FOLSOM, Calif.--(BUSINESS WIRE)--The framework for a western energy imbalance market (EIM) governance structure received approval today from the California Independent System Operator Corporation (ISO) Board of Governors.
The Board also gave the go-ahead for the ISO to begin forming a nine member Transitional Committee as an advisory body to the Board, in advance of integrating its first EIM partner, PacifiCorp, in fall of 2014. The creation of the Transitional Committee will provide the Board with expert advice and recommendations to guide the design of a governance structure that supports a successful EIM.
“Our EIM will lower wholesale costs through the use of the ISO’s advanced technology that every five minutes automatically finds the most efficient resources to serve customers,” said ISO Board Chair Bob Foster. “It will also bring valuable regional benefits including improved reliability and enhanced renewable integration.”
Last month, the Board approved detailed market rules for expanding the ISO real-time market. Today’s decision will lead to a governance body that will give EIM participants and other regional interests a voice in EIM decision-making. The Transitional Committee meetings and deliberations will be subject to the ISO open meeting policy. Implementation of any recommendations by the committee will require Board approval and FERC approval if tariff changes are involved. The Transitional Committee charter also provides for two additional seats in the event that other entities besides PacifiCorp enter into EIM agreements.
Seven sectors will provide a ranked list of nominees, along with resumes and letters of intent to the Board for consideration. All potential nominees should possess a proven reputation for excellence in their areas of expertise and optimally should reflect a diverse geographic background. A minimum slate of nine candidates will be considered at the ISO Board meeting in May of 2014. Once seated, the Transitional Committee will begin work immediately, with its first meeting tentatively scheduled for June 2014. For more information, please visit: http://www.caiso.com/informed/Pages/StakeholderProcesses/EnergyImbalanceMarket.aspx.
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The California ISO provides open and non-discriminatory access to one of the largest power grids in the world. The vast network of high-voltage transmission power lines is supported by a competitive energy market and comprehensive grid planning. Partnering with about a hundred clients, the nonprofit public benefit corporation is dedicated to the continual development and reliable operation of a modern grid that operates for the benefit of consumers. Recognizing the importance of the global climate challenge, the ISO is at the forefront of integrating renewable power and advanced technologies that will help meet a sustainable energy future efficiently and cleanly.