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D4.2

Fifteen-Minute Market (FMM)

▶ Explainer · ~37 s

Detail view of the Fifteen-Minute Market (FMM) for battery storage in US ISO markets — the feasible charge/discharge schedule, every transaction in $.

Where does arbitrage arise?

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.

Who earns what — and where?

US market roles, cleanly separated (FERC market design).

Power marketer / Scheduling Coordinator (SC)

Earns the spread arbitrage: charges in cheap or negative intervals, discharges into the expensive evening ramp. Every charge/discharge pair is trading margin.

Asset operator

Provides battery power and cycles; receives a share of the marketing revenue under the tolling/optimization contract, minus degradation and OPEX.

Investor

Bears CAPEX; return = net revenue over asset life. Cares about REALIZED values, not perfect-foresight models (see D5).

Utility & ISO/RTO

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.

Data status: No live US price feed for this product in our database yet — concept page; integration is planned. No numbers are shown rather than estimated ones.
Settlement-quality data: the potential shown here only becomes real revenue if it can be cleanly settled — revenue-quality meter data and ISO settlement statements decide what is billable. Stromfee builds exactly this transparency layer. (How we solved it in Germany: metering-data deep dive.)