ERCOT: Costs of Multi-Interval Real-Time Market Exceed Benefits

ERCOT: Costs of Multi-Interval Real-Time Market Exceed Benefits

Apr 7, 2017

by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC.  All rights reserved

On 4/6/17, ERCOT filed with the PUCT the Summary of Multi-Interval Real-Time Market Feasibility Study. The PUCT had asked ERCOT in mid-2015 to assess what it would take to implement MIRTM and potential costs/benefits. After working on this directive for more than a year, and consulting with stakeholders in 2017, the ISO found that “that the estimated costs are in excess of the measured benefits and, therefore, insufficient to support a recommendation to move forward with MIRTM at this time.” Had MIRTM been implemented, instead of evaluating single five-minute intervals, the new software would analyze “multiple consecutive five-minute intervals (i.e., the MIRTM horizon) to determine the most economical commitment and dispatch of resources.” In clarifying study’s findings to the ERCOT Board in April, the staff indicated that low energy prices make MIRTM benefits negligible, although this could change as market conditions change. Subsequent to MIRTM presentations, and based on a decision by the Technical Advisory Committee, stakeholders at ERCOT will now focus on a review of the real-time co-optimization of energy and Ancillary Services markets.

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