CARMEL, Ind., June 11, 2012 /PRNewswire/ -- The Federal Energy Regulatory Commission (FERC) today conditionally approved MISO's enhanced resource adequacy proposal, which will provide even greater market and reliability benefits to MISO's members and the customers they serve. The enhanced mechanisms become effective October 1, 2012, for the Planning Year that begins on June 1, 2013.
MISO and its stakeholders developed modifications to MISO's resource adequacy mechanisms during a year-long process. "We thank the FERC for recognizing the value that these revisions bring to the region. The order clears the way for us to continue delivering value to our members and their customers and stakeholders," said John R. Bear, President and CEO of MISO. "Through the efforts of our stakeholders and our staff, we are working toward ensuring greater reliability. These enhancements also have the potential added benefit of promoting greater capacity portability and market efficiency across adjoining markets."
"In particular, MISO thanks the Organization of MISO States for its leadership and cooperation in helping MISO to achieve the proper balance between federal and state involvement in resource adequacy issues and preservation of the states' historic role in the development of adequate planning resources throughout the MISO region."
The enhanced resource adequacy proposal, filed on July 20, 2011, includes market mechanisms to address zonal deliverability of resources while taking into account the physical limitations of the transmission system. These mechanisms will further improve reliability in a cost-efficient manner. In addition, MISO's procedures include a permanent approach to demand response and behind-the-meter generation participation.
"Our enhanced resource adequacy procedures will prove particularly helpful in managing reliability as the prospect of aging coal plant retirements nears," said Richard Doying, Vice President of Operations. "In addition, these enhancements preserve existing benefits from state planning processes while providing market mechanisms to ensure we have the right resources located in the right areas and available in the most economical manner. MISO looks forward to working with the FERC and will submit a compliance filing by July 11, 2012. We thank them for taking into consideration how this construct reflects the unique characteristics of our region."
MISO ensures reliable operation of, and equal access to high-voltage power lines in 11 U.S. states and the Canadian province of Manitoba. MISO manages one of the world's largest energy markets, with more than $24 billion in gross annual energy transactions. MISO was approved as the nation's first regional transmission organization in 2001. The non-profit 501(C)(4) organization is governed by an independent Board of Directors and is headquartered in Carmel, Ind., with operations centers in Carmel and St. Paul, Minn. Membership in the organization is voluntary.