MISO report provides insights on future market needs for the changing energy landscape
Reliability Imperative efforts key to addressing the needs of the future
CARMEL, Ind. — Today, the Midcontinent Independent System Operator (MISO) published Markets of the Future: A Reliability Imperative Report focused on redefining markets to meet changing needs posed by the evolving resource mix. The report is intended to illuminate a pathway for our existing market structures to accommodate these changes.
“Now is the time to anticipate the shifting needs of our region and accelerate our work to begin implementing practical solutions,” said Richard Doying, MISO’s executive vice president – Market & Grid Strategy. “Market redefinition is a critical element of our response to the Reliability Imperative. We must ensure the markets properly incentivize resources, so they are available when needed most.”
With this report, MISO presents a reliability needs timeline that aims to answer the question: “What will be needed and by when?” The needs are presented in four broad categories: 1) Uncertainty and Variability; 2) Resource Models and Capabilities; 3) Location; and 4) Coordination.
“MISO is committed to understanding the challenges of the transforming energy system and ensuring continued electric system reliability,” Doying continues. “Ongoing stakeholder engagement is vital to the success of this endeavor.”
The report also outlines a transparent path forward for market enhancements that anticipate and meet the changing needs. The following key highlights summarize the report:
- Drivers of change in the electricity sector require significant and urgent enhancements to MISO’s markets to meet new and shifting needs, and to ensure on-going reliability and value creation for the region.
- MISO’s Redefining Markets portfolio aims to advance resource adequacy reforms, integrate and optimize new and existing resources, implement new market products, and optimize load.
- With a collaborative effort to quickly advance necessary enhancements, the foundational market constructs in place today – resource adequacy, energy, and ancillary reserves markets – will continue to be effective in the future.
About MISO
Midcontinent Independent System Operator (MISO) is an independent, not-for-profit organization that delivers safe, cost-effective electric power across 15 U.S. states and the Canadian province of Manitoba. MISO is committed to reliable, nondiscriminatory operation of the bulk power transmission system and collaborating with all stakeholders to create cost-effective and innovative solutions for our changing industry. MISO operates one of the world’s largest energy markets with more than $22 billion in annual gross market energy transactions.