Market Calendars

The following table summarizes key activities and dates associated with the Transmission Rights (TR) Market in the calendar year 2025.

While it is the IESO’s intention to have the TR Auction activities occur on the dates proposed, the Market Rules allow for the TR Auction to occur anywhere within a specified period of time.

Should invoice payments not be received by the payment due date, the Transmission Rights shall not be issued to the TR bidder, and additional penalties shall be applied as outlined in Market Rules, Chapter 8, Section 4.20

Preliminary Settlement Statement - 2 business days after trading day
Time to file a Notice of Disagreement - 2 business days after preliminary settlement statement is issued
Final Settlement Statement - 6 business days after trading day
Billing Period - Trading week (Sunday to Saturday)
Invoice - 6 business days after the end of the trading week (a Monday unless there is a holiday in the week)
Payment - Payments to IESO within 2 business days of invoice issue

The Pre Auction Publication date represents the market rule requirement for the publishing of the Transmission Rights Market Pre Auction reports. Actual publishing may occur earlier.

The TR Bid Window normally opens at 09:00 EST of the first day and closes at 17:00 EST of the second day.

The maximum number of transmission rights that can be allocated in each auction is determined by the process described in Market Manual 4.4.

Transmission Rights Auction Settlement information can be found in the Financial Market Settlement Schedule and Payment Calendar.

In order to effect an orderly implementation of the Market Renewal Project (“MRP”), the Exemptions Panel of the IESO approved a market rule exemption for the IESO which no longer requires the IESO to conduct transmission rights auctions which would otherwise raise MRP transition issues (the “IESO Exemption”). Accordingly, this TR Auction Schedule is based on the IESO’s expectations as of publishing but is subject to change. As per the IESO Exemption, if the IESO intends to cancel a transmission rights auction or reinstate a previously cancelled transmission rights auction, the IESO will provide notice via an IESO Bulletin and will issue an updated TR Auction Schedule to reflect the change, and such notice shall be provided no later than the publishing date of the pre-auction report for such transmission rights auction. A copy of the IESO Exemption can be found at the following location on the Active Exemptions webpage.