INITIATIVE:
Price formation enhancements

Started: Apr 11, 2022

Leads
James Friedrich
Sylvie Spewak

This initiative will explore several topics related to price formation in the California ISO markets focused on real-time market pricing. Scarcity prices are important to attract supply and incent resources to be available and perform. They are also important to provide appropriate price signals to reduce demand. Recent energy shortages and associated prices in the ISO real-time market have emphasized the need for the ISO to review and enhance its scarcity pricing provisions.  Consequently, the ISO plans to consider the following topics in this initiative: (1) enhance real-time market scarcity pricing to better reflect tight supply conditions, (2) consider fast-start pricing, and (3) enhance how the real-time market uses advisory prices to dispatch resources.

Status

Proposal Development Decision Implementation Completed/Closed
May 01, 2024 Draft final proposal posted (rules for bidding above soft offer cap)
May 07, 2024 Redline draft final proposal posted (rules for bidding above soft offer cap)
May 20, 2024 Revised draft tariff language posted
May 17, 2024 Final proposal posted
May 28, 2024 Comments due on draft tariff language

Activities


Revised Draft Tariff Language - Price Formation Enhancements - May 20, 2024
Comment deadline extended to May 28, 2024.

Draft Tariff Language - Price Formation Enhancements - May 13, 2024
Rules for bidding above soft offer cap

View comments Submit comments Due: May 28, 03:00 pm


Final Proposal - Price Formation Enhancements - May 17, 2024
Rules for bidding above soft offer cap


Notice of Decisional Classification - FERC 831 Soft Offer Cap - May 2024


Draft Final Proposal - Price Formation Enhancements Redline - May 7, 2024
Rules for bidding above soft offer cap

Web meeting


Working Group Session 18, Draft Final Proposal, Rules for Bidding above the Soft Offer Cap

Presentation - Price Formation Enhancements - May 2, 2024

Draft Final Proposal - Price Formation Enhancements - May 2, 2024
Rules for bidding above the soft offer cap

View comments

Web meeting


Market Surveillance Committee meeting

Web meeting


Working Group Session 17, Feasibility Assessment and Straw Proposal

Price Formation Enhancements - Feasibility Assessment and Straw Proposal - Apr 22, 2024
Straw Proposal and Feasibility Assessment on Rules for Bidding Above Soft Offer Cap

View comments


Issue Paper and Stakeholder Recommendations - Price Formation Enhancements - Rules for Bidding Above the Soft Offer Cap

Presentation - Price Formation Enhancements - Apr 23, 2024

View comments

Web meeting


Working Group Session 16, Analysis on Fast Start Pricing

Presentation - Price Formation Enhancement - Apr 8, 2024

Mike Cadwalader Comments Price Formation Enhancements Working Group Session 16 - Apr 8, 2024

View comments


Updated Price Formation Enhancements Working Group Schedule 2024

Web meeting


Working Group Session 15, Battery Storage Bidding and FERC
831

Presentation - Price Formation Enhancements Working Group - Mar 12, 2024

View comments

Web meeting


Working Group Session 14, BAA-Level Market Power Mitigation

Presentation - Price Formation Enhancement - Feb 21, 2024

Web meeting


Working Group Session 13, Workshop

Presentation - Price Formation Enhancement Workshop - Feb 12, 2024

Web meeting


Working Group Session 12, Scarcity Pricing Sprint 3

Presentation - Price Formation Enhancements - Jan 24, 2024

View comments

Web meeting


Working Group Session 11, Scarcity Pricing Sprint 2

Presentation - Price Formation Enhancements - Jan 17, 2024

Web meeting


Working Group Session 10, Scarcity Pricing Sprint 1

Presentation - Price Formation Enhancements Working Group - Jan 10, 2024

Web meeting


Working Group Session 9

Presentation - Price Formation Enhancement - Dec 12, 2023

Mike Cadwalader Comments Price Formation Enhancements Working Group Session 9 - Jan 11, 2024

Web meeting


Working Group Session 8

Presentation - Price Formation Enhancements - Nov 16, 2023

View comments

Web meeting


Working Group Session 7

Presentation - Price Formation Enhancements - Oct 25, 2023

Draft Final Proposal - Scarcity Pricing - Oct 05, 2009

Web meeting


Working Group Session 6

Presentation - Price Formation Enhancement - Oct 12, 2023

View comments

Web meeting


Working Group Session 5

Discussion Paper - Price Formation Enhancements - Sep 21, 2023

Presentation - Price Formation Enhancements - Sep 27, 2023

View comments

Web meeting


Working Group Session 4

Presentation - Price Formation Enhancements - Sep 14, 2023

Poll Results - Price Formation Enhancements - Sep 14, 2023

View comments


Revised Price Formation Enhancements Overview

Hybrid meeting


Working Group Session 3

Presentation - Price Formation Enhancement - Aug 17, 2023

Poll Results - Price Formation Enhancements - Aug 17, 2023

Chat - Price Formation Enhancements - Aug 17, 2023

Hybrid meeting


Working Group Session 2

Presentation - Price Formation Enhancements - Aug 10, 2023

Poll Results - Price Formation Enhancements - Aug 10, 2023

View comments

Hybrid meeting


Working Group Session 1

Presentation - Price Formation Enhancements - Aug 3, 2023

Poll Results - Price Formation Enhancements - Aug 3, 2023

View comments


Price Formation Enhancements Overview

Web meeting


Presentation - Price Formation Enhancements - Jun 26, 2023

Hybrid meeting


Presentation - Price Formation Enhancements - Mar 20, 2023

Web meeting


Presentation - Price Formation Enhancements - Dec 16, 2022

Web meeting


Presentation - Price Formation Enhancements - Nov 16, 2022

Web meeting


Issue Paper - Price Formation Enhancements

Presentation - Price Formation Enhancements - Jul 12, 2022

View comments

Web meeting


Powerex and Public Power Council Report - Importance of Fast Start Pricing in Market Design

GDS Associates Report - Efficient Market Prices During Tight Supply Conditions - Issues and Recommendations

Presentation - Price Formation Enhancements Workshop - Jun 9, 2022

Powerex Presentation - Price Formation Enhancements - Jun 9, 2022

Calpine Presentation - Price Formation Enhancements - Jun 9, 2022

Rev Renewables Presentation - Price Formation Enhancements - Jun 9, 2022

WPTF Presentation - Price Formation Enhancements - Jun 9, 2022