Record-Breaking Success for Western EIM
In the second quarter of 2018, the Western Energy Imbalance Market (EIM) achieved its greatest cost-savings benefits to date. From April 01 through June 30, 2018, the EIM amassed $71.21 million in gross benefits for its eight market participants. Q2’s financial success boosts the market’s total gross benefits up to $401.73 million since its November 2014 start. Increased efficiency of inter-regional and intra-regional dispatch in both the Fifteen-Minute Market (FMM) and Real-Time Dispatch (RTD) contributed to these major earnings.
Beyond financial benefits, this quarter also generated a positive environmental impact. Market participants reduced carbon dioxide emissions by 55,267 metric tons and utilized 129,128 megawatt-hours of surplus renewable energy that otherwise would have been curtailed. This remarkable victory is nothing unusual for the Western EIM, which has decreased carbon emissions by more than 300,000 metric tons since 2015.
In addition to financial and environmental benefits, the market’s continual growth provides even more evidence of its success. Two of the eight EIM participants are brand new this quarter; Idaho Power and Powerex each joined in April. Prospective members expected to join soon include the Balancing Authority of Northern California/Sacramento Municipal Utility District (BANC/SMUD) in April 2019 and Salt River Project of Phoenix, Seattle City Light, and the Los Angeles Department of Water and Power in April 2020. This market impacts approximately 42 million consumers across its eight-state span, and its technology provides these consumers with the lowest cost energy available.
But as the Western EIM transforms the energy industry and its benefits grow, its systems become increasingly more complicated for participants to navigate alone. Members must use some sort of energy market management system in order to engage in the real-time market (RTM). OATI’s webEIM solution is one such system that alleviates confusion and difficulty, and allows Balancing Authorities to excel within the market. Our software system applies high-powered calculations and integrated shadow settlements to capabilities such as streamlined and detailed position reporting, comprehensive data interfaces, process automation and more.
Three successful members of the Western EIM are already taking advantage of the results-driven power of webEIM. NV Energy and Portland General Electric each attained a respective $5.34 million in benefits and Idaho Power obtained $7.75 million in benefits throughout Q2, all while decreasing their carbon footprint. Neither of these companies need to worry about managing time-sensitive data exchanges or any other time-consuming modification to their day-to-day operations. webEIM efficiently regulates all this and more, so organizations can capitalize on the generous benefits of the Western EIM, without multiplying their business concerns. To read more about webEIM benefits, check out EIM expert Mehdi Assadian’s blog on market management software.