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FERC Calls ISO-NE Capacity Price Filing Deficient, Seeks Info on Manipulation, Mitigation
FERC on Friday issued a letter order to ISO New England calling ISO-NE's filing of the capacity auction results for 2017-18, "deficient," and directed the ISO to submit more information, with a particular emphasis on mitigation and actions taken to prevent manipulation.
The ISO's 2017-18 forward capacity auction was notable for concluding with a shortfall of resources, with a clearing price of $15/kW-mo. Various consumer representatives have alleged market manipulation by the owners of the Brayton Point plant, for allegedly withholding the plant from the auction.
Among other things, FERC directed the ISO to specify the auction price/quantity points at which capacity was withdrawn and the role of ISO-NE and the Internal Market Monitor in evaluating the withdrawals at each of these points.
ISO-NE was directed to provide each existing resource’s qualified MWs and submitted de-list bids (including quantities and prices), as applicable. "For de-list bids mitigated by the Internal Market Monitor, identify the mitigation and provide the reason for the mitigation. Please identify if the resource accepted the Internal Market Monitor’s mitigated de-list bid. If the mitigated de-list bid was not accepted, identify those withdrawn or converted to Non-Price Retirement Requests," FERC directed.
ISO-NE was directed to explain in detail the manner in which ISO-NE complied with section III.13.1.3.5.6 of the tariff, which provides:
"In addition to the review described in Section III.13.1.1.2.2.3 and Section III.A.21, the Internal Market Monitor shall review each offer from Existing Import Capacity Resources and New Import Capacity Resources. An offer from an Existing Import Capacity Resource or a New Import Capacity Resource shall be rejected if the Internal Market Monitor determines that the bid may be an attempt to manipulate the Forward Capacity Auction, and the matter will be referred to the Commission in accordance with the protocols set forth in Appendix A to the Commission’s Market Monitoring Policy Statement."
FERC noted that the ISO tariff provides that each Forward Capacity Auction shall be conducted as a series of rounds, which shall continue (for up to five consecutive Business Days, with up to eight rounds per day, absent extraordinary circumstances [emphasis by FERC)]) until the Forward Capacity Auction is concluded for all modeled Capacity Zones in accordance with the provisions of Section III.13.2.3.3.
However, the auction for 2017-18 concluded after one round, prompting FERC to ask whether any "extraordinary circumstances" affected the auction's outcome
Docket ER14-1409
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June 30, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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