Electricity Markets – 101

This guide is meant to provide an overview of the differences within each U.S. electricity market and assist Governor’s and their staff when assessing how their policies may impact those markets. Topics covered include the difference between vertically integrated and restructured electricity markets, the role of Regional Transmission Organizations (RTOs) and Independent System Operators (ISOs), and the different types of electricity financial markets such as day-ahead vs. real-time, capacity, and ancillary services markets.