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Second Forward Capacity Auction (FCA #2) Results Summary

Second Forward Capacity Auction (FCA #2) Results Summary. NEPOOL Reliability Committee Meeting January 26, 2009 Carissa P. Sedlacek, Manager FCM &Tariff Administration. Forward Capacity Auction Highlights. FCA #2 was held December 8-10, 2008

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Second Forward Capacity Auction (FCA #2) Results Summary

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  1. Second Forward Capacity Auction (FCA #2) Results Summary NEPOOL Reliability Committee Meeting January 26, 2009 Carissa P. Sedlacek, Manager FCM &Tariff Administration

  2. Forward Capacity Auction Highlights • FCA #2 was held December 8-10, 2008 • Eight rounds in which participants could submit bids and offers • Starting price was $12.00/kW-month • Ending price was $3.60/kW-month • Floor price negotiated as part of Settlement Agreement • An excess of 4,755 MW was procured (as filed with FERC) • Excess adjusted to reflect Real-Time Emergency Generation (RTEG) procurement limit of 600 MW and external interface limits • All cleared MW will receive a pro-rated payment • Results filed with FERC on December 23, 2008 • FERC filing posted at http://www.iso-ne.com/regulatory/ferc/filings/2008/dec/index.html • A table of the results in Excel format has been posted at http://www.iso-ne.com/markets/othrmkts_data/fcm/filings/index.html

  3. Forward Capacity Auction Details • Installed Capacity Requirement (ICR) for June 1, 2011 through May 31, 2012 is 33,439 MW • After accounting for 911 MW of Hydro-Québec Installed Capacity Credits (HQICC’s), 32,528 MW remain to be procured • Approximately 42,777 MW participated • Qualified Existing Resources (35,479 MW) • 31,401 MW of Generating Capacity, including Intermittent • 1,311 MW of Import Capacity • 2,767 MW of Demand Resources • Qualified New Resources (7,298 MW) • 47 New Supply Resources (5,912 MW) • 122 New Demand Resources (1,386 MW)

  4. Forward Capacity Auction Details (cont.) • Approximately 37,442 MW (Uncapped by Maximum Capacity Limit (MCL) and RTEG) remained at the Floor Price • Existing Resources (34,308 MW ) • 31,820 MW of Existing Supply Resources • 31,051 MW of Generation Capacity • 769 MW of Import Capacity • 2,488 MW of Existing Demand Resources • New Resources (3,134 MW) • 2,686 MW of New Supply Resources • 1,157 MW of Generation Capacity • 1,529 MW of Import Capacity • 448 MW of New Demand Resources • Approximately 37,283 MW (Only Capped by RTEG) Total Capacity was used to calculate the effective payment rate

  5. Comparison of Demand Resources and Generation Results of the second Forward Capacity Auction (For delivery in 2011) Values represent MW and percent * Includes 1,007.6 MW of Connecticut RFP Resources

  6. Forward Capacity Auction Details (cont.) • Approximately 5,335 MW Total Capacity was removed from the FCA due to withdrawal of Offer, a de-list bid, or pro-rated by an External Interface Limit • 3,954 MW of New Resource withdrew • 3,226 MW of New Supply Resources (Capped by Interface Limit) • 728 MW of New Demand Resources • 890 MW of Existing Resources submitted De-list bids • 401 MW of Existing Supply Resources • 489 MW of Existing Demand Resources • 491 MW of Existing Import Capacity was pro-rated

  7. Forward Capacity Auction Details (cont.) • Approximately 365 de-list bids were reviewed for reliability (890 MW) • 107 Permanent, Static and Administrative Export de-list bids (372 MW) • 258 Dynamic De-list bids (518 MW) • At prices below $4.80/kW-mo, existing resources could leave the FCA by Dynamically De-listing • Supply: 7 Dynamic De-List bids (56 MW) • Demand: 251 Dynamic De-List bids (462 MW) • An Excel spreadsheet listing all the cleared de-list bids is posted at: http://www.iso-ne.com/markets/othrmkts_data/fcm/filings/index.html • No generation with an existing Reliability Agreement sought to de-list

  8. Summary of Auction Rounds withExcess Supply and Price Changes 3Capped by Import Interface Limits and MCL

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