If you are an energy entity operating in the California market, you know there are big changes on the horizon for energy industry reporting CAISO. The California ISO currently oversees the power grid in California and a portion of Nevada
This July, market stimulation begins and by October 2014, CAISO is extending the ISO real-time market to other balancing authorities in the West.
Energy Imbalance Market
Right now, CAISO has begun market stimulation throughout the West. Strict implementation of energy industry reporting CAISO standards will begin in October. First, EIM will include PacifiCorp with customers in six states, including California, Oregon, Washington Utah,Wyoming and Idaho. FERC approved this implementation on June 28, 2013.
Then NV Energy will join the EIM in October 2015. Both these moves were designed and approved by FERC in June 19, 2014 as part of a larger initiative to extend and correct the energy imbalance market.
Understanding the EIM
CAISO’s automated system balances electricity supply and demand every five minutes by choosing the lowest-cost resource to meet the demands of the grid. Outside of CAISO each utility and entity balance their own supply and demand and provide energy industry reporting CAISO.
The EIM will bring down costs by allowing non-ISO transmission owners, like PacifiCorp and NV Energy to benefit from economically dispatched power and in turn the members of the ISO will benefit from more power data resources. The EIM also improves reliability by taking advantage of a larger and more diverse geographic area, providing a larger pool of renewable energy resources such as wind and solar power, which facilitate based on weather patterns. A larger portfolio of available energy will power the grid and provide more competition for all entities within and outside of the ISO
Preparation for Changes
Energy industry reporting CAISO will change as the move to an expanded EIM goes into effect in October. CAISO wants private entities to make a move towards more automated reporting and balancing, to enable efficient, real-time data and market information exchange.
Versify Solutions has its full Operating System of automated software solutions for plants of all sizes and types. Its operating system, headlined by V-Performance 5.0, is the ultimate in generation management. The system fully prepares your entity for the new CAISO reporting requirements with integrated views of operations, capacity and financials, seamless integration with the CAISO OMS and real-time, accessible data with dashboard reporting to enable communication across your organization. Call us to request a free demo of V-Performance 5.0 and to learn more about CAISO.