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Capacity Price For 2022-23 Term In ISO New England Decreases Versus Year-Ago Auction
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ISO New England's 13th Forward Capacity Market (FCM) primary auction (FCA #13), for the delivery year 2022-2023, closed at a preliminary clearing price of $3.80 per kilowatt-month (kW-month) across New England, compared to $4.63/kW-month in last year’s auction.
The primary auction closed for most resources at $3.80/kW-month after four rounds of competitive bidding. Resources within New England’s three capacity zones, as well as imports over three of the external ties closed at that price. Imports over one other interconnection from New Brunswick continued into a fifth round, which closed at $2.68/kW-month
At the primary auction clearing price of $3.80/kW-month, the total value of the capacity market in 2022-2023 will be approximately $1.6 billion (preliminary estimate).
The substitution auction closed with Vineyard Wind, an offshore wind project in development off the coast of Massachusetts, assuming an obligation of 54 megawatts from an existing resource that will retire in 2022-2023
Following procedures approved by the Federal Energy Regulatory Commission (FERC), ISO New England retained two units, Mystic 8 and 9, needed for fuel security in the 2022-2023 capacity year.
The primary auction concluded with commitments from 34,839 MW to be available in 2022-2023, while the regional capacity target for 2022-2023 is 33,750 MW.
The auction was the first run under the Competitive Auctions with Sponsored Policy Resources (CASPR) rules, which include a secondary substitution auction where resources interested in retiring can trade their capacity supply obligation to new state-sponsored resources that didn’t clear in the primary auction.
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February 7, 2019
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Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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