Market Renewal - Day-Ahead Market

The IESO is working with stakeholders to design and develop a financially-binding Day-Ahead Market. A Day-Ahead Market will provide market participants with price certainty ahead of real-time, increase operational certainty for both market participants and the IESO, and reduce out of market payments.

Background

Soon after the market opened in 2002, the IESO began discussions with stakeholders on the development of a financially-binding day-ahead market. The Day-Ahead Market project did not proceed for a number of reasons but a key challenge was the complexities of settlement and operation under the existing two-schedule system for pricing and dispatch.

The IESO launched a day-ahead commitment process (DACP) in 2006, which commits certain dispatchable generators and the economic scheduling of imports in the day‐ahead time frame, in return for a financial guarantee.  A number of further enhancements were made to the day-ahead commitment process in 2011, including improved optimization and allowing committable generators to submit their start-up and operations costs along with their energy offers.

While many improvements have been made to the commitment process, the absence of a day ahead financial commitment for all resources limits the extent to which participants will fully and efficiently participate.

The replacement of the existing Enhanced Day-Ahead Commitment Process with a financially-binding Day-Ahead Market (DAM) can provide significant improvements and benefits:

  • dispatchable resources have improved production certainty
  • the system operator has improved operational certainty as real-time approaches, and
  • consumers benefit from more efficient and cost-effective decisions overall. 

The transition to a DAM is enabled significantly by the move to a single schedule electricity market under Market Renewal. 

Get involved

This initiative will reenvision how stakeholders participate and are committed in the day-ahead timeframe and will therefore be of interest to all IESO market participants.

Interested parties are invited to participate in, and provide feedback on, any of the Market Renewal initiatives.

For more information about how to become involved or to provide comments on this initiative, please contact engagement@ieso.ca.

Stakeholder Engagement Plan (Draft)

Schedule of Activities

Date
Agenda

Activities

Expected Actions

Q3 –Q4

Phase III – Final Decisions and High Level Design

           

November 22, 2018

 Deadline for feedback on SSM HLD

 

October 18, 2018

Market Renewal Education and Awareness Sessions for targeted audiences

 

October 18, 2018

Stakeholder feedback on materials and issues discussed at the September 20th meeting

 

September 20, 2018

Agenda

 Stakeholder Meeting

 

 

August 24, 2018

Stakeholder Feedback

 

August 16, 2018

 

Stakeholder Feedback on materials and issues discussed at the July 18th and 19th meetings

IESO Response to Stakeholder Feedback

 

August 13, 2018

 

 Stakeholder Feedback on Market Power Mitigation

IESO Response to Stakeholder Feedback

 

August 1, 2018

Optimization of Energy Limited Resources 

 

July 18-19, 2018

Agenda

Minutes

Stakeholder Meeting

 

June 21, 2018

Stakeholder feedback on materials and issues discussed at the May 23rd and 24th meetings

IESO Response to Stakeholder Feedback

 

June 7, 2018

Webinar Invitation: MRP Energy Workstream - Intertie Transactions - Stakeholder Discussion

Stakeholder Feedback

 

May 23-24, 2018

Agenda

Minutes

Stakeholder Meeting

           

April 27, 2018

Feedback due on materials presented at the March 27 Market Power Mitigation meeting

IESO Response to Stakeholder Feedback

 

April 27, 2018

Feedback due on remaining preliminary decisions from the March 27 DAM meeting

IESO Response to Stakeholder Feedback

 

 April 13, 2018

Feedback due on pre-approved operating restrictions (see slide 27 for details) from the March 27 DAM meeting

Stakeholder Feedback

 

March 27, 2018

DAM Minutes

MPMI Minutes

Stakeholder Meeting

February 28, 2018

Stakeholder Feedback

IESO Response to Stakeholder Feedback

 

January 31, 2018

Agenda

Minutes

Stakeholder Meeting

November 27, 2017

Agenda

Stakeholder Meeting – Design Elements Fundamentals: Market Power Mitigation, Price Formation, Settlements

Materials posted one week in advance of meeting                       

Recorded Presentation

November 10, 2017

Stakeholder Feedback

IESO Response to Stakeholder Feedback

 

October 30, 2017

Agenda

Stakeholder Meeting 

Recorded Presentation

October 11, 2017

Agenda

Stakeholder Meeting - Introduction to Engagement, High Level Overview of Design Elements and Scope

Recorded Presentation

 

September 28, 2017

Announce Engagement and Post Draft Stakeholder Engagement Plan