SPP raked in another $27.87 million in market-to-market (M2M) settlements from MISO during December and January, pushing its total to $168.11 million since the two grid operators began the process in 2015.

MISO owes SPP $16.35 million in M2M settlements for December and $11.53 million for January. They were the third and fourth straight months the process has settled in SPP’s favor above the $10 million mark, though neither month approached November’s record of $22.87 million. (See SPP, MISO See $22.8M in M2M Settlements.)

Temporary and permanent flowgates were binding for more than 2,750 hours during the two months.

The grid operators exchange M2M settlements for redispatch based on the non-monitoring RTO’s market flow in relation to firm flow entitlements held by each RTO.

M2M settlements have been in SPP’s favor 15 of the last 16 months and 54 times in 71 months since the process began.

SPP staff shared the results during a March 11 conference call with the Seams Advisory Group. The group met for the first time since its name change from the Seams Steering Committee. Its February meeting was canceled because of a winter storm that put much of the Midwest into a deep freeze.

SPP, MMU Request Waivers from FERC

SPP and its Market Monitoring Unit filed a joint request March 11 with FERC asking for a limited waiver of three tariff provisions as the Monitor works to verify and calculate actual cost reimbursement for energy offer curves above $1,000/MWh during the February winter storm (ER21-1331).

SPP and its Monitor have proposed extending the 35-day deadline for market participants to submit information for offers above $1,000/MWh to be recovered through make-whole payments. The entities are asking for a 75-day deadline from the Feb. 11-20 operating days.

The RTO and Monitor are also proposing a 105-day deadline — instead of the normal 45 days from an operating day — to review the cost submissions. They additionally propose to waive the limitation on a market participant’s ability to dispute consecutive settlement statements.

Numerous offers exceeded SPP’s $1,000/MWh cap, and prices peaked at $4,274/MWh during the event. The Monitor is reviewing the offers under FERC orders 831 and 831-A, which require that energy suppliers receive a reasonable opportunity to recover their actual costs of providing energy.