Capacity Auction Clearing Prices Higher For 2024-25 Term Across ISO-NE; Double In Southeast New England Zone

ISO New England released preliminary clearing prices for its Forward Capacity Market (FCA 15) for the 2024-25 term.

ISO-NE said that the 15th auction of the Forward Capacity Market (FCA 15) cleared three separate prices because of local capacity requirements within New England. For this auction, the region was divided into four zones: Northern New England (NNE), made up of Vermont, portions of Maine and New Hampshire; "Nested" Maine, referring to the remainder of Maine; Southeast New England (SENE), comprising Northeastern Massachusetts, Greater Boston, Southeastern Massachusetts, and Rhode Island; and Rest of Pool (ROP), which includes Connecticut and western and central Massachusetts.

The preliminary clearing prices for FCA 15 are:

SENE zone: $3.98 kW-month 

Rest-of-Pool: $2.61 kW-month

NNE and Maine zones: $2.48 kW-month 

For the 2023-2024 delivery year, last year's FCA had resulted in a preliminary clearing price of $2.00 per kilowatt-month (kW-month) across New England (all zones)

Prior to FCA 15, 199 MW of resources submitted retirement bids, while an additional 43 MW of resources submitted permanent de-list bids to leave the capacity market; 101 MW of these de-list bids were cleared before the auction, and 141 MW were cleared during the auction.