February 2025 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.

The Markets+ tariff was approved by the Federal Energy Regulatory Commission (FERC) Jan. 16. The Markets+ tariff represents hundreds of hours of collaboration between SPP and more than 30 western entities who signed phase one agreements and includes terms and conditions representative of the diverse perspectives of stakeholders. This milestone achievement allows participants to begin phase two of Markets+ development following the execution of phase two funding agreements and securing funding.

Markets+ tariff compliance filing webinar

FERC’s approval of the Markets+ tariff included two conditions requiring additional filings. One of the conditions was that SPP submit a compliance filing within 30 days of the order. FERC requested the addition of six sentences to four tariff sections to clarify specific market design elements and a deletion in one section to clean up duplicative language.

SPP is hosting a webinar to discuss the compliance filing in detail at 12 p.m. CT/11 a.m. MT/10 a.m. PT on Feb. 14. You can register to attend the webinar here.

Phase two participant agreements

SPP and Markets+ stakeholders are near finalizing phase two funding agreements, and SPP will distribute agreements to interested parties Feb. 7. The deadline to submit executed phase two funding agreements is Feb. 14. SPP is working to finalize the phase two intent to participate agreements and stakeholder agreements for non-funding parties and is planning to distribute those agreements this month. Stay tuned for more information about those agreements, including the deadline for submission.

January protocol development

The following protocol sections passed unanimously at the January MPEC meeting:

• Protocols Section 4.2.2.2.2 (Offline Mid-Term Flex Up Availability Status)
• Protocols Section 4.5.3 (Markets Internal Energy Schedule Settlement Adjustment)
• Protocols Section 4.5.7.5 (Day-Ahead Make Whole Payment Distribution Amount) 
• Protocols Section 4.5.7.19 (Day-Ahead Self-Incremental Make Whole Payment Amount)
• Protocols Section 4.5.8.5 (Real-Time Out-of-Merit Amount)
• Protocols Section 4.5.8.10 (Real-Time Combined Interest Resource Adjustment Amount)
• Protocols Section 4.5.8.21 (Real-Time Short-Term Flex Non-Performance Amount)
• Protocols Section 4.5.17 (Markets+ Administration Service)
• Protocols Section 9 (Market Registration)
• Protocols Section 11 (Market Monitoring)
• Protocols Section 12 (Market Process and System Change Process)
• Protocols Appendix D (Mitigated Energy Offer Methodology Guidelines)

For more information on protocol approvals and other details from the meeting, you can read the minutes from the Jan. 21 MPEC meeting here.

February protocol development

The following protocol sections have been approved by various working groups and are up for approval by the Markets+ Design Working Group (MDWG) and Markets+ Operations Reliability Working Group (MORWG):

• Protocols Section 4.5.7.4 (Day-Ahead Make Whole Payment Amount)
• Protocols Sections 4.5.7.17 and 4.5.7.18 (DA Must Offer Settlements)
• Protocols Sections 4.5.8.25 and 4.5.8.26 (RTBM Must Offer Settlements)
• Protocols Appendix A (Meter Technical Protocols)
• Protocols Appendix Section D.13 (GHG)

SPP announces new CEO and COO

On Dec. 17, SPP announced the board of directors selected Lanny Nickell to serve as the next president and CEO, effective April 1. Lanny, who currently serves as the executive vice president and chief operating officer (COO), will replace Barbara Sugg after she announced her plans to retire in August 2024.

SPP announced Jan. 14 that Antoine Lucas will become the executive vice president and COO, succeeding Lanny when he steps into the CEO role in April. Antoine currently serves as the vice president of markets and is SPP's executive sponsor of Markets+.

January MPEC meeting summary

The Markets+ Participant Executive Committee (MPEC) met Jan. 21 at the SRP PERA Club in Tempe, Arizona. The group voted to approve various sections of the Markets+ protocols, nominations to fill vacant working group seats and task force scope statement changes. The group also discussed phase two schedule updates, information about the FERC tariff approval and the Markets+ parking lot. You can read more about the information covered in the meeting here.

Markets+ issue alerts continue

Markets+ participants have released six issue alerts in a series identifying and explaining the key governance and market design elements of Markets+ and why these differences have important consequences for customers in terms of reliability, economic value, and environmental objectives. The issue alerts cover governance, reliability, fair and accurate market pricing, seams, support for clean resources and market operator actions and modeling. You can read the issue alerts here.