CAISO's Western Energy Imbalance Market hit a record $739 million in member benefits in 2021, putting its total close to $2 billion since it launched in 2014.

El Paso Electric, a utility that serves more than 400,000 customers in Texas and New Mexico, plans to join CAISO’s Western Energy Imbalance Market in 2023.

Benefits for participants in CAISO’s EIM surged past $119 million in the third quarter, a record amount driven by heat waves in Aug. and Sept.

The pandemic has curtailed electricity demand and made it challenging for new entities to go live with the Western EIM, but recent activations went well.

CAISO’s Western EIM delivered more than $60 million in benefits to its participants in the fourth quarter of 2019, bringing the total to $862 million.

CAISO’s Western Energy Imbalance Market posted more than $801 million in benefits for its participants after five years of reporting quarterly results.

CAISO said Monday its Western Energy Imbalance Market has produced more than a half-billion dollars in benefits for participants since its founding five years ago, including more than $100 million in benefits in the third quarter of 2018.