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What Is Market Monitoring and Mitigation?
ISO New England is responsible for monitoring the New England wholesale electricity market, including both the overall market design and market participant behavior. Market Monitoring seeks to ensure that the markets are working fairly and efficiently and that market participants abide by the market rules and procedures established for New England that are approved by the Federal Energy Regulatory Commission (FERC). The monitoring is designed to quickly detect anti-competitive behavior and outcomes. The ISO monitors and evaluates participant behavior and market outcomes daily.
When market participant conduct falls outside certain prescribed guidelines, ISO New England is authorized to mitigate those actions, deterring market behavior that may interfere with the competitive and efficient operation of the markets. Further, ISO New England is charged with overseeing the market design and uncovering any market flaws that may also pose an impediment to efficiency or competition. Where design flaws are present, ISO New England works with market participants, the FERC and other jurisdictional agencies as appropriate to correct those imperfections in a timely manner.
ISO New England's Market Monitoring and Mitigation Unit
The market monitoring and mitigation rules established in New England are intended to protect and foster wholesale competition across the region. These rules are implemented by a staff of approximately 15 economists, engineers, statisticians, and analysts whose monitoring starts at the five-minute dispatch level and extends across years of market operations. They interact regularly with the FERC's Office of Market Oversight and Investigation, providing them with early warning of potential problems, data, and market insights.In addition, ISO New England's Board of Directors has retained an Independent Market Advisor who is independent from both participants and ISO staff. The advisor's role is to provide market analysis and insight directly to the Board and to provide an additional, independent review of significant market developments.
