Home Stakeholder Engagement Issue Tracking Enhancements for Long-Lead Units and Self-Commitments (previously named Exploration of a Forward Market Mechanism_ (FMM)

Issue Tracking Details

Enhancements for Long-Lead Units and Self-Commitments (previously named Exploration of a Forward Market Mechanism_ (FMM) IR085

Last Modified - 06/25/2021
2020 2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
F
F
F
E
E
E
CD
CD

This is an umbrella project with multiple potential options to address enhancements for the efficient use of long lead units and self commitments in the timeframe beyond the day ahead market -- so days 2+.

MISO decided to not pursue an explicit forward market mechanism, which is why the project title changed. This project is focused on resolving the same underlying inefficiencies an extended forward market was intended to address but with more incremental and less complex solutions.

Existing issue IDs that fall within this analysis include:

- MSC008 - Multi-Day Operating Margin Forecast

- MSC010 - Allow Min Run Time Operating Parameter to Exceed 24 Hours

IR031 - Multi-Day Market Forecast (this project was related to the Forward Market Mechanism and has been retired)

The umbrella version of this issue was submitted by MISO in 2020. 

Phase

E

Next Update

Origin

MISO

Status

Active

Priority

Medium

Integrated Roadmap

IR

Advisory Committee Priority

Preserve & enhance reliability

Updates

06/10/2021

MISO discussed details of establishing Minimum Multi-Day Price Forecasting Requirements. Stakeholder feedback was requested on the Multi-day Price Forecaster to help identify interest and support for MISO to continue investigating this capability Responses can be submitted via the Qualtrics Survey at https://misocx.az1.qualtrics.com/jfe/form/SV_a5ykljBQ2T4qTl4

05/13/2021

MISO discussed five potential “Enhancements for Long-Lead Units and Self-Commitments”. MISO will Evaluate system impacts and resource requirements as well as sequencing in the Integrated Roadmap 5-Year Work Plan. MISO discussed “Reasonable Effort” offer Tariff requirement. There are ongoing discussions with MISO Legal to determine possible refinements (if any) to the language. MISO will present recommendations at a future MSC.

03/09/2021

The project "description" has been changed to reflect the scope change to "Enhancements for Long Lead Units and Self Commitments" as well as an updated timeline with Evaluation continuing through Q2 2021.

02/04/2021

MISO provided an update on Enhancements for Long-Lead Units and Self-Commitments (IR085) formerly known as Forward Market Mechanism. The term comes from the Reliability Imperative. This is a working document and is updated frequently. It is one of the key market signals that was a “future focus”. To be consistent with that focus MISO decided to change the name. Several efforts will fall under this focus. MISO shared potential Enhancements.

12/03/2020

Survey responses were discussed regarding Stakeholder prioritization of options being evaluated to improve the efficiency of long-lead unit deployment. Stakeholders prioritize price forecasts at the unit-level and welcome process changes which better align uplift with resource limitations. Additional analysis is needed for four of the six options.

10/08/2020

Reviewed solution options to address multiple days ahead economic and reliability concerns at the Market Subcommittee. A survey was extended to Stakeholders requesting responses on six options presented. Evaluation results will be presented at the December Market Subcommittee.

09/10/2020

Discussed generation owner interview takeaways and previewed next steps for evaluation options at the Market Subcommittee. Still in Frame. Expected to move to Evaluate in October and Concept Design by 2021. Next update at the October MSC.

06/11/2020

Presented at the June Market Subcommittee. Discussed tie to Resource Availability and Need (RAN). Next update at the September Market Subcommittee.

06/09/2020

Updated the timeline to include Concept Design in 2021. Stakeholder engagement will continue through the remainder of 2020 with the goal of making a decision on how to proceed by the end of the year.

04/09/2020

Presented at the Market Subcommittee. Continued discussions in the Market Subcommittee in 2020. Next update at the June Market Subcommittee.

03/05/2020

Presentation to the Market Subcommittee. Next update at the Market Subcommittee April 9.

02/04/2020

Issue created. Specific projects related to forward market mechanisms may fall under this project periodically. For the 2021 Integrated Roadmap prioritization FMM contains these sub-projects: IR031 - Multi-Day Market Forecast; MSC008 - Multi-Day Operating Margin Forecast, and MSC010 - Allow Min Run Time Operating Parameter to Exceed 24 hours.