Southeast Utilities Announce Receipt Of FERC Approval For New Energy Market

The Southeast Energy Exchange Market (SEEM) announced today that members today received clearance from the Federal Energy Regulatory Commission (FERC) for their proposed trading platform as a result of a 2-2 commission vote.

By statutory law, tie votes on items are approved, SEEM said

SEEM states on its website that the new SEEM market, "would be a 15-minute energy exchange market that would use technology and advanced market systems to automatically match participants with low-cost, clean and reliable energy to serve customers across a wide geographic area."

SEEM said, "The new SEEM platform will facilitate sub-hourly, bilateral trading, allowing participants to buy and sell power close to the time the energy is consumed, utilizing available unreserved transmission."

"The FERC approval means SEEM can move forward building a technology platform to deliver on its goals and mission by mid-2022," SEEM said

SEEM said that founding members of SEEM are expected to include Associated Electric Cooperative, Dalton Utilities, Dominion Energy South Carolina, Duke Energy Carolinas, Duke Energy Progress, Georgia System Operations Corporation, Georgia Transmission Corporation, LG&E and KU Energy, MEAG Power, N.C. Municipal Power Agency No. 1, NCEMC, Oglethorpe Power Corp., PowerSouth, Santee Cooper, Southern Company and TVA.

"Some of these utilities will now make firm decisions about whether to commit as a result of the FERC approval," SEEM said