Access documents related to the Operational Impacts of Extreme Weather Events Key Project.
In 2022 and 2023, the ISO worked with the Electric Power Research Institute (EPRI) to conduct a probabilistic energy-security study for the New England region under extreme weather events and developed the Probabilistic Energy Adequacy Tool (PEAT) for the ISO to use to assess operational energy-security risks associated with extreme weather events.
Using PEAT results, the ISO is working with regional stakeholders in 2024 to establish a Regional Energy Shortfall Threshold (REST) that determines the acceptable level of reliability risk. Once established, the ISO can evaluate if meeting the REST requires development of specific regional solutions, which could range from market designs to infrastructure investments to dynamic retail pricing and responsiveness by end-use consumers. Analysis of scope, timing, and feasibility of regional solutions to maintain/achieve a REST would follow in 2025 as needed.
This initiative has been a collaborative opportunity for industry leaders and regional stakeholders to learn about how extreme weather events in the future may affect the evolving power system and to prompt thinking about how best to prepare. Weather, particularly changing extremes and range of variability, is a key factor affecting resource (i.e. energy) availability, demand patterns, and related reliability concerns. Extreme weather events in Texas and California have made it apparent that multi-day or longer energy deficiencies have serious consequences to residents and the economy. Energy-security risks in New England are well documented, highlighting the importance of conducting comprehensive energy-security assessments covering a wide range of operating conditions, including low-probability, high-impact reliability risks (tail risks) related to extreme weather.
The Operational Impacts of Extreme Weather Events project is just one of several key projects at the ISO, which continuously undertakes a variety of short- and long-term projects to enhance the region's competitive wholesale electricity markets and ensure reliable operation of the power grid.
