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Electric Power Markets: Midcontinent (MISO)

Market Description
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    Midwest Reliability Organization (MRO) reliability region and the portion of the SERC reliability region in MISO and the ReliabilityFirst Corporation (RFC) reliability region not in PJM.

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    States covered: All or most of North Dakota, South Dakota, Nebraska, Minnesota, Iowa, Wisconsin, Illinois, Indiana, Michigan and parts of Montana, Missouri, Kentucky, Arkansas, Texas, Louisiana, and Mississippi.

    Reliability regions: Midwest Reliability Organization (MRO), Southeastern Electric Reliability Council (SERC) and ReliabilityFirst Corporation (RFC) [NERC regions map PDF]

    (These regions were formerly: East Central Area Reliability Coordination Agreement (ECAR), Mid-America Interconnected Network (MAIN), and Midcontinent Area Power Pool (MAPP) regions.)

    Balancing authorities: List PDF [NERC balancing authorities map PDF]

    Hubs: Indiana, Illinois, Michigan, Minnesota

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    Midcontinent ISO (MISO) (established 2002) administers a two-settlement (day ahead and real-time) energy market known as the Day-2 market. It produces hourly locational marginal prices that are rolled up into 5 regional hub prices. MISO also administers a monthly financial transmission rights (FTR) allocation and auction.

    Midcontinent bilateral trading is active on the IntercontinentalExchange (ICE) at the Indiana Hub and Northern Illinois Hub.

    Midcontinent ISO 2008 State of the Markets Report External Link
    Market Monitor: David Patton - External Market Monitor, MISO and President of Potomac Economics

Generation/Supply (MISO only)
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    Marginal fuel type: Coal

    Generating capacity (summer 2006): 137,232 MW

    Capacity reserve (summer 2006): 21,025 MW

    Reserve margin (summer 2006): 18%

Demand (MISO only)
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    All time peak demand: 116 GW (set July 31, 2006)

    All time peak demand for MISO market footprint excluding LG&E: 110.5 GW (set July 31, 2006)

    In summer of 2006, demand reached record levels on several occasions due to extremely hot weather.

    Peak demand growth: 3.4% (2005-2006)

      2005 2006 2006*
    Summer Peak Demand (GW) 112.2 116 110.5
    Source: Derived from MISO Data
    * MISO market footprint excluding LG&E

Prices (MISO only)
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    Annual Average Day-Ahead Price

    Cinergy Hub
    2005: $38.40/MWh
    2006: $40.48/MWh
    2007: $46.12/MWh

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    Since the start of the Day-2 market on April 1, 2005, persistent transmission constraints in the Wisconsin and the Upper Peninsula of Michigan (WUMS) and Minnesota areas have caused their prices to diverge from other areas of MISO, usually at times of high loads or decreased generation supply.

Updated: February 26, 2015