December 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.

Phase two update

Arizona Public Service, Salt River Project, Tucson Electric Power, Powerex and Xcel Colorado (PSCo) are moving forward as balancing authorities (BAs) for the October 2027 Markets+ launch, following the Sept. 1 deadline to declare intent.

The Bonneville Power Administration (BPA) will join the secondary market launch in October 2028, along with four other Pacific Northwest balancing authorities.

Market participants who haven’t yet submitted their registration surveys now have until April 1, 2026, an extension of 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 the Markets+ registration workbooks to balancing authorities and market participants to collect network and modeling information from those planning to go live. All submissions from currently engaged balancing authorities and market participants are expected to be finalized by Jan. 15, 2026.

With the revised market participant registration deadline of April 1, SPP will share an updated submission timeline for new participants at the January Markets+ Change User Forum (MCUF) meeting. Once a new market participant indicates intent to join the October 2027 go-live, they will have about 45 days to complete their registration workbook.

Coordinated outreach continues

We're working closely with the BAs planning to launch in October 2027 to coordinate outreach for embedded entity participation in Markets+. This collaborative approach is helping us build the strongest possible foundation for launch.

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

MPEC approved remaining protocols

During their Nov. 13 meeting, the Markets+ Participant Executive Committee (MPEC) reviewed and unanimously approved the following items:

• Markets+ Tariff Clean-Up Items
• Schedule 1B Markets+ Tariff and Protocol Changes
• Protocols Section 3.7.1 and 7.8.1 (Repricing Modification)
• Tariff Section 3.7.2 and Protocols Section 10.1.3 (Island Pricing)
• MSR Self-Charging Tariff and Protocol Changes
• Protocols Section 4.2.2.1 (Resource Offer Parameters)
• Protocols Section 5.1.9 (Specified Source Resource Offer Requirements)
• Protocols Section 5.1.10 (Specified Source Resource Deployment and Settlement)
• Protocols Section 5.2.1 (Merit Order Process for Specified Source Resource Offering Type 2 Energy)
• Protocols Section 5.8 (Tracking and Reporting)
• Protocols Section 9.3.1.2 (Identification of Specified Source Resources)

The group also unanimously approved the Markets+ Revision Request Process and Markets+ Revision Request Master List, and areas of focus for the Markets+ Interim Governance Task Force (MIGTF). You can read more about the meeting here.

Virtual MPEC meeting scheduled Dec. 18

An additional virtual MPEC meeting is scheduled Dec. 18. SPP staff and stakeholders have been hard at work holistically reviewing the complete Markets+ protocols package and will be presenting it to the MPEC for discussion and approval. Register for the meeting here.

Virtual IMIP meeting scheduled

The first Interim Markets+ Independent Panel (IMIP) meeting of 2026 is scheduled Jan. 6, where the interim MIP, the final approval body of the transparent and independent Markets+ governance structure, will review the Markets+ protocols package. Register for the meeting here.

MMU names new director for Markets+

SPP named Tim Vigil as the first Director of the Market Monitoring Unit (MMU) for Markets+. This newly created position strengthens SPP’s ability to provide transparency and independent oversight as Markets+ advances, giving stakeholders clear insight into market performance. Read more about this new role here.

Upcoming stakeholder training

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: Micro-Modules

Keep your Markets+ learning momentum going with bite-sized, stakeholder-driven modules designed to bridge the gap between Levels 1 and 2. Now available in The Learning Center:

• Understanding ESRs and HSMRs in Markets+
• Understanding Must-Offer Obligations and WRAP in Markets+
• Understanding the Greenhouse Gas Program in Markets+

Level 2: Topic Specific Training

July 13–16, 2026 | Aug. 17–20, 2026 | Sept. 21–24, 2026

Level 2 takes your Markets+ knowledge to the next level with targeted training on core functions, market rules and operational considerations. Discover how key processes work together to drive market outcomes. Registration opens Jan. 14, 2026, in the Learning Center.

On-Demand Self-Study Courses

Explore self-paced courses in the Learning Center that cover Integrated Marketplace concepts, which can provide understanding of SPP’s market design, the foundation for Markets+. 

Log into your SPP Learning Center account to register for upcoming training, self-study courses, access recordings and more.