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Design of New England’s Wholesale Electricity Market - page 11 / 42

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11

Single-Settlement System

Bids and schedules are submitted day-ahead

ISO schedules units for the next day to minimize costs, given the bids, forecasts, operating and transmission constraints, and bilateral schedules

ISO may accept bid/schedule changes up to an hour before real time

ISO dispatches units in real time at least cost, given the bids and forecasts for subsequent hours

ISO determines real-time spot prices as shadow prices from the actual real-time LP optimization of dispatch

Real-time spot prices are used for all settlements to pay generators and charge load

Compliance penalties are assessed against those failing to perform as scheduled

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