Learning path

Markets & Wholesale Pricing

Locational marginal pricing, day-ahead markets, and virtual bidding—plus flashcards and The Spread simulator.

Audience: Analysts and traders new to wholesale electricity markets · ~3 hours · 9 steps

For learning and orientation only—not legal advice, compliance guidance, or career guarantees.

Markets & Wholesale Pricing — concept map

Tier 1

Page

Landmark FERC orders index

Skim market-related orders before focusing on LMP and integration rules.

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Glossary

Locational marginal price (LMP)

Learn how LMP reflects energy, congestion, and losses at a pricing node.

Complete first: Landmark FERC orders index

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Tier 2

Glossary

Day-ahead market

Understand the day-ahead scheduling process that sets financial positions before real time.

Complete first: Locational marginal price (LMP)

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Glossary

Virtual bidding

See how INCs and DECs let financial participants converge day-ahead and real-time prices.

Complete first: Locational marginal price (LMP)

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Page · optional

U.S. energy history timeline

Optional context on market restructuring and RTO formation milestones.

Complete first: Locational marginal price (LMP)

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Tier 3

FERC order

Order 764 — Variable energy resources

Review forecasting and scheduling rules for wind and solar in organized markets.

Complete first: Day-ahead market

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Flashcards

Flashcards: markets & pricing

Practice LMP components, bidding terminology, and market-structure vocabulary.

Complete first: Virtual bidding

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Tier 4

Page · optional · coming soon

The Spread — virtual bidding simulator

Trade virtual INCs and DECs across three nodes using weather and grid event intelligence.

Complete first: Flashcards: markets & pricing

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Issue analyses index

Browse long-form articles on market design and regulatory developments.

Complete first: Flashcards: markets & pricing

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