Pilgrim retires, prices decline: What happened in the ISO-NE FCA 10 auction?


On February 11th 2016, ISO-NE concluded its 10th Forward Capacity Auction (FCA). This was the second auction under the re-designed capacity market structure that includes an ISO-wide demand curve (variable reserve requirement or VRR) and the pay for performance initiative. Prices in this auction declined due to significant new capacity additions that bid at lower than expected prices.

In this white paper, ICF International experts analyze the results of this latest ISO-NE capacity auction, including key outcomes of the auction, changes from the previous auction, ICF’s explanation of the results and going-forward expectations.

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