The Day-Ahead Energy and Operating Reserve Market is a forward market that simultaneously clears energy and operating reserves on a co-optimized basis for each hour of the next Operating Day. Security-Constrained Unit Commitment (SCUC) and Security-Constrained Economic Dispatch (SCED) computer programs satisfy the Energy Demand Bids and Operating Reserve requirements of the Day-Ahead Energy and Operating Reserve Market to ensure scheduling of adequate resources to meet the next day’s anticipated load.

To obtain reports related to the Day-Ahead Market or the MISO Energy Market in general, please visit Market Reports.

Market Participant Activities

Resource Offers (Energy, Regulating and Contingency Reserve)

Market Participants may sell generation into the MISO Market based on a comprehensive set of information called resource offers, including:

  • Unit limits
  • Unit parameters
  • Production costs
  • Offer curve

Demand Bids

Only Load Serving Entities (LSEs) may request Demand Bids, allowing for the purchase of energy at specific locations. LSEs also may submit fixed and/or price-sensitive bids that have the same timeline as resource offers. Demand Bids consists of:

  • MW quantitiy
  • Location purchase
  • Applicable hours

Virtual Transactions

Virtual Transactions in the Day-Ahead Energy and Operating Reserve Market include offers to supply energy or bids to purchase energy at a CPNode. They are not related to any physical resource or load asset. Virtual Transactions require an established, MISO-approved, daily MW limit based upon approved credit and have the same day-ahead timeline as energy bids and offers. Virtual bids and supply offers must specify:

  • MW quantitiy
  • Location (hub, zone or node)
  • Hour(s)
  • Price

Bilateral Transactions

Bilateral Transactions create a contract for the transfer of energy from supplier to consumer and have two types: Physical Schedules and Financial Schedules.

Physical Schedule transactions transfer physical energy and get classified as Import, Export, Through or Grandfathered Agreement (GFA) schedules. Physical Schedule transactions must specify:

  • Receipt and delivery points
  • Source and sink points
  • MW quantity
  • MW time period

Financial Schedule transactions transfer financial responsibility for energy within and across the market footprint and include:

  • Delivery point
  • Source and sink points
  • MW quantity
  • MW time period

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