February 2026 ISSUE

SPP presents this monthly newsletter compiling timely, useful information related to Markets+ development. Have questions or comments? Email marketsplus@spp.org. We’d love to hear from you.

Phase two update

Five entities will participate as balancing authorities for the October 2027 Markets+ launch: Arizona Public Service, Salt River Project, Tucson Electric Power, Powerex and Xcel Colorado (PSCo). All five declared their intent by the Sept. 1, 2025, deadline.

Bonneville Power Administration (BPA) is targeting participation in wave two, which is expected to join the market in 2028.

Beyond these funding parties, 35 additional entities have signed participation or stakeholder agreements to join Markets+.

Market participants who haven't yet submitted registration surveys now have until April 1, 2026, an extension from the original Dec. 1 deadline.  All deadlines are posted on the Markets+ page.

Two new funding parties added to exhibit 1

Two new Markets+ phase two funders have been added to the revised Exhibit 1: Xcel Colorado (PSCo) and Tri-State Generation and Transmission Association. There are now 11 funding parties, representing more than 280 million MWh across the Pacific Northwest, Desert Southwest and Mountain West regions. Visit the Markets+ page for more information, including the full list of funding parties.

Network modeling underway

Markets+ modeling efforts are underway. SPP has distributed Markets+ registration workbooks to balancing authorities and market participants to collect network and modeling information. All submissions from currently engaged balancing authorities and market participants are undergoing final review.

SPP shared an updated submission timeline for new participants at the January Markets+ Change User Forum meeting. Once a new market participant indicates intent to join the October 2027 go-live, they will have approximately 45 days to complete their registration workbook.

Coordinated outreach continues

SPP is working closely with balancing authorities planning to launch in October 2027 to coordinate outreach for embedded entity participation in Markets+. In January, SPP held the first biweekly BA-SPP coordination calls to establish a collaborative approach and build a strong foundation for launch.

For more information on outreach efforts, please subscribe to the MCUF exploder list through your spp.org account and register for upcoming MCUF meetings.

Western Seams Symposium Feb. 26

Please join us for the Western Seams Symposium Feb. 26 from 9 a.m. to 3:45 p.m. MT at the SRP PERA Club in Tempe, Arizona. This first-of-its-kind event brings together diverse voices from across the Western Interconnection for candid dialogue about seams management challenges and solutions.

As market options create new boundaries, effective seams coordination is critical for reliability, costs and customer outcomes. The symposium features sessions with panelists representing utilities, reliability coordinators, market operators, power marketers and load-serving entities. Session highlights include:

• Current seams challenges
• Practical coordination mechanisms
• Proven approaches
• And more

In-person registration is full, but virtual attendance remains open. Register here.

New Markets+ fact sheet: The stitching, not the seam

SPP has released a new Markets+ fact sheet exploring how the market enables coordination across the Western Interconnection. "The Stitching, Not the Seam" explains the Markets+ approach to managing market seams and facilitating efficient energy transfers between markets.

The fact sheet highlights how Markets+ serves as essential infrastructure connecting Western energy markets, reducing friction and improving reliability across the region.

Download the fact sheet at here and watch for a shareable version on our new Markets+ social media channels soon!

Follow Markets+ on social media

SPP has launched dedicated Markets+ social media accounts to bring you news and updates focused on the Western Interconnection. Follow us for the latest on market development, stakeholder engagement, implementation milestones and western energy market trends.

Find us on LinkedIn at SPP Markets+ and X at SPPMarketsPlus. Join the conversation and stay connected with the Markets+ community as we build the future of western energy markets together.

New Markets+ Settlements User Forum

The Markets+ Settlements User Forum (MSUF) shares information and solicits input on SPP's financial settlement of operations activities. The forum relies on stakeholders' collective knowledge to develop recommendations for improving settlement services and ensuring timely, accurate financial settlement of all Markets+ operations activities.

The forum is open to all stakeholders with an interest or expertise in settlements. The following 2026 meetings have been added to the SPP calendar and are available for registration:

• April 9 MSUF Net Conference
• May 6 MSUF Net Conference

IMIP approves Markets+ protocol package

The Interim Markets+ Independent Panel (IMIP) unanimously approved version one of the Markets+ protocols Jan. 6. The protocols, which were approved by the Markets+ Participant Executive Committee (MPEC) Dec. 18, provide the essential operational framework needed to implement the Markets+ Tariff. IMIP's approval establishes a stable baseline for implementation while remaining refinements continue through normal stakeholder processes. Read more about the meeting here.

Kristine Raper new Western regulatory director

Kristine Raper joined SPP as senior director of Western state regulatory policy. Raper will focus on working with state utility regulatory commissioners in the West to advance SPP's mission. She will assist the SPP management team in addressing the ongoing state and federal energy issues, initiatives and strategic issues at the state regulatory level. Read more about this new role here.

Upcoming stakeholder training

Stay Current on Training

Visit the Markets+ Training Page for course registration links, podcasts and resources. It's updated regularly with new sessions and materials. Bookmark and check back often!

Markets+ Trainer Readiness and Resource Program

SPP is hosting a meeting 10:30-11:30 a.m. CST Feb. 5, to gather feedback, review training plans, share communication strategy and align on readiness with Markets+ entity trainers. If you are a Markets+ entity trainer and didn't receive an invitation, contact Courtney Clifton (cclifton@spp.org).

Level 1: Power Up - An Introduction to Markets+

This virtual instructor-led course introduces the fundamentals of energy markets by defining what they are, the key roles in Markets+ and the primary components that drive them. The next session will be held Feb. 10, at 11 a.m. CT.

Level 1.5: Podcasts

Keep your Markets+ learning momentum going with short, stakeholder-driven podcasts and modules that bridge the gap between levels one and two. Check out the new episode: Markets Transmission Use in Context: Access, Compensation and Congestion in Markets+. Explore the full level 1.5 podcast playlist in the SPP Learning Center.

Level 2: Topic Specific Training

Level two builds on level one, offering deeper insights into core functions, market rules and operations. Participants will learn how key processes work together to drive outcomes across the Markets+ footprint. Registration now open in the SPP Learning Center.

• Understanding Transmission in Markets - July 13, Aug. 17, Sept. 21
• Understanding Congestion Rent - July 13, Aug. 17, Sept. 21
• Must-Offer in Markets+ - July 14, Aug. 18, Sept. 22
• Greenhouse Gas Impacts - July 14, Aug. 18, Sept. 22
• Day-Ahead Market and Real-Time Balancing - July 15, Aug. 19, Sept. 23
• Market Monitoring - July 15, Aug. 19, Sept. 23
• Balancing Authority Roles - July 16, Aug. 20, Sept. 24
• Settlement Processes - July 16, Aug. 20, Sept. 24