Development of New England Power Pool's proposed markets

This paper summarizes the bidding procedures proposed by NEPOOL for the Energy Reserve, Automatic Generation Control (AGC), and Operable Capability markets. Experience with the Installed Capability market is also described. On October 29, 1997 FERC accepted NEPOOL's previous filings proposing the implementation of the Installed Capability Market by November 1, 1997, but suspended its implementation for five months. The NEPOOL installed capability market became operational on April 1, 1998. On July 23, 1998, the 36th Amendment to the NEPOOL Agreement was filed by NEPOOL on to comply with the requirements of FERC's April 20, 1998 Order. NEPOOL Participants have met throughout 1998 with ISO new England to define the proposed markets' rules and bidding procedures. The bidding specifics are in the process of being finalized by the NEPOOL regional market operations committee. Subject to FERC approval, the target date for the proposed markets' implementation is anticipated for December 1, 1998.