BriefingNYISO
How electricity markets price power around the world
A global guide to nodal, zonal and single-price markets, including all 60 Lower 48 balancing authorities tracked by EIA.
New Zealand settles wholesale electricity at individual grid nodes. Across the Tasman Sea, Australia’s National Electricity Market sets five regional spot prices. Alberta clears one hourly pool price for the province. All three systems can face transmission bottlenecks. The rules determine how much of that geography appears in the price participants settle against. New Zealand Electricity Authority · Australian Energy Market Operator · Alberta Electric System Operator
How to read the prices#
A locational marginal price, or LMP, measures the cost of supplying one more megawatt-hour at a specific grid location. A zonal price applies across a defined area, with separate prices when the market’s rules split zones or account for constraints between them. A single system price applies across one market footprint for a delivery interval. Where utilities buy power through contracts or at regulated tariffs, there may be no centralized spot price. FERC energy markets guide · IEA electricity market design
A headline price can be an average or a financial reference. For the hour beginning at 3 p.m. Eastern on November 10, 2026, New York’s day-ahead load-zone price was $42.06/MWh on Long Island and $34.05/MWh in New York City. Most of the $8.01/MWh gap came from congestion. Both are zonal aggregates in a nodal market. The Nordic system price serves a different purpose. It is a financial reference calculated without internal Nordic transmission limits, while the physical day-ahead market settles at bidding-zone prices. NYISO day-ahead zonal prices · Nord Pool price calculation
Wholesale pricing by market and grid#
The U.S. tables cover all 60 active balancing authorities in EIA’s Lower 48 reporting roster and cover Alaska’s Railbelt, Hawaii and the inhabited U.S. territories separately. The international tables compare national and regional markets across every inhabited continent, with examples of contract-based systems. Market rules and operating status are as of November 11, 2026. EIA reporting roster · World Bank power market structures by economy
Compare scale using 2025 electricity demand in terawatt-hours (TWh). National and regional totals can include areas outside the market boundary. A dash means a comparable figure is unavailable. Select a column header to sort its table.
U.S. organized markets#
| CAISO (CISO)Nodal223.9 TWh | Nodal | Day-ahead and real-time LMPs. Much of utility load settles at aggregated load points. CAISO tariff | 223.9 TWh |
|---|---|---|---|
| ERCOT (ERCO)Nodal488 TWh | Nodal | Nodal dispatch and day-ahead and real-time settlement prices at resource nodes, load zones and hubs. ERCOT energy markets | 488 TWh |
| ISO New England (ISNE)Nodal115.3 TWh | Nodal | Day-ahead and real-time LMPs at nodes, eight load zones and the hub. ISO-NE energy markets | 115.3 TWh |
| MISONodal663.8 TWh | Nodal | Day-ahead and real-time LMPs at commercial pricing nodes, with hubs and load zones. MISO price reports | 663.8 TWh |
| NYISO (NYIS)Nodal151.5 TWh | Nodal | Day-ahead and real-time location-based marginal prices (LBMPs). Generators generally settle at buses and load at zones. NYISO tariff §4.2 | 151.5 TWh |
| PJMNodal843.2 TWh | Nodal | Day-ahead and real-time LMPs at pricing nodes, including aggregate prices for hubs and load zones. PJM energy markets | 843.2 TWh |
| SPP East (SWPP)Nodal299.5 TWh2025 SPP footprint | Nodal | Day-ahead and real-time LMPs in SPP’s Integrated Marketplace. The eastern and western balancing areas participate in the same market. SPP market operations | 299.5 TWh2025 SPP footprint |
| SPP West (SWPW)NodalDemand unavailable | Nodal | Joined the Integrated Marketplace on April 1, 2026. Its day-ahead and real-time LMPs cover resources and load in SPP’s Western Interconnection balancing area. SPP Western expansion | Demand unavailable |
U.S. West utility grids#
| PacifiCorp East (PACE)Day-ahead and real-time LMPs53.6 TWh | Day-ahead and real-time LMPs | EDAM prices participating day-ahead energy. WEIM prices real-time deviations. Extended Day-Ahead Market roster | 53.6 TWh |
|---|---|---|---|
| PacifiCorp West (PACW)Day-ahead and real-time LMPs20.25 TWh | Day-ahead and real-time LMPs | EDAM prices participating day-ahead energy. WEIM prices real-time deviations. Extended Day-Ahead Market roster | 20.25 TWh |
| Portland General Electric (PGE)Day-ahead and real-time LMPs23.5 TWh | Day-ahead and real-time LMPs | PGE added EDAM day-ahead pricing in October 2026. It uses WEIM for real-time deviations. Extended Day-Ahead Market roster | 23.5 TWh |
| Bonneville Power Administration (BPAT)Real-time imbalance LMPs61.11 TWh | Real-time imbalance LMPs | BPA sells federal power through contracts and rates. Participating real-time deviations settle through WEIM. BPA imbalance market | 61.11 TWh |
| Balancing Authority of Northern California (BANC)Real-time imbalance LMPs17.57 TWh | Real-time imbalance LMPs | Real-time deviations settle through WEIM. EDAM entry is planned for 2027. Extended Day-Ahead Market roster | 17.57 TWh |
| Los Angeles Department of Water and Power (LDWP)Real-time imbalance LMPs24.69 TWh | Real-time imbalance LMPs | Real-time deviations settle through WEIM. EDAM entry is planned for 2027. Extended Day-Ahead Market roster | 24.69 TWh |
| Public Service Company of New Mexico (PNM)Real-time imbalance LMPs14.62 TWh | Real-time imbalance LMPs | Real-time deviations settle through WEIM. EDAM entry is planned for 2027. CAISO on PNM’s WEIM and EDAM participation | 14.62 TWh |
| Turlock Irrigation District (TIDC)Real-time imbalance LMPs2.841 TWh | Real-time imbalance LMPs | Real-time deviations settle through WEIM. EDAM entry is planned for 2027. Extended Day-Ahead Market roster | 2.841 TWh |
| Nevada Power (NEVP)Real-time imbalance LMPs40.38 TWh | Real-time imbalance LMPs | NV Energy participates in WEIM. Its planned EDAM entry is in 2028. CAISO on NV Energy | 40.38 TWh |
| PowerWatch (GWA)Real-time imbalance LMPsDemand unavailable | Real-time imbalance LMPs | The generation-only balancing area entered WEIM in May 2026. EDAM entry is planned for 2028. CAISO on PowerWatch | Demand unavailable |
| Arizona Public Service (AZPS)Real-time imbalance LMPs38.84 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 38.84 TWh |
| Avangrid Renewables (AVRN)Real-time imbalance LMPsDemand unavailable | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | Demand unavailable |
| Avista (AVA)Real-time imbalance LMPs13.03 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 13.03 TWh |
| Black Hills Energy (BHBA)Real-time imbalance LMPsDemand unavailable | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | Demand unavailable |
| El Paso Electric (EPE)Real-time imbalance LMPs9.163 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 9.163 TWh |
| Idaho Power (IPCO)Real-time imbalance LMPs18.93 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 18.93 TWh |
| NorthWestern Energy (NWMT)Real-time imbalance LMPs11.77 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 11.77 TWh |
| Puget Sound Energy (PSEI)Real-time imbalance LMPs24.86 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 24.86 TWh |
| Salt River Project (SRP)Real-time imbalance LMPs36.41 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 36.41 TWh |
| Seattle City Light (SCL)Real-time imbalance LMPs9.476 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 9.476 TWh |
| Tacoma Power (TPWR)Real-time imbalance LMPs4.54 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 4.54 TWh |
| Tucson Electric Power (TEPC)Real-time imbalance LMPs14.48 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 14.48 TWh |
| WAPA Desert Southwest (WALC)Real-time imbalance LMPs9.025 TWh | Real-time imbalance LMPs | Participating real-time energy deviations settle through WEIM. Day-ahead supply is arranged separately. Western Energy Imbalance Market roster | 9.025 TWh |
| Chelan County PUD (CHPD)Contracts and tariffs1.983 TWh | Contracts and tariffs | Most surplus energy is sold under long-term contracts. The utility plans to join Markets+ in 2028. Chelan PUD wholesale arrangements | 1.983 TWh |
| Douglas County PUD (DOPD)Contracts and tariffs2.435 TWh | Contracts and tariffs | Utility hydro supply and wholesale contracts, including sales from the Wells project. Douglas PUD wholesale power arrangements | 2.435 TWh |
| Grant County PUD (GCPD)Contracts and tariffs6.74 TWh | Contracts and tariffs | Current supply and wholesale sales use contracts. The utility plans to join Markets+ in its second wave. Grant PUD market plans | 6.74 TWh |
| Imperial Irrigation District (IID)Contracts and tariffs3.737 TWh | Contracts and tariffs | Uses utility supply and bilateral transactions. WEIM and EDAM entry are planned for 2028. CAISO on IID’s market agreements | 3.737 TWh |
| Public Service Company of Colorado (PSCO)Contracts and tariffs45.32 TWh | Contracts and tariffs | The utility previously participated in WEIS, which ended in April 2026. SPP lists the utility for the planned October 2027 Markets+ launch. SPP Markets+ participation | 45.32 TWh |
| Arlington Valley (DEAA)Generation-only balancing areaDemand unavailable | Generation-only balancing area | The plant sells capacity and electricity under a tolling agreement through October 2038. Capital Power tolling agreement | Demand unavailable |
| Gridforce Energy Management (GRID)Generation-only balancing areaDemand unavailable | Generation-only balancing area | Gridforce provides balancing and dispatch services to generators. Its balancing area does not have WEIM clearing. CAISO filing on Gridforce | Demand unavailable |
Eastern and Central U.S. utility balancing areas#
| Associated Electric Cooperative (AECI)Cooperative rates and bilateral trade22.32 TWh | Cooperative rates and bilateral trade | The cooperative sets a wholesale supply rate for its members and sells surplus across neighboring market seams. It also participates in the Southeast Energy Exchange Market (SEEM). AECI wholesale business | 22.32 TWh |
|---|---|---|---|
| City of Homestead (HST)Contracts and tariffs0.6439 TWh | Contracts and tariffs | The municipal utility combines local generation with contractual power entitlements and wholesale purchases. FMPA Homestead supply contracts | 0.6439 TWh |
| City of Tallahassee (TAL)Contracts and tariffs2.889 TWh | Contracts and tariffs | The municipal utility supplies load from city generation and contracted power. The city sets its utility rates. Tallahassee power supply plan | 2.889 TWh |
| Dominion Energy South Carolina (SCEG)Contracts and tariffsDemand unavailable | Contracts and tariffs | The South Carolina utility runs its own balancing area and participates in SEEM. Dominion’s Virginia operations are part of PJM. SEEM trading and membership | Demand unavailable |
| Duke Carolinas (DUK)Contracts and tariffsDemand unavailable | Contracts and tariffs | Bilateral trading and utility rates. Duke Energy Carolinas also participates in the Southeast Energy Exchange Market (SEEM). SEEM rules and roster | Demand unavailable |
| Duke Florida (FPC)Contracts and tariffsDemand unavailable | Contracts and tariffs | Bilateral trading and utility rates. Duke Energy Florida also participates in SEEM. SEEM rules and roster | Demand unavailable |
| Duke Progress East (CPLE)Contracts and tariffsDemand unavailable | Contracts and tariffs | Bilateral trading and utility rates. Duke Energy Progress is a SEEM member. SEEM rules and roster | Demand unavailable |
| Duke Progress West (CPLW)Contracts and tariffsDemand unavailable | Contracts and tariffs | Bilateral trading and utility rates. Duke Energy Progress is a SEEM member. SEEM rules and roster | Demand unavailable |
| Florida Municipal Power Pool (FMPP)Municipal power pooling and contracts19.2 TWh | Municipal power pooling and contracts | The pool coordinates dispatch for member utilities, including the Florida Municipal Power Agency’s All-Requirements project. Participants share power under the pool agreement. FMPA power supply and pool agreements | 19.2 TWh |
| Florida Power & Light (FPL)Contracts and tariffs146.6 TWh | Contracts and tariffs | Bilateral trading in Florida and utility wholesale tariffs. FPL wholesale tariffs | 146.6 TWh |
| Gainesville Regional Utilities (GVL)Contracts and tariffs2.152 TWh | Contracts and tariffs | The municipal utility serves its own balancing area and can buy or sell short-term power through SEEM’s bilateral platform. SEEM Florida trading launch | 2.152 TWh |
| JEA (JEA)Contracts and tariffs13.82 TWh | Contracts and tariffs | The Jacksonville utility uses power supply contracts and trades short-term power through SEEM. SEEM trading and membership | 13.82 TWh |
| Louisville Gas & Electric and Kentucky Utilities (LGEE)Contracts and tariffs38.74 TWh | Contracts and tariffs | LG&E and KU run a joint utility balancing area after withdrawing from MISO. They participate in SEEM’s bilateral trading platform. FERC on LG&E/KU’s MISO withdrawal | 38.74 TWh |
| Santee Cooper (SC)Contracts and tariffs27.57 TWh | Contracts and tariffs | South Carolina’s public power utility supplies customers under its utility rates and contracts and participates in SEEM. SEEM trading and membership | 27.57 TWh |
| Seminole Electric Cooperative (SEC)Cooperative rates and bilateral trade2.044 TWh | Cooperative rates and bilateral trade | The generation and transmission cooperative supplies its member utilities and participates in SEEM. SEEM trading and membership | 2.044 TWh |
| Sikeston Board of Municipal Utilities (SIKE)Generation contracts and surplus salesDemand unavailable | Generation contracts and surplus sales | The generation-only balancing area supplies contracted cities and sells excess output into the wholesale market. Sikeston power supply arrangements | Demand unavailable |
| Southeastern Power Administration (SEPA)Federal power contracts and ratesDemand unavailable | Federal power contracts and rates | This generation-only balancing area dispatches federal hydro. Southeastern markets the power at cost-based rates set for four regional systems. DOE Southeastern marketing and operations | Demand unavailable |
| Southern Company (SOCO)Contracts and tariffs + product auction241.4 TWh | Contracts and tariffs + product auction | Southern’s energy auction clears separate day-ahead and hour-ahead products alongside bilateral trading. Southern Energy Auction | 241.4 TWh |
| Southwestern Power Administration (SPA)Federal power contracts with market scheduling0.1874 TWh | Federal power contracts with market scheduling | Federal hydro is sold under cost-based rate schedules. Customers can schedule their federal power into the SPP Integrated Marketplace or MISO’s energy market. DOE Southwestern power rate order | 0.1874 TWh |
| Tampa Electric Company (TEC)Contracts and tariffs22.37 TWh | Contracts and tariffs | The utility participates in SEEM for short-term bilateral trades alongside its own power supply arrangements. SEEM trading and membership | 22.37 TWh |
| Tennessee Valley Authority (TVA)Contracts and tariffs170.7 TWh | Contracts and tariffs | TVA sells to local power companies at wholesale rates and participates in bilateral trading. TVA wholesale rates | 170.7 TWh |
| Yadkin hydroelectric project (YAD)Generation-only balancing areaDemand unavailable | Generation-only balancing area | Four hydro stations form a generation-only balancing area. Cube Yadkin Generation has FERC market-based rate authority to sell power. FERC market-based rate asset listing | Demand unavailable |
Alaska, Hawaii and U.S. territories#
| Alaska (Railbelt)Utility procurement and bilateral salesDemand unavailable | Utility procurement and bilateral sales | Utilities supply load under tariffs and contracts. Some cooperatives dispatch together. The Railbelt Transmission Organization coordinates open access and transmission cost allocation. Alaska Energy Authority on the Railbelt | Demand unavailable |
|---|---|---|---|
| Rural Alaska (isolated grids)Local utility ratesDemand unavailable | Local utility rates | Local utilities operate isolated grids and charge utility rates. Alaska’s Power Cost Equalization program lowers eligible customers’ effective rates. Alaska Energy Authority on rural utility rates | Demand unavailable |
| Hawaii (six island grids)Regulated utilities and contractsDemand unavailable | Regulated utilities and contracts | Regulated utilities generate or procure power for the separate grids serving Hawaii Island, Kauai, Lanai, Maui, Molokai and Oahu. Hawaii Public Utilities Commission | Demand unavailable |
| Puerto RicoUtility procurement and contracts19.54 TWhPuerto Rico total | Utility procurement and contracts | Independent producers sell power under long-term contracts with the Puerto Rico Electric Power Authority. The Puerto Rico Energy Bureau regulates rates. Puerto Rico Energy Bureau filing | 19.54 TWhPuerto Rico total |
| U.S. Virgin IslandsUtility procurement and tariffsDemand unavailable | Utility procurement and tariffs | The Water and Power Authority supplies the separate St. Croix and St. Thomas–St. John systems and serves customers under regulated tariffs. U.S. DOE energy baseline | Demand unavailable |
| GuamVertically integrated utility and tariffsDemand unavailable | Vertically integrated utility and tariffs | Guam Power Authority generates or procures electricity. The Guam Public Utilities Commission sets utility rates. Guam Power Authority | Demand unavailable |
| Northern Mariana IslandsUtility procurement and tariffsDemand unavailable | Utility procurement and tariffs | Commonwealth Utilities Corporation generates or procures electricity for the separate Saipan, Tinian and Rota grids. Commonwealth Utilities Corporation | Demand unavailable |
| American SamoaUtility procurement and tariffsDemand unavailable | Utility procurement and tariffs | American Samoa Power Authority supplies electricity on island systems under utility rates. U.S. DOE energy baseline | Demand unavailable |
Canada#
| Alberta (AESO)Single pool price90.37 TWh | Single pool price | One hourly pool price for the province, averaged from minute-by-minute system marginal prices. AESO market guide | 90.37 TWh |
|---|---|---|---|
| Ontario (IESO)Nodal supply + provincial load price145.6 TWh | Nodal supply + provincial load price | Day-ahead and real-time LMPs for suppliers. Non-dispatchable load pays the Ontario Price, a province-wide day-ahead price plus an adjustment based on real-time outcomes. IESO pricing guide | 145.6 TWh |
| BC HydroContracts and tariffs71.18 TWhB.C. total | Contracts and tariffs | Domestic utility supply and contracts. BC Hydro’s trading subsidiary Powerex participates separately in CAISO’s real-time imbalance market. CAISO imbalance market report | 71.18 TWhB.C. total |
| Hydro-QuébecContracts and tariffs224.3 TWhQuébec total | Contracts and tariffs | Québec’s domestic supply relies on the regulated heritage pool and procurement contracts. Hydro-Québec also trades in neighboring markets. Hydro-Québec annual report | 224.3 TWhQuébec total |
| Manitoba HydroContracts and tariffs26.22 TWhManitoba total | Contracts and tariffs | Regulated domestic rates and bilateral power sales. Manitoba Hydro also trades into neighboring wholesale markets. Manitoba Hydro operations and exports | 26.22 TWhManitoba total |
| NB PowerContracts and tariffs14.64 TWhNew Brunswick total | Contracts and tariffs | Utility supply and bilateral trades under open-access transmission rules. NB Power’s marketing arm trades with neighboring grids. NB Power transmission rules | 14.64 TWhNew Brunswick total |
| IESO Nova ScotiaContracts and tariffs12.06 TWhNova Scotia total | Contracts and tariffs | Bilateral energy trades and regulated utility tariffs, with separate cost-based redispatch settlement. Nova Scotia settlement rules | 12.06 TWhNova Scotia total |
| SaskPowerContracts and tariffs25.57 TWhSaskatchewan total | Contracts and tariffs | Utility supply, contracts with independent generators and bilateral trades with neighboring systems. SaskPower transmission and procurement | 25.57 TWhSaskatchewan total |
| Newfoundland and LabradorContracts and tariffs11.51 TWh | Contracts and tariffs | Newfoundland and Labrador Hydro supplies electricity under utility rates and contracts. Hydro also trades with neighboring systems over interties. Canada Energy Regulator | 11.51 TWh |
| Prince Edward IslandContracts and tariffs1.793 TWh | Contracts and tariffs | Regulated utilities procure electricity from local generators and through contracts with neighboring suppliers, including imports over the New Brunswick intertie. Canada Energy Regulator | 1.793 TWh |
| Yukon, Northwest Territories and NunavutContracts and tariffs1.831 TWhThree territories combined | Contracts and tariffs | Territorial utilities serve regional grids and isolated communities under regulated rates. Canada Energy Regulator | 1.831 TWhThree territories combined |
Mexico#
| CENACE (National Interconnected System)Nodal389.7 TWhMexico total | Nodal | Day-ahead and real-time precios marginales locales (PMLs) at settlement nodes, with weighted load-zone prices. CENACE short-term market | 389.7 TWhMexico total |
|---|---|---|---|
| Baja CaliforniaNodalDemand unavailable | Nodal | Day-ahead and real-time PMLs in a separately clearing system. Ask the Grid’s market page quotes the Tijuana load zone. CENACE short-term market | Demand unavailable |
| Baja California SurNodalDemand unavailable | Nodal | A third, separately clearing Mexican system with day-ahead and real-time PMLs. Ask the Grid’s CENACE catalog also carries both zonal series. CENACE short-term market | Demand unavailable |
Latin America and the Caribbean#
| Argentina · CAMMESAAdministered spot prices with nodal components162.6 TWhArgentina total | Administered spot prices with nodal components | Eligible generators can earn an hourly nodal marginal component. Spot demand pays monthly peak, shoulder and off-peak prices. The rules set the weight on nodal marginal costs in demand pricing at zero through 2027. Argentina’s current MEM rules | 162.6 TWhArgentina total |
|---|---|---|---|
| Bolivia · CNDCNodal spot13.62 TWhBolivia total | Nodal spot | Hourly short-run marginal prices value injections and withdrawals at their respective nodes. Bilateral supply contracts run alongside the spot market. CNDC wholesale market rules | 13.62 TWhBolivia total |
| Brazil · CCEEFour zones775.3 TWhBrazil total | Four zones | CCEE calculates a capped and floored hourly price for the next day in each of four submarkets. That price, the PLD, settles differences between contracts and actual energy. CCEE PLD methodology | 775.3 TWhBrazil total |
| Chile · National Electric CoordinatorNodal spot88.5 TWhChile total | Nodal spot | Final marginal costs at grid buses value energy transfers between generators after delivery. The operator publishes preliminary online prices during operation. Coordinator marginal costs | 88.5 TWhChile total |
| Colombia · XMOne national spot price90.73 TWhColombia total | One national spot price | The hourly national bolsa price uses generator offers and an ideal dispatch that leaves out transmission constraints. The market handles actual redispatch separately. XM market design | 90.73 TWhColombia total |
| Ecuador · CENACEContracts and limited short-term settlement36.64 TWhEcuador total | Contracts and limited short-term settlement | Regulated and bilateral contracts cover supply. Eligible short-term transactions are valued at an hourly energy cost from actual dispatch, with separate rules for capacity and constraints. Ecuador commercial settlement rules | 36.64 TWhEcuador total |
| Paraguay · ANDEUtility procurement and tariffs29.65 TWh | Utility procurement and tariffs | ANDE supplies the public system. The 2026 renewables rules allow private projects to sell under contracts and provide for exports. ANDE generation rules | 29.65 TWh |
| Peru · COESNodal spot60.54 TWhPeru total | Nodal spot | Short-run marginal prices at grid buses value energy transfers after delivery. COES publishes real-time estimates and revised prices. COES revised marginal costs | 60.54 TWhPeru total |
| Uruguay · ADMENodal spot14.8 TWh | Nodal spot | ADME determines hourly spot prices at grid nodes from dispatch after delivery. Spot settlement reconciles actual energy and contract positions. Uruguay wholesale market rules | 14.8 TWh |
| Venezuela · CORPOELECState utility and tariffsDemand unavailable | State utility and tariffs | The state utility supplies the system under a regulated tariff framework. Venezuela’s electricity law | Demand unavailable |
| Central America · Regional Electricity MarketNodal cross-border marketDemand unavailable | Nodal cross-border market | The regional market spans Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama. It prices cross-border trades at regional grid nodes before delivery and deviations after delivery. Domestic pricing follows each country’s rules. EOR commercial operation | Demand unavailable |
| Belize · Belize Electricity LimitedUtility procurement and tariffsDemand unavailable | Utility procurement and tariffs | The licensed grid utility buys power from local generators and through an import contract with Mexico. The regulator reviews the purchase agreements. Belize PUC purchase agreements | Demand unavailable |
| Costa Rica · ICEUtility procurement and regional trading12.57 TWh | Utility procurement and regional trading | ICE procures through contracts and may buy surplus from domestic producers outside long-term contracts. Cross-border purchases can clear through the regional market. ICE power procurement | 12.57 TWh |
| El Salvador · Unidad de TransaccionesSystem price with congestion splits6.185 TWh | System price with congestion splits | The cost-based domestic balancing market has one price per interval in normal operation. Binding congestion splits the system into separate pricing areas for that interval. El Salvador wholesale market rules §10.6 | 6.185 TWh |
| Guatemala · AMMOne reference spot priceDemand unavailable | One reference spot price | The hourly opportunity market price comes from marginal variable cost at a reference node. The calculation adjusts generator costs for nodal losses and treats forced generation separately. Guatemala AMM rules, Articles 45–47 | Demand unavailable |
| HondurasNodal opportunity marketDemand unavailable | Nodal opportunity market | Contracts cover much of supply. Opportunity prices reflect short-run marginal costs at grid buses. A September 2026 law retains the opportunity market and establishes a new system and market operator. Honduras Decree 198-2026 | Demand unavailable |
| Nicaragua · CNDCOne system spot priceDemand unavailable | One system spot price | The hourly opportunity price reconciles actual generation and consumption with contract positions after delivery. Connection losses and forced generation can be charged separately. Nicaragua commercial operating rules | Demand unavailable |
| Panama · ETESA CNDOne system spot priceDemand unavailable | One system spot price | The hourly short-run system marginal cost prices trades in the domestic opportunity market. The operator also administers contracts and settles regional imports and exports. Panama CND settlement services | Demand unavailable |
| Dominican Republic · Organismo CoordinadorNodal spot22.63 TWhDominican Republic total | Nodal spot | Hourly spot settlements use marginal costs at the reference bus or an electrically separated area, adjusted by nodal factors. Bilateral contracts coexist with the spot market. Dominican electricity rules, Articles 255–260 | 22.63 TWhDominican Republic total |
| Bahamas, Barbados, Guyana, Jamaica, Suriname and Trinidad and TobagoUtility procurement and tariffsDemand unavailable | Utility procurement and tariffs | Incumbent utilities supply their systems from their own generation, contracted power or both. The procurement arrangements and regulated rates vary by country. IDB Caribbean electricity systems | Demand unavailable |
| Cuba · Unión EléctricaUtility contracts and administered pricesDemand unavailable | Utility contracts and administered prices | Unión Eléctrica supplies the system. It contracts photovoltaic capacity and purchases eligible surplus under administered rules. Cuba Official Gazette No. 30 | Demand unavailable |
| Eastern Caribbean utility systemsUtility procurement and tariffsDemand unavailable | Utility procurement and tariffs | Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines are served by local utilities. Some buy from independent producers under power purchase agreements. CARICOM energy policy | Demand unavailable |
| French Guiana, Guadeloupe, Martinique, Saint Barthélemy and Saint MartinUtility procurement and tariffsDemand unavailable | Utility procurement and tariffs | These grids are outside mainland France’s electricity market. Regulated supply and compensation for local production and procurement costs govern electricity service. French CRE rules for isolated grids | Demand unavailable |
| HaitiUtility procurement and concessionsDemand unavailable | Utility procurement and concessions | The public utility and licensed operators serve local grids. Concessions and procurement contracts govern independent supply. Haiti energy regulator | Demand unavailable |
Europe and the Caucasus#
| Austria, Belgium, Bulgaria, Croatia, Czechia, Estonia, France, Greece, Hungary, Latvia, Lithuania, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia and SpainOne coupled bidding zone each1,627 TWhCombined national demand | One coupled bidding zone each | Each bidding zone has its own day-ahead clearing price for each delivery interval. The European auction allocates cross-zone capacity alongside energy trades. Island systems outside those zones have separate arrangements. European market coupling | 1,627 TWhCombined national demand |
|---|---|---|---|
| Germany and LuxembourgOne shared coupled bidding zone523.1 TWhCombined national demand | One shared coupled bidding zone | Germany and Luxembourg share a day-ahead zonal price. Austria clears in its own zone. ACER bidding zones | 523.1 TWhCombined national demand |
| Denmark, Finland, Norway and SwedenCoupled bidding zones405.7 TWhCombined national demand | Coupled bidding zones | Denmark has two zones, Finland one, Norway five and Sweden four. Physical day-ahead trades clear at area prices. Nord Pool’s Nordic System Price is a separate benchmark calculated without internal transmission limits. Nord Pool area and system prices | 405.7 TWhCombined national demand |
| ItalySeven coupled domestic bidding zones312.1 TWh | Seven coupled domestic bidding zones | North, Centre-North, Centre-South, South, Calabria, Sicily and Sardinia clear at zonal day-ahead prices. GME publishes the national PUN Index, which still enters buyer settlement through an adjustment. GME power exchange guide | 312.1 TWh |
| Great BritainOne national bidding zone229.1 TWhNESO metered demand | One national bidding zone | Great Britain retained national wholesale pricing. Elexon separately settles deviations from contracted volumes at a single system imbalance price per settlement period. UK national pricing decision | 229.1 TWhNESO metered demand |
| Ireland and Northern Ireland (SEM)One shared all-island bidding zone46.49 TWhAll-island demand | One shared all-island bidding zone | The SEMOpx day-ahead auction clears one all-island price per interval. SEMO separately operates the real-time balancing market and settles imbalances. EirGrid market structure | 46.49 TWhAll-island demand |
| SwitzerlandOne domestic bidding zone65.17 TWh | One domestic bidding zone | Switzerland has its own exchange day-ahead price. Its cross-border day-ahead transmission capacity is allocated separately from EU day-ahead coupling. Swissgrid cross-border capacity | 65.17 TWh |
| IcelandDomestic day-ahead exchange18.27 TWh | Domestic day-ahead exchange | Elma runs an hourly day-ahead auction for delivery on Iceland’s isolated grid. Elma day-ahead market | 18.27 TWh |
| CyprusDomestic day-ahead pool5.774 TWh | Domestic day-ahead pool | The Transmission System Operator of Cyprus operates a day-ahead market and a separate balancing market. The system clears apart from continental Europe. Electricity Authority of Cyprus | 5.774 TWh |
| MaltaUtility procurement and administered prices3.258 TWh | Utility procurement and administered prices | Malta’s regulator reports no liquid domestic wholesale market. Its published wholesale price proxy is an administered reference used in support calculations. Malta regulator’s national report | 3.258 TWh |
| Albania and KosovoTwo coupled local bidding zonesDemand unavailable | Two coupled local bidding zones | ALPEX couples Albania and Kosovo in day-ahead trading, allowing prices to separate when cross-border capacity binds. This coupling is separate from the EU day-ahead market. Energy Community market tracker | Demand unavailable |
| Montenegro, North Macedonia and SerbiaDomestic day-ahead exchanges49.75 TWhCombined national demand | Domestic day-ahead exchanges | MEPX, MEMO and SEEPEX respectively run local day-ahead markets. Their exchanges are outside EU day-ahead coupling. Energy Community market tracker | 49.75 TWhCombined national demand |
| Bosnia and HerzegovinaBilateral trading12.25 TWh | Bilateral trading | Wholesale electricity trades bilaterally. The Energy Community reports no operating domestic day-ahead exchange. Energy Community implementation report | 12.25 TWh |
| Ukraine and MoldovaSeparate domestic day-ahead auctionsDemand unavailable | Separate domestic day-ahead auctions | Ukraine’s Market Operator and Moldova’s OPEM each publish day-ahead prices. Synchronization with continental Europe is in place, and EU day-ahead market coupling remains a separate project. Energy Community market tracker | Demand unavailable |
| TürkiyeNational day-ahead clearing price351.8 TWh | National day-ahead clearing price | EPİAŞ publishes a market-clearing price for each day-ahead delivery hour. System balancing and imbalance settlement use separate prices. EPİAŞ day-ahead rules | 351.8 TWh |
| RussiaNodal pricing and regulated areas1,178 TWhRussia total | Nodal pricing and regulated areas | The competitive day-ahead market calculates hourly prices at nodes within its two large price-zone groupings. Some territories remain outside competitive pricing. Russian wholesale market rules, §83 | 1,178 TWhRussia total |
| BelarusState utility and regulated tariffs44.84 TWh | State utility and regulated tariffs | State-owned Belenergo coordinates electricity supply under government-regulated tariffs. IEA Belarus market structure | 44.84 TWh |
| GeorgiaBilateral contracts and transitional exchange14.55 TWh | Bilateral contracts and transitional exchange | GENEX runs domestic day-ahead trading alongside bilateral contracts. It suspended its separate intraday market from October 2026 until July 2027. Georgian Energy Exchange | 14.55 TWh |
| ArmeniaContracts and domestic spot trading6.648 TWh | Contracts and domestic spot trading | Wholesale market rules provide for bilateral contracts, regulated transactions, a domestic day-ahead market and a separate balancing mechanism. Armenian wholesale market rules | 6.648 TWh |
| AzerbaijanRegulated tariffs during market reform26.23 TWh | Regulated tariffs during market reform | The regulator publishes administered electricity tariffs while Azerbaijan phases in a competitive wholesale market under its electricity law. Azerbaijan Energy Regulatory Agency | 26.23 TWh |
Asia-Pacific#
| Australia (National Electricity Market)Zonal285.9 TWhAustralia total | Zonal | Five regions each have a five-minute spot price at a reference node. Settlement adjusts for losses between connection points and that node. AEMO regions and loss factors | 285.9 TWhAustralia total |
|---|---|---|---|
| Western Australia (WEM)Single reference priceDemand unavailable | Single reference price | The South West Interconnected System settles real-time deviations at a common Reference Trading Price with loss adjustments. The separate short-term forward auction also clears at one price per interval. AEMO market design | Demand unavailable |
| Darwin–Katherine (Australia)Contracts with interim marketDemand unavailable | Contracts with interim market | The interim market calculates virtual settlement statements. Physical energy purchases are paid through commercial arrangements. NTESMO regulatory proposal | Demand unavailable |
| New ZealandNodal43.99 TWh | Nodal | Real-time dispatch sets energy prices at individual grid connection points. Settlement uses time-weighted dispatch prices for each half-hour. Electricity Authority final prices | 43.99 TWh |
| Singapore (NEMS)Nodal generation + uniform hub price60.4 TWh | Nodal generation + uniform hub price | Generators receive nodal prices. The half-hourly Uniform Singapore Energy Price used at the hub is a weighted average of withdrawal-node prices. Energy Market Company pricing guide | 60.4 TWh |
| Philippines (WESM)Nodal123.2 TWhPhilippines total | Nodal | The spot market calculates five-minute prices at trading nodes in Luzon, Visayas and Mindanao. Published regional averages aggregate nodal prices. Bilateral contracts cover much of the energy. IEMOP market design | 123.2 TWhPhilippines total |
| Japan (JEPX)Zonal exchange1,027 TWhJapan total | Zonal exchange | JEPX publishes a system price and nine area prices for the day-ahead exchange. Interconnector limits can split the auction into differently priced areas. JEPX day-ahead market data | 1,027 TWhJapan total |
| South Korea (mainland)Single mainland marginal price627.8 TWhSouth Korea total | Single mainland marginal price | KPX determines an hourly mainland System Marginal Price from a cost-based day-ahead schedule. Jeju has its own price series. KPX mainland and Jeju prices | 627.8 TWhSouth Korea total |
| South Korea (Jeju)Island marginal priceDemand unavailable | Island marginal price | The Jeju pilot publishes separate island-wide day-ahead and real-time System Marginal Prices. KPX Jeju pilot prices | Demand unavailable |
| India (power exchanges)Uniform auction with market splitting2,081 TWhIndia total | Uniform auction with market splitting | Day-ahead and real-time exchange auctions clear at a uniform price when unconstrained and separate bid-area prices when corridors bind. Bilateral contracts coexist with exchange trading. CERC Power Market Regulations | 2,081 TWhIndia total |
| China (provincial spot markets)Varies by province10,490 TWhChina total | Varies by province | National rules allow nodal or zonal clearing and common load settlement points. Provinces implement their own designs, and some markets are in continuous settlement trials. NDRC and NEA spot market rules | 10,490 TWhChina total |
| China (Shandong)Nodal generation + common load price867.1 TWhShandong total | Nodal generation + common load price | The province clears nodal spot prices. Generators and certain storage loads settle at nodes. Most load currently uses a common settlement point. Shandong 2026 market rules | 867.1 TWhShandong total |
| China (Fujian)Provincial marginal price354.7 TWhFujian total | Provincial marginal price | Fujian’s published design specifies a provincial System Marginal Price for participating generation and handles congestion separately. Fujian spot market design | 354.7 TWhFujian total |
| China (Southern regional market)Nodal clearing + provincial settlement rulesDemand unavailable | Nodal clearing + provincial settlement rules | Guangdong, Guangxi, Yunnan, Guizhou and Hainan clear together. Day-ahead and real-time energy prices are nodal, with distinct settlement rules for transfers and within provinces. Southern regional market rules | Demand unavailable |
| China (interprovincial spot market)Cross-province spot tradesDemand unavailable | Cross-province spot trades | Day-ahead and intraday auctions clear eligible transfers between trading nodes. Buyers’ and sellers’ prices reflect the route’s transmission charges and losses. NDRC interprovincial trading rules | Demand unavailable |
| Vietnam (VWEM)System energy price + contracts337.2 TWh | System energy price + contracts | The system-wide marginal energy price is calculated from an unconstrained schedule. Wholesale buyer settlement adjusts for losses, and contract and capacity payments are separate. Ministry wholesale market circular | 337.2 TWh |
| Peninsular Malaysia (NEDA)Single buyer + limited spot participation144 TWhPeninsular grid | Single buyer + limited spot participation | The Single Buyer runs least-cost dispatch. Eligible merchant generators can sell against a System Marginal Price under NEDA alongside contracted supply. Energy Commission NEDA rules | 144 TWhPeninsular grid |
| ThailandEnhanced single buyer237.4 TWh | Enhanced single buyer | EGAT buys wholesale supply through power purchase contracts. Direct purchase and wheeling initiatives apply to eligible participants. Energy Regulatory Commission market structure | 237.4 TWh |
| Indonesia (PLN systems)Utility procurement529.2 TWhIndonesia total | Utility procurement | PLN procures independent generation through power purchase agreements on its systems. PLN procurement disclosure | 529.2 TWhIndonesia total |
| TaiwanUtility procurement + services auctions288.9 TWh | Utility procurement + services auctions | Taipower procures energy from independent generators. Its trading platform auctions ancillary services and capacity reserves. Taipower trading platform | 288.9 TWh |
| BangladeshSingle buyer118 TWh | Single buyer | Bangladesh Power Development Board purchases from public and private generators under contracts and supplies distributors at regulated bulk rates. BPDB annual report | 118 TWh |
| PakistanSingle-buyer procurement + bilateral transition171.6 TWh | Single-buyer procurement + bilateral transition | Contracted power procurement continues. The Competitive Trading Bilateral Contract Market is opening supplier choice to eligible large customers through wheeling, with energy prices agreed bilaterally. NEPRA bilateral market design | 171.6 TWh |
| Sri LankaSingle buyer18.57 TWh | Single buyer | The National System Operator handles bulk supply. Generation payments and bulk charges follow contracts and regulatory rules. PUCSL cost recovery and market structure | 18.57 TWh |
Africa#
| Southern African Power Pool (SAPP)Zonal cross-border auctionDemand unavailable | Zonal cross-border auction | The day-ahead auction publishes an unconstrained system reference. Physical transactions settle at separate area prices when available cross-border transmission binds. National utility tariffs and bilateral contracts coexist with the regional market. SAPP market access guide | Demand unavailable |
|---|---|---|---|
| South AfricaUtility procurement; domestic spot market in development236.9 TWh | Utility procurement; domestic spot market in development | Domestic supply uses utility procurement and bilateral contracts. The planned South African Wholesale Electricity Market would introduce a system marginal price in a national day-ahead market, separate from cross-border SAPP trading. NTCSA wholesale market | 236.9 TWh |
| West African Power Pool (WAPP)Bilateral cross-border tradingDemand unavailable | Bilateral cross-border trading | The first phase supports negotiated utility trades. The regional day-ahead market is a separate second phase, with settlement and financial arrangements under development. ECOWAS on market development | Demand unavailable |
| Eastern Africa Power Pool (EAPP)Bilateral cross-border tradingDemand unavailable | Bilateral cross-border trading | Cross-border trade operates through bilateral agreements. The pool is developing a regional day-ahead auction. Horn of Africa Initiative market update | Demand unavailable |
| Central African Power Pool (CAPP)Bilateral cross-border tradingDemand unavailable | Bilateral cross-border trading | Interconnected utilities negotiate cross-border sales. The region is at an early stage of building a shared electricity market. African Development Bank electricity regulatory index | Demand unavailable |
| North African interconnectionsUtility tradeDemand unavailable | Utility trade | National grids trade across regional interties and links to Europe. Those interconnections do not form a common North African spot-price area. African Development Bank regional power pools | Demand unavailable |
| NigeriaContracts and regulated tariffs40.22 TWh | Contracts and regulated tariffs | The federal market is transitioning from bulk procurement by NBET toward direct bilateral contracts between generators and buyers. Tariff rules govern regulated transactions. Nigerian regulator’s bilateral trading order | 40.22 TWh |
Middle East and Central Asia#
| Gulf Cooperation Council interconnectionBilateral cross-border tradingDemand unavailable | Bilateral cross-border trading | GCCIA’s platform supports scheduled trades, bilateral contracts and settlement of unscheduled exchanges. National procurement and tariffs apply within the member systems. GCCIA electricity market | Demand unavailable |
|---|---|---|---|
| Oman (Main Interconnected System)Single system marginal price + contracts42.86 TWhMIS only | Single system marginal price + contracts | The mandatory spot pool calculates a system marginal price for each half-hour. Nama Power & Water Procurement is the buyer. Generators with existing power purchase agreements continue to settle under their contracts. Oman regulator’s market design | 42.86 TWhMIS only |
| Israel (Noga)System marginal price + contracts75.49 TWh | System marginal price + contracts | Noga calculates a wholesale system price for half-hour settlement. Power purchase agreements and plant-specific arrangements also apply. Noga wholesale market operations | 75.49 TWh |
| IranCapped wholesale auction + exchange and contracts397.3 TWh | Capped wholesale auction + exchange and contracts | The wholesale auction applies regulated bid limits. The Energy Exchange and bilateral contracts provide separate procurement routes, with separate rules for excess consumption. Ministry of Energy exchange directive | 397.3 TWh |
| Saudi ArabiaPrincipal buyer and contracts471.4 TWh | Principal buyer and contracts | The Saudi Power Procurement Company acts as principal buyer and signs power purchase agreements with generators. Gulf interconnector trades use a separate regional framework. Saudi electricity law | 471.4 TWh |
| United Arab Emirates (Abu Dhabi)Single buyer and bulk tariffDemand unavailable | Single buyer and bulk tariff | Emirates Water and Electricity Company procures power and sells it to licensed buyers on bulk supply tariff terms. Abu Dhabi Department of Energy | Demand unavailable |
| JordanSingle buyer and contractsDemand unavailable | Single buyer and contracts | NEPCO purchases power from generators under contracts and sells it to distributors under regulated terms. Jordan energy reform secretariat | Demand unavailable |
| KazakhstanSingle buyer + real-time balancing market125.5 TWh | Single buyer + real-time balancing market | The single buyer procures the day-ahead schedule through priority contracts and centralized KOREM trading. A separate market settles real-time deviations. KEGOC wholesale market design | 125.5 TWh |
| UzbekistanCentral procurement; bilateral reform89.63 TWh | Central procurement; bilateral reform | The first wholesale reform phase allows eligible generators and large buyers to negotiate prices directly from January 2027. Central procurement and regulated tariff arrangements continue alongside it. Uzbekistan market regulator | 89.63 TWh |
| Central Asian regional marketRegional market in developmentDemand unavailable | Regional market in development | Kyrgyzstan, Tajikistan and Uzbekistan are part of the first phase of a program to build a regional electricity market. The program supports an eventual shared trading platform. World Bank regional market program | Demand unavailable |
What changes the price you settle at#
Ontario introduced day-ahead and real-time nodal pricing on May 1, 2025. Most wholesale load still settles against a province-wide price with an adjustment based on real-time outcomes. Alberta’s planned market redesign would introduce real-time LMPs and retain a province-wide price for most load. AESO targets the second quarter of 2028 for the cutover. IESO market pricing · AESO market design · AESO implementation schedule
A utility’s contract supply and its market trades can also have different prices. Bonneville sells federal power under rates and contracts and uses the Western Energy Imbalance Market to price participating real-time deviations at LMPs. The same distinction applies internationally. The Southern African Power Pool can clear different area prices for cross-border trades while domestic utilities continue to serve customers under national arrangements. BPA power rates · BPA imbalance market · SAPP market access guide
Scope and sources#
Demand measures electricity use across a grid or geography. Trading volumes are a separate measure. U.S. balancing-area figures sum adjusted hourly demand from EIA. Other figures use published system load, electricity supply within a geographic boundary, or national demand from Ember. Grouped totals can overlap with smaller systems, so the rows should be compared individually. EIA-930 data · Ember yearly electricity data · Statistics Canada annual electricity data
The tables compare how wholesale energy is priced and identify the applicable market or settlement stage. The Lower 48 rows follow current EIA-930 reporting boundaries. SPP East and SPP West are two balancing authorities in one organized energy market. International rows can cover several countries or pricing zones under one rule set. The world tables are a market reference and do not inventory every local utility or isolated system. Ask the Grid links indicate where the product has a corresponding public view or catalog. EIA-930 data and boundaries · SPP Western expansion · Ask the Grid coverage