A Review of Market Monitoring Activities at U.S. Independent System Operators

Approach Focused on four operating ISOs

• CAISO, ISO-NE, NYISO, and PJM

Conducted Interviews

• ISO market monitoring staff
• External Market monitors (e.g., CAISO MSC)
• State PUC and FERC OMOI staff

Review documents on Market Monitoring

• ISO Market Monitoring plans; Annual Reports
• Regulatory proceedings

Synthesize information on market monitoring experience in wholesale electricity markets

• Purpose of market monitoring
• Structure of the MMU within ISO
• Data they are authorized to collect
• Metrics used and their purpose
• Process of monitoring
• Scope of authority
• Reporting responsibilities
• Impact of market monitoring: Case Studies