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Market Monitoring Review of Market Operations During the January 14-16, 2004 Cold Snap

Market Monitoring Review of Market Operations During the January 14-16, 2004 Cold Snap. NEPOOL Participants’ Committee February 20, 2004 Boston, MA. Market Monitoring Interaction with FERC.

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Market Monitoring Review of Market Operations During the January 14-16, 2004 Cold Snap

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  1. Market Monitoring Reviewof Market Operations During the January 14-16, 2004 Cold Snap NEPOOL Participants’ Committee February 20, 2004 Boston, MA

  2. Market Monitoring Interaction with FERC • ISO Market Monitor was in direct contact with FERC Office of Market Oversight and Investigations (OMOI) staff daily January 14 – 16th • Briefed FERC Commissioners at closed meeting on January 23rd • Briefed NECPUC on January 22 • Continue to work with FERC staff on preliminary results of review

  3. Report Overview • ISO NE’s Market Monitoring Group has committed to a review of the Jan. 14-16 events • Review will cover wide range of areas • System operations • Gas-Electricity Market Interactions • Participant Behavior • Timeline: • Final public report released by late April

  4. Market Monitoring Evaluation • Assemble complete picture of Jan 14-16 • Structural Indicators • Ownership concentration, reserve margins, forward contracting • Reviewing generator forced outages • Requesting all participants provide details of outages • Looking for unusual outage patterns • Did severe cold increase outages?

  5. Market Monitoring Evaluation • Economic Outages on January 14th • Explaining the rules • Why would a generator take an economic outage • Any indications of withholding • Did units return when outages were cancelled • Sales of firm gas

  6. Market Monitoring Evaluation • Offer Prices From Natural Gas Units • Did offer prices reflect expected fuel costs • What were expected fuel costs • What other costs might be incurred by a gas unit (e.g. Imbalance charges) • Was there attempted withholding • Was mitigation applicable • Very little congestion during period • General mitigation authority only for pivotal suppliers

  7. Market Monitoring Evaluation • Some Short- and Long-Term Issues • Should economic outage rules be revised • What are ‘best efforts’ to return • Should there be special compensation rules when a generator is asked to return from outage • Gas/Electric market timing • Can the current system be improved • Should offers be updated more often

  8. Market Monitoring Evaluation • Gas Deliverability • Should market rules incent/require firm fuel contracts • Dual-Fuel Capability • What rules or non-market issues incent or dis-incent dual-fuel capability

  9. ISO New England Report • Report will include: • Market Operations (interaction with gas market) • System Operations (interaction with gas system) • Participant behavior • Evaluation of ISO data and survey of economic outages • Report will likely make recommendations for rule and procedure changes

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