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• Public Service Co. of New Mexico said Monday it plans to Join California Independent System Operator’s Expanded Day Marketor EDAM, from 2027. The market is expected to launch in spring 2026.

• This announcement constitutes a victory for EDAM against Southwest Power Pool’s Markets+ competitors, which should be launched in 2027.

• PNM already participates in CAISO’s Western Energy Imbalance Market, or WEIM, which the utility says has generated approximately $99 million in economic benefits for its customers since joining in 2021. “Participation in EDAM is next step in realizing the value of New Mexico’s renewable energy. energy potential for our customers,” PNM said President and CEO Don Tarry in a statement.

PNM is the latest utility to indicate it will join EDAM, after comparing the potential benefits against SPP’s planned day-ahead market.

NV Energy during the summer chose to join EDAM on Markets+. And a Brattle study published in August concluded that New Mexico utilities would benefit from millions more in annual profits by joining the CAISO market.

“EDAM’s higher upside is largely due to increased opportunities to execute market-to-market trades,” Brattle said. The study estimates potential annual profits for PNM at $20.5 million if it participates in EDAM and $8 million in Markets+.

“We know from our experience with WEIM – which has provided New Mexico customers with nearly $125 million in benefits since we joined in 2021 – that coordination with other regional utilities can generate gains efficiency and substantial cost benefits for our customers,” said Tarry.

Another New Mexico utility, El Paso Electric, has reported profits of about $19 million since joining WEIM in 2023, according to the New Mexico Public Regulation Commission.

The PRC has hosted a series of workshops over the past year focused on the potential of the state’s electric utilities to join regional markets. The commission released a statement last month concluding that the move “could benefit New Mexico taxpayers.” through cost savings and reliability improvements.”

CAISO is “honored” that PNM has announced its intention to join EDAM,” Elliot Mainzer, president and CEO of CAISO, said in a statement. “We look forward to building on the proven experience of the Western energy imbalance market to deliver even greater economic and reliability benefits to PNM customers.” »

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