The primary function of MISO’s FTR Market is the allocation of Auction Revenue Rights (ARRs) and the auction of Financial Transmission Rights (FTRs). ARRs/ FTRs get issued based on transmission capacity and as a means to provide a financial hedging mechanism to the Load Serving Entities and other Market Participants against congestion charges in MISO's Day-Ahead Market.

Auction Revenue Rights (ARR)

An Auction Revenue Right is a Market Participant’s entitlement to a share of revenue generated in annual FTR auctions. A Market Participant’s firm historical usage of MISO's transmission system determines its share, and depending upon the FTR auction clearing price of an ARR path, the share could result in revenue or a charge.

Financial Transmission Rights (FTR)

MISO facilitates annual and monthly FTR Auctions. The annual FTR auction is conducted prior to the beginning of each planning year, and it is conducted in three rounds. Each round is comprised of eight separate markets –peak and off-peak for four seasons.

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