Report on Gen Offers in the MISO System Operator Market Laun

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1、UNITEDSTATESOFAMERICAFEDERALENERGYREGULATORYCOMMISSIONREPORTONGENERATOROFFERSINTHEMIDWESTINDEPENDENTTRANSMISSIONSYSTEMOPERATORMARKETLAUNCHPreparedbytheStaffoftheFederalEnergyRegulatoryCommissionJune30,2005I.EXECUTIVESUMMARYTheStaffoftheOfficeofMarketOvers

2、ightandInvestigationsconductedanexpedited,fact-findingpreliminaryinvestigationintoreportsbytheMidwestIndependentTransmissionSystemOperator(MISO)IndependentMarketMonitor(IMM)thatmanyMISOmarketparticipantsofferedsupplyintotheMISOday-aheadandreal-timemarkets

3、inexcessofIMM-calculatedreferencecostlevelsduringthefirsttwomonthsofMISOEnergyMarkets(April1throughMay31,2005,ortheDay2period).TheMISOTransmissionandEnergyMarketsTariff(Tariff)requiredmarketparticipantstoofferenergysupplyintothemarketatcostduringtheDay2pe

4、riod.TheCommissionalsodirectedtheIMMtoreferoffersinexcessofathresholdoftenpercentabovereferencecostlevels(flaggedoffers)toOMOIfor1enforcementaction.WhentheIMMnotifiedOMOIofflaggedoffersinearlyApril,OMOIcommencedapreliminaryinvestigationtodeterminewhethera

5、nymarketparticipantswerewillfullyviolatingtheTarifformanipulatingMISOmarketsand,ifso,whetherenforcementactionagainstmarketparticipantswaswarranted.OMOIevaluatedvoluminousdataresponsesfrom45MISOmembers;heldoneor1MidwestIndependentTransmissionSystemOperator

6、,“OrderonComplianceFiling,”109FERC¶61,285P203(2004).morefollow-upcallswithrepresentativesofall45companies;heldextendedconferenceswiththreemarketparticipantswithparticularlylargenumbersofflaggedoffers;screenedMISOdatatoexaminepatternsofoffersmadebymarketpa

7、rticipants;andstudiedtheeffectsofDay2periodoffersuponthereferencepricesgoverningmitigationasofJune1,2005.Basedupontheevidencegathered,staffconcludesthattheDay2periodoffersflaggedbytheIMM:¾Weremainlytheresultofanumberofpracticalproblemsconfrontingparticipa

8、ntsinthenewmarket,includingdifficultiesestablishingaccuratereferencelevelsandcommunicationsproblems;¾WerenotwillfulviolationsoftheMISOTariff;¾Werenotanattempttomanipulatethemarket;¾Representedarelativelysmallcompone