SPP marked the 10th anniversary of its day-ahead, real-time Integrated Marketplace by saying it has provided more than $10.2 billion in savings to members since its launch in 2014.
The grid operator said the market’s value “far surpassed” initial expectations, noting initial studies projected the marketplace would deliver up to $100 million in annual benefits to its 14-state footprint. In its first year, the market delivered $380 million in net savings, and in just four months, it covered its development costs, SPP said.
In 2023 alone, the Integrated Marketplace provided the RTO’s members with $2.25 billion in savings, the grid operator said.
The Integrated Marketplace replaced SPP’s seven-year-old energy imbalance market. It combined SPP’s 16 legacy balancing authorities into a consolidated BA and added congestion-hedging components. The market became financially binding for its initial 103 participants at 12:05 a.m. March 1, 2014.
“The Integrated Marketplace is an important tool in SPP’s toolbelt,” CEO Barbara Sugg said. “It allows us to provide low-cost, reliable generation and additional economic benefits to the region.”
The market also was expected to facilitate the further integration of renewable resources in SPP’s region.
Heading into last summer, the RTO had 32.22 GW of nameplate wind capacity, but only 1.4 GW of solar capacity. However, SPP’s interconnection queue includes 37.51 GW and 24.29 GW of solar and wind projects, respectively, and an additional 20.98 GW of energy storage projects.
