Fig. 4: Comparison of transmission market value in day-ahead and real-time markets.

Excludes links connected to the non-ISO West where there is not a day-ahead market. The set of links in the early years is smaller due to data constraints. Left: Average in the real-time market relative to average in the day-ahead market for (1) transmission market value and (2) wholesale electricity prices. Center: Prevalence of greater real-time transmission value in terms of (1) the share of links where annual real-time value was greater than day-ahead and (2) the share of hours across all links in which real-time value was greater than day-ahead. Right: Magnitude of the average hourly difference between day-ahead and real-time transmission value presented separately for hours in which (1) real-time value was greater than day-ahead value and (2) day-ahead value was greater than real-time value.