Snazzy Digs for MISO’s Real Time Data
Have you checked out MISO’s updated website? In January, MISO introduced a snazzy new look for their website that includes real-time displays of the LMP contour map, real-time total load forecasts that are a day ahead, and real-time wind levels. It also displays the region’s fuel mix and other power scheduling and balance information. Although the information is preliminary and is not used for market settlement, the real-time data gives wholesale market participants and electricity customers a live overview of conditions in the MISO footprint.
MISO is an essential link in the safe, cost-effective delivery of electric power across all or parts of 15 U.S. states and the Canadian province of Manitoba. The organization creates value by managing power plants and high-voltage transmission lines in a pooled, region-wide manner, which is considered more efficient and cost-effective than operating the area’s resources independently.
In 2017, those benefits totaled $3 billion to $3.7 billion, according to the newly released version of MISO’s Value Proposition study, which MISO performs every year to quantify the aggregate value MISO creates for the millions of homes and businesses across the region. Cost savings delivering the greatest value for customers comes from “Footprint Diversity,” which describes how MISO leverages the region’s size and variable weather patterns to help utilities meet electricity demand at the lowest possible costs.
These cost savings stem from several interrelated factors, including:
• Demand does not “peak” everywhere at the same time: Weather plays a huge role in driving electricity demand (i.e., people crank the air conditioning during heat waves). But because the MISO footprint is so large — when it’s sweltering in one part of the region — other areas often have more moderate temperatures. This allows MISO to move relatively inexpensive power from one part of the region to a high-load area, which both reduces costs and enhances system reliability.
• Utilities need fewer reserves: Prior to MISO, all utilities that served load in the area had to maintain reserves based on the monthly peak-load forecasts in their service areas. Today, reserve requirements are based on a utility’s load at the time of the MISO system-wide peak, which creates significant savings by reducing the amount of spare generation capacity utilities must build or otherwise acquire.
Learn more about MISO through this video link: https://www.misoenergy.org/about/