Western EIM Gross Benefits Hit Half a Billion Dollar Mark
The third quarter (Q3) of 2018 saw the Western Energy Imbalance Market (EIM) garner the highest benefits for any quarter by generating $100.58 million in savings. In addition, the Western EIM surpassed a staggering $500 million ($502.31 million total) in gross benefits since its launch in November 2014. According to the Western EIM benefits report, the monthly savings by each region were $39.66 million for July, $45.09 million for August, and $15.83 million for September, ultimately amassing an estimated total benefit of $100.58 million.
The benefits were driven by huge volumes of economic transfers and power prices — due to increased fuel prices — and mostly observed in the months of July and August. As a result of lower load levels and fuel prices, the benefits dropped back to the usual range in September.
The EIM in Q3 also avoided renewable curtailments by leveraging diverse resources, resulting in 19,032 megawatt-hours (MWh) of total avoided renewable curtailment and the subsequent reduction of carbon emissions by 8,146 metric tons in the eight-state region.
Three participants of the Western EIM were able to generate tremendous gross benefits in Q3. NV Energy achieved benefits of $11.09 million, Portland General Electric reached savings of $9.47 million, and Idaho Power cultivated benefits of $13.31 million. All three companies harnessed OATI’s energy market management system solution, webEIM™, to maximize their profits (check out this blog from EIM expert Mehdi Assadian in which he discusses the importance of Western EIM benefits and where our solution fits in).
Whether you are an EIM Entity or a Participating Resource, webEIM™ is the perfect solution for streamlining operations and automating processes to help you compete effectively in the North American energy imbalance markets. With a comprehensive calculation engine to manage data, this tool offers you control over your energy imbalance charges.
To get an in-depth view of all the features of OATI webEIM™ solution, request the webEIM™ solution brief at Sales@oati.net.