Energy market benefits members
Electricity delivered to your home or business could be produced by a wind turbine in Minnesota, a power plant in North Dakota or a hydroelectric dam in Manitoba. Over the course of a day, you might receive electricity from all three.
East Central Energy’s wholesale power provider, Great River Energy (GRE), is a member of the Midcontinent Independent System Operator (MISO), which administers the wholesale energy markets in the Midwest. All the energy delivered to you is purchased from that market. At the same time, Great River Energy sells the output from its power generation resources into the market.
Participation in MISO benefits us because it enables GRE to access a diverse energy market instead of relying solely on its own resources. And it offers GRE the ability to sell power from its resources across a wider footprint. This ensures GRE’s members receive reliable power at a low cost.
“Weather patterns and energy consumption vary throughout the Midwest. The market optimizes generation resources to supply everyone as efficiently as possible,” said Great River Energy Chief Power Supply Officer Jon Brekke. According to MISO’s calculations, the exchange of energy and other services through a coordinated energy market provides approximately $3 billion in benefits to the region annually.
One of GRE’s strategies is to position its portfolio of power supply resources to produce the optimum value for members. GRE strategically purchases some energy from the market when it is advantageous to do so, while maintaining the proper generation resources to reliably and economically serve the members in all market conditions.
“Market dynamics change. We need to deliver electricity today, but our larger goal is to supply affordable and increasingly renewable power to East Central Energy for decades to come,” said Brekke.