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FERC Enforcement Office Investigating Results of MISO Capacity Auction For Market Manipulation
FERC disclosed yesterday that shortly after the conclusion of the 2015/16 Planning Resource Auction (capacity auction) conducted by Midcontinent Independent System Operator, Inc. (MISO) in April 2015, the Commission’s Office of Enforcement began a non-public informal investigation under Part 1b of the Commission’s regulations, "into whether market manipulation or other potential violations of Commission orders, rules and regulations occurred before or during the Auction."
"That investigation is ongoing," FERC said.
Though the substantive discussion in FERC's notice did not raise any specifics regarding the investigation, FERC has captioned the proceeding as specifically relating to the Zone 4 (Illinois) capacity prices, with the caption, "Investigation into MISO Zone 4 Planning Resource Auction Market Participant Offers."
As previously reported, the Midcontinent ISO capacity auction for the 2015-16 compliance year resulted in a Zone 4 clearing price of $150.00/MW-day, nearly 10 times higher than the current price of $16.75/MW-day.
Load interests have alleged that the spike was caused by withholding
"The Commission will determine what further action, if any, may be appropriate with respect to the above described issues after it considers the results of the staff investigation," FERC said.
The Commission authorized the Office of Enforcement to conduct a non-public, formal investigation, with subpoena authority, regarding violations of the Commission’s regulations, including section 1c.2, Prohibition of electric energy market manipulation, that may have occurred in connection with, or related to, the 2015/16 Auction.
Docket No. IN15-10
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October 2, 2015
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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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