose to $5.49 billion during the first three months of 2024, while also demonstrating the value of regional coordination by helping maintain system reliability during a January cold snap that stressed grid conditions in the Northwest.
The WEIM, a real-time electricity market launched in 2014, 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.
During the first quarter of 2024, the WEIM’s 22 participants – many of whom own and operate hydroelectric projects — realized $436 million in benefits that reduce expenses for those utilities and their customers. The efficient transfer of power helped meet demand in the Pacific Northwest during extreme cold Jan. 13 through 15. Energy transfers from California and the southwest provided valuable assistance to those areas that were strained due to heightened demand for electricity.
The 2024 Q1 economic benefits by participant are:
Arizona Public Service $5.54 million
AVANGRID Renewables $10.14 million
Avista $7.79 million
Balancing Authority of Northern California $20.78 million
Bonneville Power Administration $18.11 million
California ISO $54.33 million
El Paso Electric $6.08 million
Idaho Power $11.30 million
Los Angeles Department of Water & Power $46.80 million
NV Energy $32.77 million
NorthWestern Energy $7.07 million
PacifiCorp $73.83 million
Portland General Electric $22.00 million
Public Service Company of New Mexico $7.30 million
Puget Sound Energy $25.88 million
Powerex $24.83 million
Seattle City Light $5.76 million
Salt River Project $22.35 million
Tacoma Power $6.79 million
Tucson Electric Power $9.11 million
Turlock Irrigation District $1.22 million
WAPA Desert Southwest $16.52 million
Building on the 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.
The ISO is a nonprofit public benefit corporation dedicated 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.
