2008: Phase II of MISO’s resource adequacy construct is approved, with the caveat that MISO must consider multiple reserve margin methodologies and operate with a regional approach. 2008: Per FERC directive, MISO proposes an assessment to financial settlement charges on LSEs that fail to satisfy their resource adequacy requirements as well as a voluntary capacity auction to allow LSEs with insufficient capacity to meet these requirements with the opportunity to purchase capacity from market participants with excess planning resources. FERC urges MISO to take proactive steps to incorporate locational market mechanisms into its resource adequacy construct. 2011: Per FERC request, MISO proposes several changes to its resource adequacy construct including: (1) an annual resource planning process; (2) options for LSEs to meet their requirements; (3) establishment of seven local resource zones; (4) a minimum offer price rule. 2012: FERC accepts the major elements of MISO’s resource adequacy construct for an annual Planning Year with a two-month forward period and a vertical demand curve; it also accepts MISO’s locational market mechanisms. FERC rejects MISO’s proposed mandatory auction requirement and the Minimum Offer Price Rule (MOPR) proposal. 2016: MISO proposes a Competitive Retail Solution (CRS) to address emerging resource adequacy needs in competitive retail areas. 2017: FERC rejects CRS, expressing concerns that bifurcating MISO’s resource adequacy construct into two separate markets could create uncertainty in terms of price formation, market efficiency and transmission allocation. MISO then helps affected states develop long-term resource adequacy processes. 2018: MISO modified its Resource Adequacy construct to model and price External Resources in External Resource Zones to prevent inequity and address potential reliability concerns. MISO paired creation of these zones with Historic Unit Considerations (HUCs), which prioritizes holders of historic transactions for distribution of excess revenue if there is price separation. 2019: FERC accepts MISO’s filing to make enhancements to LMR testing and registration along with improvements to generator outage coordination. MISO released the MOM Forecast to provide a seven-day, forward-looking report to Market Participants. The report forecasts expected resources and obligations to assist in resource commitments. Additionally, MISO submitted a filing to provide clarity on long-term outages within the Planning Resource Auction. 5
9 Publizr Home