The New England Energy Market consists of two markets, a Day-Ahead Energy Market and a Real-Time Energy Market. In the Day-Ahead Energy Market, the New England ISO (ISONE) determines the least-cost means of satisfying the cleared Demand Bids, cleared Decrement Bids, Operating Reserve, Replacement Reserve, and other applicable Ancillary Services requirements of Market Participants, including the reliability requirements of the New England Control Area.
Following the Day-Ahead Energy Market scheduling process, the ISO will also commit and/or de-commit Resources as needed, based upon the ISO’s forecast of actual loads for the next Operating Day. This will satisfy operating reserve and replacement reserve requirements of the New England control area by minimizing the cost to provide additional operating reserve, replacement reserve and/or additional local second contingency protection resources above what was scheduled in the Day-Ahead Energy Market, if required, as part of the ISO’s Real-Time Energy Market scheduling process. PowerBroker can reduce the amount of capacity originally scheduled in the Day-Ahead Energy Market to avoid a Minimum Generation Emergency in Real-Time and provide other ancillary services requirements as required.
In Real-Time, the ISO monitors and controls the New England Control Area such that the least-cost means of satisfying the projected hourly energy, regulation, operating reserve, replacement reserve and other ancillary services requirements (as required), including the reliability requirements of the New England Control Area, are met. Supply Offers, Increment Offers, Demand Bids, External Transactions and Decrement Bids and purchase energy or related services in the Day-Ahead Energy Market and in the Real-Time Energy Market.