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Understanding Wholesale Electricity Markets and Demand Response

Understanding Wholesale Electricity Markets and Demand Response

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This deep dive provides an overview of wholesale electricity markets in the United States, explaining how electricity is generated, measured in watts, kilowatts, and megawatts, and how demand is measured over time in watt-hours. It describes the historical evolution of the electricity industry, from regulated monopolies to reserve sharing, power pools, and ultimately, competitive markets managed by Regional Transmission Organizations (RTOs) and Independent System Operators (ISOs). The text also examines electricity demand characteristics and drivers, including the impact of weather, economic activity, and public policies, and discusses the implementation and different types of demand response programs designed to influence electricity consumption based on price or system reliability needs.

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