FOLSOM, CA--(Marketwired - September 17, 2015) - The California Independent System Operator Corporation (ISO) Board of Governors today approved a proposal that outlines the governance structure for the Energy Imbalance Market, a real-time energy wholesale market that automatically dispatches the lowest cost electricity resources while optimizing use of renewable energy over a large geographic area.
The EIM governing body will oversee and approve market rules in EIM related matters before approval by the ISO Board of Governors.
The approved governance structure was developed by the EIM Transitional Committee, which consists of members from throughout the west and is chaired by Commissioner Rebecca Wagner of the Public Service Commission of Nevada.
"The governance proposal is a strong, innovative approach that ensures the Energy Imbalance Market serves the diverse areas of the west and enables its participants to reduce costs," said Commissioner Wagner. "I have enjoyed working with an exceptional group of industry professionals who are the best in the business."
Robert B. Weisenmiller, Chair of the California Energy Commission and member of the EIM Transitional Committee, said the governance structure approved by the Board is carefully thought out and represents the interest of all current and future participants.
"The governance structure was built from feedback from stakeholders in California and in other states to be well represented in the Energy Imbalance Market," Chair Weisenmiller said. "I'm proud of the Transitional Committee's work and pleased that this has been approved by the ISO Board."
The approved governance structure includes the following attributes, among others:
- establishment of a regionally-minded EIM governing body with delegated authority over market rules of the EIM;
- the governing body would be comprised of five members, financially independent of stakeholders;
- nominees for the governing body would be identified by a nominating committee comprised of stakeholder representatives;
- the governing body would represent all real-time market participants' interests, regardless of where they are located; and
- changes in EIM-specific market rules must be approved by the governing body and the ISO Board before they are filed with the Federal Energy Regulatory Commission.
"I cannot express enough how grateful I am to the volunteers of the Transitional Committee who dedicated their time and expertise to create a governance structure that supports and is responsive to all market participants," said Richard Maullin, Chair of the ISO Board of Governors. "This proposal allows EIM to deliver on its promise of providing low cost electricity to customers while protecting the environment by better integrating cleaner energy resources."
The next step is to draft revisions to the ISO bylaws and create a charter for the EIM governing body, which will then be subject to approval by the ISO Board later this year. The Transitional Committee will continue to help shape those revisions and in the creation of the charter.
The EIM launched on November 1, 2014 with PacifiCorp, whose service territory includes parts of six states, and has saved more than $21 million in its first eight months of operation.
In a separate vote, the ISO Board appointed Sarah Edmonds, PacifiCorp Vice President and General Counsel to replace PacifiCorp Vice President of Transmission System and Operations Natalie Hocken on the EIM Transitional Committee, who has moved to PacifiCorp's parent company, Berkshire Hathaway Energy.
For more information about the EIM, click here.
Here is the link to see the EIM related documents from this month's Board meeting.
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The California ISO provides open and non-discriminatory access to one of the largest power grids in the world. The vast network of high-voltage transmission power lines is supported by a competitive energy market and comprehensive grid planning. Partnering with about a hundred clients, the nonprofit public benefit corporation is dedicated to the continual development and reliable operation of a modern grid that operates for the benefit of consumers. Recognizing the importance of the global climate challenge, the ISO is at the forefront of integrating renewable power and advanced technologies that will help meet a sustainable energy future efficiently and cleanly.
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Source: Marketwired (Canada)
(September 17, 2015 - 7:20 PM EDT)
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