Detail view of the Fifteen-Minute Market (FMM) for battery storage in US ISO markets — the feasible charge/discharge schedule, every transaction in $.
Energy arbitrage: buy low (charge), sell high (discharge). A feasible dispatch schedule respects state of charge and capacity limits. CAISO's FMM re-clears every 15 minutes between DAM and real-time dispatch. Live FMM price integration for this page is planned.
US market roles, cleanly separated (FERC market design).
Earns the spread arbitrage: charges in cheap or negative intervals, discharges into the expensive evening ramp. Every charge/discharge pair is trading margin.
Provides battery power and cycles; receives a share of the marketing revenue under the tolling/optimization contract, minus degradation and OPEX.
Bears CAPEX; return = net revenue over asset life. Cares about REALIZED values, not perfect-foresight models (see D5).
No trading profit — the ISO runs the market, the utility earns regulated T&D rates. Both touch the battery only via interconnection, retail tariffs and reliability rules.