We have the meters. We haven't unlocked the markets.
Over 128 million smart meters are installed nationwide, yet only ~6.5% of peak demand is enrolled in wholesale demand response.
Sources: EIA-861 (2023) smart meter deployment. FERC 2024 Assessment wholesale DR enrollment.
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The opportunity for flexibility extends beyond any single market.
Flexibility value appears in all seven ISOs we analyzed. The opportunity is structural, not regional.
Consistent methodology across ISOs where noted. 2025 RTM.
| ISO | Scarcityhours to 25% | Extra Cost$M/yr | Avg Price$/MWh | VPP Value$/kW-yr | Wholesale DRMW (FERC) | DR Util.% at peak | FERC 2222 |
|---|---|---|---|---|---|---|---|
MISO | —h | $0 | $— | $57 | 10,778 | 26% | Jun 2029 |
NYISO | —h | $0 | $— | $45 | 1,879 | 90% | Operational |
PJM | —h | $0 | $— | $73 | 8,973 | 26% | Feb 2028 |
ERCOT | —h | $0 | $— | $201 | 585 | 76% | N/A |
ISO-NE | —h | $0 | $— | $131 | 2,395 | 77% | Nov 2026 |
CAISO | —h | $0 | $— | $99 | 3,508 | 77% | Operational |
Scarcity + Extra Cost + Avg Price: load-weighted, 2025 RTM (iso_lmp_load_weighted + iso_zonal_load). VPP Value: 4-stream backtest (energy arbitrage, capacity, AS, transmission avoidance). Wholesale DR: FERC 2025 Assessment Table 3-3 (2024). DR Util.: EIA-861 actual peak reduction / enrolled MW (2023, state-aggregated, includes overlap states for MISO/PJM). FERC 2222: ISO compliance filings. SPP excluded (DAM only, no RTM scarcity data).
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