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FERC Approves RTO's Request To Compensate Generators In Excess of $1,000/MWh Offer Cap, Recovery Via Uplift
FERC approved the Midwest ISO's request to allow the ISO to compensate generators in excess of the current $1,000/MWh offer cap.
Notably, FERC approved the use of uplift to recover any such costs, as MISO said software limitations prevent it from incorporating offers above $1,000/MWh into LMP.
"With respect to parties' arguments that the Commission should order MISO to allow resources that clear and have costs in excess of the offer cap to set market clearing prices, we decline to do so at this time because MISO has indicated that raising the offer cap above $1,000/MWh could introduce software issues and potentially interfere with MISO's market clearing or settlements process. MISO makes clear, and we agree, that MISO's proposed solution is less desirable than an accurate inclusion of costs in the market clearing prices. However, we find that, given technical limitations and lack of time available to test and mitigate the risks involved in modifying the software and related systems, raising the cap would place the MISO system at undue risk," FERC said.
Specifically, FERC will allow MISO to compensate generators in excess of the offer cap through make-whole payments, with such compensation limited to verifiable incremental energy costs exceeding the $1,000/MWh offer cap.
ER15-691
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February 10, 2015
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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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