March 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.

Markets+ achieved a significant milestone last month when it received enough commitments to fund phase two of the market’s development. Commitments from Arizona Public Service, Bonneville Power Administration, Chelan County PUD, Grant County PUD, Powerex, Salt River Project, Tacoma Power and Tucson Electric Power will support the build out of market systems beginning in Q2 2025 in anticipation of the market's launch. Read more here.

Recent FERC filings

SPP made two FERC filings in February: the tariff approval compliance filing Feb. 18 and the debt request and funding agreement filing Feb. 21. The compliance filing was discussed during the January MPEC meeting, and SPP held a webinar detailing the filing. The debt request and funding agreement filing were filed after Markets+ received phase two funding commitments.

March 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):

• Sections 4.5.7.17, 4.5.7.18 (DA Must Offer Settlements) 
• Section 4.5.8.4 (RUC Make Whole Payment Amount)
• Section 4.5.8.7 (RUC Make Whole Payment Distribution Amount)
• Section 4.5.8.23 (Real-Time Mid-Term Flex Up Non-Performance Amount)
• Sections 4.5.8.25, 4.5.8.26 (RTBM Must Offer Settlements)
• Section 4.5.8.27 (Real-Time Incremental Energy Make Whole Payment Amount)
• Section 4.5.8.28 (RUC Self-Incremental Energy Make Whole Payment Amount)
• Section 4.5.12 (Revenue Neutrality Uplift Distribution Amount)
• Must-Offer Settlement Calculations Example Workbook

SPP compliance filing webinar

SPP hosted a webinar Feb. 14 to discuss the Markets+ compliance filing it filed Feb. 18. You can find the materials here.

New Markets+ issue alert

Markets+ participants released a new issue alert as part of 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 newest alert details the governance and market design differences in the day-ahead market choices in the West. You can read the seams issue alert here.