Maximizing Value of Assets in SPP Markets

Maximizing Value of Assets in SPP Markets

Integrated Marketplace, RTO West, and Market+

July 20-21, 2023 | Westminster, CO :: Mountain Time

SPP is the first RTO in US to operate 2 non-related markets: a full RTO market (89 GW) in the Eastern Interconnection called SPP Integrated Marketplace (SPP IM) that was launched in 2014 and a real-time energy-imbalance market (10 GW) called Western Energy Imbalance Service (WEIS) that was launched in 2021 in the Western Interconnection. 

SPP is simultaneously working with utilities and other power organizations in the west to form two additional markets – a full RTO West market called SPP RTO West as well as a day-ahead and real-time market called SPP Market+, which will be launched sometime in 2026. 

This EUCI training program covers best operating practices for SPP participants who would like to maximize the value of their assets (resources, loads, bilateral contracts) in SPP markets (Integrated Marketplace, RTO West, and Market+). 

Learning Outcomes  

Attendees at this course will learn how to:  

  • Formulate unit offers and demand bids
  • Demonstrate how settlement results can be used as a strategic tool to validate SPP settlement statements and invoices
  • Identify settlement errors
  • Submit settlement disputes
  • Compute profit and loss (P&L) metrics
  • Provide feedback on the effectiveness of bidding strategies
  • Minimize costs for serving loads in the SPP markets


Thursday, July 20, 2023 : Mountain Time

8:00 – 8:30 a.m.
Registration / Continental Breakfast

8:15 – 8:30 a.m.
Online Log In

12:15 – 1:15 p.m.
Lunch Break

8:30 a.m. – 5:00 p.m.
Course Timing

8:30 – 8:50 a.m. :: Overview and Introductions

8:50 – 10:30 a.m. :: Survey of Market Operations in SPP Markets (Integrated Marketplace, WEIS, RTO West, and Market+)

  • SPP Markets
    • Existing
      • Integrated Marketplace
        • Understanding full network, commercial models
        • Reviewing DA and RT bidding workflow for market participants
        • Are your resources fully compensated by SPP to cover their production costs?
        • Understanding SPP penalties
        • Why use virtual bids and offers?
        • Understanding SPP congestion costs
        • Using TCR and ARR contracts to hedge against congestion costs
        • Bid-to-Bill timeline and challenges
        • Understanding system resource adequacy
        • Lessons learned from cold events in February 2021 and December 2022
        • Why are resources mitigated?
      • Western Energy Imbalance Service (WEIS)
    • Initiatives
      • Market+
      • RTO West
        • Drivers for joining
        • Challenges for SPP implementation
        • Tracking GHG emissions in RTO West and Market+
        • Potential impacts of RTO West
  • Will participants in Integrated Marketplace benefit from RTO West integration?

10:30 – 10:45 a.m. :: Morning Break

10:45 a.m. – 12:15 p.m. :: Uses of Nodal Locational Marginal Prices in Bidding & Settlement

  • Using full network model to compute nodal locational marginal prices
  • How are LMPs computed?
  • Understanding 3 components of LMPs
    • Energy
    • Loss
    • Congestion
  • Understanding impacts of flowgates on congestion
  • Why there are negative LMPs
  • What is the impact of negative LMPs on…
    • Units
    • TCR
    • BSS contracts
  • Explaining LMP signatures
  • Can DA & RT LMPs be forecast?

12:15 – 1:15 p.m. :: Group Luncheon

1:15 – 3:00 p.m. :: Bid-to-Bill Workflow for Generating Resources

  • Submitting 3-part energy offers for resources
  • Submitting self-scheduled operating-reserve schedules to Market+
  • Should resources be offered as must run or economic in DA Market?
  • Examples illustrating DA and RT settlement for resources
  • Market principles behind make-whole payments and charges
  • Computing DA make-whole payments for resources
  • Who will pay DA & RUC make-whole charges?
  • Computing RUC penalties for resources that deviate from their DA schedule or do not follow 5-minute dispatch instructions
  • Experience with operating renewable resources (wind & solar)
  • How should energy storage resources optimize
  • Benchmarking current bidding workflow against “best” operating practices

3:00 – 3:15 p.m. :: Afternoon Break

3:15 – 5:00 p.m. :: Using Profit & Loss Metrics to Provide Feedback to Front-Office and Plant Personnel

  • Using settlement results to compute DA and DART profits and losses (P&L) for resources
  • Key factors influencing profits and losses
  • Computing P&L gains and leakages for resources
  • Using profit & loss metrics to provide feedback to traders on effectiveness of day-ahead and real-time bidding strategies
  • Using settlement results to provide feedback to plant managers on plant performance
  • Using settlement results to build key performance indices

5:00 p.m. :: Program Adjourns for Day

Friday, July 21, 2023 : Mountain Time

8:00 – 8:30 a.m.
Continental Breakfast

8:15 – 8:30 a.m.
Online Log In

12:15 – 1:15 p.m.
Lunch Break

8:30 a.m. – 4:00 p.m.
Course Timing

8:30 – 10:15 a.m. :: Bid-to-Bill Workflow for Loads & Transactions

  • Validating load meter data
  • Computing DA & RT charges and credits for loads
  • When do loads have to pay DA & RUC make-whole charges?
  • What are the key components in revenue-neutrality charge?
  • Understanding bilateral settlement schedules (BSS) and physical transactions
  • Entering BSS contracts
  • Using virtual transactions for hedging and speculative purposes
  • Can you make money with virtual transactions?
  • Understanding loss rebates
  • How can total costs for serving loads be minimized?

10:15 – 10:30 a.m. :: Morning Break

10:30 a.m. – 12:15 p.m. :: Running Shadow Settlement to Validate SPP Invoices

  • Understanding charge codes in SPP integrated marketplace
  • What will be the new charge codes for RTO West, and Market+?
  • Understanding SPP settlement statement and invoice timeline
  • Validating meter data for resources
  • Pros and cons of submitting hourly vs. 5-minute meter data
  • Why perform shadow settlement?
  • What data is needed to validate settlement statements and invoices?
  • Mapping data sources to support shadow settlement
  • Reviewing key settlement workflows
  • What are the most common causes for settlement disputes?
  • Which back-up information do you need to submit to SPP to support disputes?
  • Overview of Transmission settlements for SPP Integrated Marketplace and RTO West for transmission owners and transmission customers

Using Co-Optimization to Clear Energy and Operating Reserves in SPP

  • Why are operating reserves (also called ancillary services) needed?
  • Typical market prices for operating reserves
  • Formulating operating-reserve offers
  • Understanding lost opportunity costs
  • Understanding operating-reserve deployment costs and probabilities
  • How does co-optimization work for resources in SPP Integrated Marketplace and RTO West?
  • Does co-optimization produce correct price signals for energy and operating reserves?
  • How does SPP allocate operating-reserve charges?
  • Understanding causes for price reversal
  • Case studies to illustrate co-optimization
  • How do operating-reserve requirements affect unit dispatch and LMPs?
  • Are operating-reserve marginal prices influenced by congestion?
  • Validating generator revenues to provide operating reserves
  • Validating operating-reserve charges for load-serving entities
  • Experience with Implementing mileage regulation
  • Understanding mileage regulation payments and penalties

12:15 – 1:15 p.m. :: Lunch Break

1:15 – 2:30 p.m. :: Using ARR and TCR Contracts to Hedge Against Congestion Costs

  • Key factors causing DA & RT congestion costs
  • Using ARR & TCR contracts to hedge against DA congestion costs
  • How do you acquire ARR & TCR contracts?
  • Understanding settlement charges for ARR & TCR contracts
  • Evaluating ARR & TCR hedging strategies

Understanding Market Mitigation (Optional)

  • SPP objectives for market monitoring
  • SPP rules for market power mitigation
  • What cost components should mitigated offers cover?
  • Market mitigation scenarios
  • Impact of market mitigation on DA & RUC make-whole payments

Using Market Simulation to Evaluate Bidding Strategies

  • Formulating DA energy and operating-reserve offers
  • Impacts of self-scheduling on profits
  • Forecasting LMPs and operating-reserve prices
  • Running case studies to illustrate impacts of various bidding strategies on portfolio profit and loss
  • Market simulation

2:30 – 2:45 p.m. :: Afternoon Break

2:45 – 4:00 p.m. :: Course Review & Round-Table Discussion

4:00 p.m. :: Course Adjournment


Carrie Simpson, Director – Western Services Development, Southwest Power Pool (SPP)

Carrie Simpson is Director of Western Services Development at the Southwest Power Pool (SPP).  She is leading the system operator’s ongoing development and implementation of wholesale electricity markets and other electricity services in the western U.S. in partnership with SPP’s stakeholders.  Her background in the electric utility industry spans 18 years. Most recently, Ms. Simpson was the Western Markets Director for Xcel Energy-Colorado, leading a cross-departmental team responsible for analyzing and evaluating participation in organized wholesale markets. In prior roles at the utility, she did work related to wholesale customer power supply agreements, market design policy and market development in the Western Interconnection.  Previously, she spent six years at SPP, working closely with members and stakeholders to develop and implement energy and ancillary services markets. As SPP’s Manager of Real-Time Markets during the launch of SPP’s Integrated Marketplace, Ms. Simpson spent time on the market design team facilitating the drafting and development of the market rules.  She earned an undergraduate degree from Harvard and a J.D. from the University of Denver, Sturm College of Law.

Khai Le, Senior Vice President, PCI Energy Solutions

Over the past 45 years, Khai Le has conducted more than 750 seminars on market-based operations, trading and bidding strategies, portfolio optimization, and shadow settlement for utilities and ISOs worldwide. He is currently working with market participants in RTO and bilateral markets to deploy the PCI Suite to automate their bid-to-bill, portfolio-optimization, ETRM, and BA-operations workflows.  He has authored some 100 technical papers on unit commitment, hydro-thermal coordination, emission dispatch, optimization of ancillary services, post analysis, and short-term planning.  Five of his papers received prize awards.  Mr. Le received his BS from Harvey Mudd College and his MS from Carnegie Mellon University.  He is a Fellow of the IEEE and a Registered Professional Engineer in Pennsylvania.

Justin Shearer, Vice President, PCI Energy Solutions

Justin Shearer actively participates in all phases of solution and business development, deployment, and consulting for market participants in North America. Justin has been deeply involved with power markets in the West – CAISO WEIM and SPP WEIS. Justin received both his BA and MBA from the University of Oklahoma.

Karla Juarez, Product Manager, PCI Energy Solutions 

Karla Juarez is the Product Manager for the PCI SPP product suite. She has more than 15 years of electric industry and public power experience.  She follows market and settlement initiatives for the SPP Integrated Market and the Western Energy Imbalance Service. Prior to PCI, Ms. Juarez was the settlements manager at Oklahoma Municipal Power Authority.  She is a graduate from the University of Oklahoma.

Ken Lukowski, Director, PCI Energy Solutions

Ken Lukowski manages the deployment of the PCI suite for market participants in SPP, MISO, and PJM.   He has more than 12 years of settlements experience and has chaired the MISO Market Settlements Working group.  Mr. Lukowski received his BS in Accountancy & Finance from Southern Illinois University and his MBA from Lindenwood University.


Tri-State Generation and Transmission Association

1100 West 116th Ave

Westminster, CO

Hub Thompson conference center


Nearby Hotels

Fairfield Inn & Suites by
Marriott Denver North/
12080 N Melody Dr, Westminster, CO 80234
(303) 255-3100
0.8 miles away

DoubleTree by Hilton Hotel
Denver – Thornton
83 E 120th Ave, Thornton, CO 80233
(303) 920-8000
1.2 miles away

Holiday Inn Express & Suites
Denver North – Thornton
12030 Grant St, Thornton, CO 80241
(303) 452-0800
1.4 miles away

Delta Hotels by Marriott
Denver Thornton
10 E 120th Ave, Northglenn, CO 80233
(303) 452-4100
1.6 miles away



Maximizing Value of Assets in SPP Markets

July 20-21, 2023 | Westminster, CO
Individual attendee(s) - $ 1695.00 each
- OR - I choose to attend remotely
Individual remote connections(s) - $ 1495.00 each

Volume pricing available for remote connections

Individual attendee tickets can be mixed with ticket packs for complete flexibility

Pack of 5 attendees - $ 5,980.00 (20% discount)
Pack of 10 attendees - $ 10,465.00 (30% discount)
Pack of 20 attendees - $ 17,940.00 (40% discount)

Buy 4 in-person seats and only pay for 3! For this event every fourth in-person attendee is free!

Your registration may be transferred to a member of your organization up to 24 hours in advance of the event. Cancellations must be received on or before June 16, 2023 in order to be refunded and will be subject to a US $195.00 processing fee per registrant. No refunds will be made after this date. Cancellations received after this date will create a credit of the tuition (less processing fee) good toward any other EUCI event. This credit will be good for six months from the cancellation date. In the event of non-attendance, all registration fees will be forfeited. In case of conference cancellation, EUCIs liability is limited to refund of the event registration fee only. For more information regarding administrative policies, such as complaints and refunds, please contact our offices at 303-770-8800




EUCI is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.

EUCI is authorized by IACET to offer 1.3 CEUs for this event

Instructional Methods  

This program will use PowerPoint presentations, case studies and group discussions. 

Requirements for a Successful Completion of Program  

Participants must log in each day and be in attendance for the entirety of the course to be eligible for continuing education credit. 

Upon successful completion of this event, program participants interested in receiving CPE credits will receive a certificate of completion.

Course CPE Credits: 15.5
There is no prerequisite for this Course.
Program field of study: Specialized Knowledge
Program Level: Basic
Delivery Method: Group Internet Based
Advanced Preparation: None

CpeEUCI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site:


Who Should Attend this Seminar?

  • Front-Office personnel who would like to maximize profits for their assets in the SPP markets (Integrated Marketplace, RTO West, and Market+)
  • Back-office employees who need to understand the settlement rules for the SPP markets (Integrated Marketplace, RTO West, and Market+)
  • Power plant managers who would like to understand the impact of settlement on their plant profitability
  • IT personnel who need to build the IT infrastructure to support the bid-to-bill workflow
  • New SPP market members who need to prepare for the new RTO West and Market+
  • Employees of ISO/RTOs, attorneys, and regulators who need to understand market rules, congestion management philosophy, and mitigation guidelines