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2009 State of the Market Report

Load and Resources

In total, 3,045 MW of additions and 756 MW of retirements have been incorporated into the 2010 Summer Assessment. Although the additional capacity is substantial, almost than half of it is in the form of wind generation, which contributes less to reliability than conventional supply or DR resources due to its intermittent nature. Wind investments are often driven by factors other than the price signals from the Midwest ISO market, such as state renewable portfolio standards or governmental subsidies. These investments can cause significant congestion and other operational issues that may require new investments in transmission capability and improvements in operating procedures. Much of the remaining new capacity additions are natural gas and oil-fired resources located in congested regions, which should improve the Midwest ISO’s ability to manage congestion in those areas.

E.

Voluntary Capacity Auction

The Midwest ISO began operating a voluntary monthly capacity auction in June 2009 to allow Load Serving Entities (“LSE”) to procure capacity to meet their Module E capacity requirement. Figure 14 shows the monthly results of the VCA during 2009.

Figure 14: Voluntary Capacity Market Results

140,000

June 2009 – December 2009 14,000

120,000

12,000

Undesignated Capacity

Designated Capacity (MW)

100,000

80,000

60,000

40,000

10,000

8,000

6,000

4,000

Price ($/MW-month)

Purchased in MISO Auction

Import Capacity

Bilateral Purchases

Owned Capacity

Requirement

20,000

2,000

Clearing Price

0

0

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Note: Total column height represents the total designated capacity, including imports.

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