LITTLE ROCK, Ark. — SPP said Tuesday its wholesale electricity markets have reduced electricity costs by more than $1 billion since its Integrated Marketplace became operational in March 2014.
The RTO said it crossed the $1 billion threshold in September.
“Our markets provide tremendous value to the SPP region. That’s something we’ve known and demonstrated since they launched,” said Bruce Rew, SPP’s vice president of operations, in a statement. “The billion-dollar mark is an exciting milestone, and I’m proud that we reached it so quickly.”
SPP noted the milestone came just weeks before it celebrates its 75th anniversary. The organization formed in December 1941, when 11 utilities pooled resources to power an aluminum plant near Malvern, Ark., that supplied the Defense Department during World War II.
The RTO now numbers almost 100 members in all or part of 14 states.
“This is just one more example of the value that comes out of our stakeholder process,” said SPP CEO Nick Brown in a statement. “We’ve demonstrated through decades of success that our business model is built to stand the test of time, and we’ll keep on providing exceptional value and service to our members just like we’ve always done.”
— Tom Kleckner