PNM announces plan to join CAISO EDAM regional energy market

Core Insights - Public Service Company of New Mexico (PNM) plans to join the California Independent System Operator (CAISO) Extended Day-Ahead Market (EDAM) to enhance reliability and economic benefits for customers [1][3] - EDAM is a voluntary day-ahead regional market that builds on the existing Western Energy Imbalance Market (WEIM), which PNM has participated in since 2021 [2][4] - PNM anticipates that participation in EDAM will yield approximately $20 million in annual benefits for New Mexico customers [3][4] Economic Benefits - Since joining WEIM in 2021, PNM has provided nearly$125 million in benefits to New Mexico customers [3] - The coordination with other regional utilities through EDAM is expected to deliver substantial efficiencies and cost benefits [3][4] Regulatory Context - The decision to join EDAM follows a statement of policy and guiding market principles issued by the New Mexico Public Regulation Commission (NMPRC) [5] - The NMPRC's guidance was based on inquiries and workshops discussing potential participation in a day-ahead regional market [5] Future Plans - EDAM is scheduled to launch in 2026, with PNM aiming to begin participation as early as 2027 [4]