Tacoma Power has signed a contract that will make a long-term commitment to Markets+, a developing day-ahead and real-time energy market consortium that will be operated by the Southwest Power Pool.
Last month the Federal Energy Regulatory Commission approved the structure and market design for Markets+ that was built through a cooperative effort between Tacoma Power and other utilities. Those partner utilities serve customers in the Pacific Northwest, Colorado, Arizona, Texas, and New Mexico. Tacoma Power joined their counterparts from other utilities to create a market design that will benefit customers for decades.
Tacoma Power and those partners have now made a financial commitment to complete the final steps to build and operate Markets+. Each utility’s commitment is proportional to customer load, and it will enable the Southwest Power Pool to obtain financing to ensure the completion and operation of a functioning energy market. Markets+ will connect utilities with diverse and complimentary electricity generation resources while aligning winter-peaking and summer-peaking geographic regions.
“I’m grateful that the time and effort everyone put into building Markets+ is coming to fruition” said Chris Robinson, General Manager, Tacoma Power. “A diverse group of electric utilities came together with a common goal: to build an energy market that will benefit our customers by optimizing how utilities in the West buy and sell electricity. We’ve accomplished this with a durable and independent governance structure that will provide the right value for hydropower and will ensure the benefits continue flowing to our customers far into the future.”
On November 13, Tacoma’s Public Utility Board approved Tacoma Power’s commitment to Markets+. Tacoma Power will continue to participate in ongoing market development over the next two years. This will create the systems that will enable Markets+ to operate while Tacoma and other utilities complete the internal onboarding steps necessary to integrate market operations.
Contact:
Jessica Wilson
253-753-3119
jwilson2@cityoftacoma.org