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      • Markets and Operations
      • Markets Data and Information

      Financial Transmission Rights

      In this section

      • Markets Data and Information
      • Day-Ahead and Real-Time Energy Markets
      • Forward Capacity Market
      • Financial Transmission Rights
      • Day-Ahead Ancillary Services Market and Real-Time Reserve Pricing
      • Net Commitment-Period Compensation
      • Regulation Market
      • Voltage Support
      • Blackstart Service
      • Demand Resources
      • Inventoried Energy Program

      Related Links

      • Morning Report
      • Seven-Day Capacity Forecast

      Access data and information related to Financial Transmission Rights (FTRs) offered by ISO New England. See Applications and Status Changes if you’d like to do business in New England’s energy markets or need to make changes to your ISO account.

      Data

      See ISO Express for a large selection of real-time and historical ISO data and reports that can help market participants make informed decisions, such as FTR Auction Results and Congestion Revenue Summaries.

      Documents

      The documents accessible below include:

      • FTR ARR Contracts—entitlements to Auction Revenue Rights (ARRs), which are the proceeds from FTR auctions that go to load-serving entities and transmission customers
      • FTR Calendars—including dates for posting the auction model and assumptions, when the auction bidding period opens and closes, and the due date for posting auction results
      • FTR Reassignment Details—lists of FTRs which have changed because they have had a source or a sink (see below) retired or renamed

      About FTRs

      FTRs are a financial instrument that allows market participants to acquire an annual or monthly share of excess “congestion revenues” collected by the ISO. This revenue comes from congestion costs—the price difference between the least-expensive electricity available and a more expensive option that has to be used instead due to system constraints. Congestion costs can lead the ISO to collect more revenue from demand in congested areas than it will pay to generators supplying electricity to those areas.

      Market participants may buy FTRs for different reasons:

      • Those with obligations to supply electricity may buy an FTR to hedge against congestion costs, because these costs can exceed revenues for supplying electricity to areas with transmission constraints.
      • A market participant without a physical energy obligation can also buy an FTR to arbitrage differences between the expected and actual values of an FTR path in the energy markets.

      Each FTR is defined in megawatts flowing in a specific direction between two specific pricing locations on the power system—from the source point (the point of entry into the transmission system) to the sink point (the point of exit from the transmission system).

      • The FTR buyer “bets” that congestion will happen in that exact direction on that particular FTR path. If this happens—the congestion component at the sink location is greater than at the source location—the holder of the FTR is paid.
      • However, congestion isn’t always predictable, and FTRs carry risk. If the congestion component at the source location is greater, the FTR-holder incurs charges.

      FTR Auctions

      The ISO conducts annual and monthly auctions to allow eligible bidders to acquire annual or monthly FTRs, and to allow FTR holders to sell FTRs. Offers and bids are submitted through the ISO’s online application called eFTR. (Request eFTR access.)

      • Annual FTRs are offered in a two-round auction for the ensuing year. In the first round, 25% of the transmission system capability is offered. In the second round, the balance up to 50% is offered.
      • Monthly FTRs are offered before each month for up to 100% of the transmission capability for the month.

      The price of each FTR equals the difference between the prices at the sink location and the source location in the FTR auction. This can be a negative value (counterflow FTRs) or a positive value (prevailing-flow FTRs). The total volume of FTRs transacted in each auction is a function of the offers and bids submitted subject to the transmission limits modeled.

      FTR Auction Revenue Distribution

      As outlined in the ISO Tariff, the revenue collected by the ISO during FTR auctions is allocated back to two categories of market participants:

      • Holders of Incremental Auction Revenue Rights (IARRs)—entities that have accepted IARRs instead of network service rights payments as compensation for a portion of the construction and maintenance of specific projects (such as generation interconnections) to improve infrastructure
      • Holders of Auction Revenue Rights (ARRs)—congestion-paying load-serving entities and transmission customers that have supported the transmission system

      The administrative costs of holding FTR auctions and settling the FTRs, and the potential cost of participants defaulting on their FTR portfolios, are passed on to market participants with transactions in the FTR market through ISO Tariff charges.

      Rules and Resources

      Other sections of the ISO website may also be helpful. Of note:

      • The ISO Tariff contains the detailed rules governing the operation of New England’s wholesale electricity markets, including the allocation of costs and billing for services. See Section III: Market Rule 1 and Section IV.A: Recovery of ISO Administrative Expenses.
      • The ISO Manual for Financial Transmission Rights (M-6) provides guidance on FTR participation.
      • ISO training gives market participants access to educational and reference materials.

      FTR Materials

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