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2009 State of the Market Report

External Transactions

have not been fully effective at arbitraging the prices between the two areas. The import and export quantities remain widely scattered relative to the price differences. Additionally, power is often scheduled from the higher-priced market to the lower-priced market – in 59 percent of the hours, power is scheduled in the wrong direction.29

We next analyze the external transactions with the IESO. Figure 94 shows the analysis of real- time prices and schedules between the Midwest ISO and IESO.

Figure 94: Real-Time Prices and Interface Schedules IESO and the Midwest ISO, 2009

MISO Price - IMO Price ($/MWh)

$200

$160

$120

$80

$40

$0

  • -

    $40

  • -

    $80

  • -

    $120

Absolute Average Price Difference

Average Price Difference

Feb Apr Jun Aug Oct Dec

$50

$40

$30

$20

$10

$0

  • -

    $10

  • -

    $20

  • -

    $30

MISO Price - IMO Price ($/MWh)

Net Exports

Net Imports

-2,000

0

2,000

  • -

    $160

  • -

    $200

  • -

    4,000

Net Imports

4,000

  • -

    $40

  • -

    $50

The pattern in the left-hand side of the figure confirms that the Midwest ISO was a net exporter of power to IESO in 2009, exporting an average of 100 MW. This is down from 400 MW in 2008. On average, Midwest ISO prices exceeded the IESO prices. Absolute average price differences averaged $13.57 per MWh, down from nearly $21 per MWh in 2008. Average price

29

The lower right quadrant indicates PJM prices are higher, yet imports are positive.

Page 144

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