Home Stakeholder Engagement Issue Tracking Multi-Day Market Forecast

Issue Tracking Details

Multi-Day Market Forecast (IR031)

Last Modified - 07/22/2020

This issue has been subsumed by IR085 - Exploration of a Forward Market Mechanism. The potential solution proposed by IR031 - Multi-Day Market Forecast is being considered as one of many Forward Market Mechanism options. To reduce confusion, this specific issue ID has been closed. Please track project updates and progress via IR085.

 

IR031 Description: Review and improve information made available to MISO customers to better enable business decisions outside of MISO's commitment decisions

 

Purpose

Improvement in economic cycling of resources and improved commitment in advance of the DA Market. This issue has been more noticeable due to significant penetration of renewable resources (primarily wind) that can change dramatically day-to-day and footprint expansion that allows for more diversity in the selection of resources and regional operational drivers for commitment.

Some customers have raised concerns that routine cycling on baseloaded units leads to inefficient unit commitment and increased maintenance & capital costs to run resources in this manner, especially when considered over a greater length of time than next-day.

Review and improve information made available to MISO customers to better enable business decisions outside of MISO's commitment decisions.

Phase

F

Next Update

Status

Closed

Priority

Medium

Topics

Energy Markets

Advisory Committee Priority

Improve market efficiency

Guiding Principles

Support Market Participants in making efficient operational and investment decisions

Focus Area

Enhance unit commitment and economic dispatch processes

Driver

Assessment: Stakeholder initiative on Gas-Electric Coordination

Comments:

Support

Assessment: Stakeholder initiative on Gas-Electric Coordination

Comments: Interest raised in the context of the ENGCTF for improved gas supply arrangements

Which market products or systems does this impact?

Assessment: Energy

Comments: Commitment and cycling decisions directly impact production costs

How Many Megawatts Are Directly Affected?

Assessment: Over 40,000 MW

Comments: Approximately 10% of the MISO Generation Fleet could realistically benefit from multi-day market information, to improve their commitment decisions.

Implementation costs and other costs

Assessment:

Comments: Depends on scope created during Conceptual System Design. Beyond the initial development work, ongoing staff will be required to perform, validate and publish the Multi-Day Operating Margin Forecast

Production Cost Savings

Assessment: More than $10M

Comments: ~$30-45 Million/Year (Presented at December 2017 MSC)

Other Benefits

Assessment: Market transparency - transferring uplift cost to market

Comments: Reduced customer risk, less volatile market solutions, improved MISO Operational Awareness, improved natural gas purchases, improved pumped-hydro scheduling

Complexity/Risks

Assessment: Medium

Comments: MISO Process and Procedures will have to be adjusted for TSP, DA, FRAC and IRAC functions.

Relationship to Other Initiatives

Assessment: MSE

Comments:

Potential Fast-Track Project

Assessment: No

Comments:

Reliability Due Diligence

Assessment: Improves reliability

Comments: Increases ability to commit longer lead resources while improving ability to procure fuel in advance of the operating day

Updates

07/21/2020

As part of the 2020 Integrated Roadmap prioritization process, this issue was subsumed by IR085 - Exploration of a Forward Market Mechanism. The potential solution proposed by IR031 - Multi-Day Market Forecast is being considered as one of many Forward Market Mechanism options. As of 7/21/2020, to reduce confusion, this specific issue ID has been closed. Please track project updates and progress via IR085.

11/04/2019

As part of the 2020 Integrated Roadmap prioritization process, this issue was ranked Medium and the timeline changed to reflect Frame and Evaluate phases in 2020. A more detailed development schedule is pending the results of framing and evaluation.

09/12/2019

Updated Timeline to Concept Design to start Q1 2021.

07/09/2019

Name changed from Multi-Day Operating Margin Forecast to Multi-Day Market Forecast.

06/06/2019

MISO provided an overview of current status, potential forecast characteristics and potential refinements.

06/06/2019

Changed issue name to Multi-Day Operating Margin Forecast

07/12/2018

Project timeline updated to show implementation date of Oct-2021, which includes MISO resource and budgetary constraints related to other projects.

05/08/2018

Name changed from Introduce Multi-Day Financial Commitments to Multi-Day Market Forecast - RAN Related

02/01/2018

Updates made to Market Roadmap monthly report: Implementation costs, production costs savings and other benefits assessment and comments updated. Current Phase updated to Not Active to match Market Roadmap. Complexity/risk changed from Low to Medium. Relationship to other initiatives changed to Market System Enhancement. Market Roadmap Priority changed from High to Medium. MW directly affected assessment and comments updated.

07/12/2017

Updated implementation date to Q1 2020.

11/29/2016

Delayed due to Constraint Analysis. Status updated to reflect actual available resources to work on project. Completion date updated to 2019.

06/01/2016

Updated information for 2016 ranking process.

01/19/2016

Added to Issue Tracking.