- Slice of Energy
- Posts
- Public Service Company of New Mexico to Join CAISO Extended Day-Ahead Market
Public Service Company of New Mexico to Join CAISO Extended Day-Ahead Market
Slice of Energy Team
November 14, 2024
Key Highlights:
PNM aims for increased customer reliability through CAISO's EDAM in 2027.
$20 million in annual benefits projected for New Mexico customers.
Builds on $125 million in benefits from Western Energy Imbalance Market (WEIM).
Enhanced coordination among Western utilities for economic and environmental gains.
Source: PR Newswire
Notable Quotes:
"Participating in EDAM is the next step in realizing the value of New Mexico's renewable energy potential for our customers, helping us ensure continued clean and reliable service at the lowest possible cost. We know from our experience with the WEIM... coordination with other regional utilities can deliver substantial efficiencies and cost benefits for our customers."
"We look forward to building on the proven track record of the Western Energy Imbalance Market to deliver even greater economic and reliability benefits to PNM customers."
Our Take:
PNM’s decision to join CAISO’s Extended Day-Ahead Market is a strategic move to enhance the economic and environmental benefits offered to its New Mexico customers. The EDAM's regional coordination model provides significant advantages by tapping into a shared grid, which not only boosts reliability but also maximizes the utility of renewable resources. With nearly $125 million in savings already achieved through the Western Energy Imbalance Market, the projected $20 million in additional annual benefits reinforces PNM’s commitment to cost-effective, sustainable energy for New Mexico. The NMPRC’s proactive stance and regulatory support further underscore the importance of regional collaboration in transitioning to a resilient and renewable energy future.