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      • Markets and Operations
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      • Forward Capacity Market
      • FCM Participation Guide

      Qualification Process for Existing Imports

      Qualification Steps

      • Back to Top of Page
      • 1. Qualification of Existing Resources
      • 2. View Your Existing Qualified Capacity
      • 3. Remove Capacity for a Single CCP (Optional)
      • 4. Remove Capacity Permanently (Optional)
      • 5. Submit a Composite Offer (Optional)
      • 6. Designate Self-supplied Capacity (Optional)
      • Back to Table of Contents
       
       

      Qualification ProcessStep 1: Qualification of Existing Resources

      This section provides an overview of how existing resources are qualified for a Forward Capacity Auction (FCA). Details can be found by taking the “FCM Existing Capacity Qualification Process” training available on the Training Materials webpage.

      Existing import capacity resources can be import capacity resources associated with a multiyear contract previously entered into and spans the FCA’s whole capacity commitment period.

      The capacity of each resource must be at least 100 kilowatts (kW) to participate in a Forward Capacity Auction, except for resources registered with the ISO before February 2007 or Renewable Technology Resources (RTRs) that were at least 100 kW when they first qualified as new, but were impacted by RTR proration.

      Qualification Timeline

      Here is a basic timeline of events for an existing resource:

      FCM Qualification Timeline

       

      Step 2: View Your Existing Qualified Capacity

      Calculation

      The ISO will calculate the appropriate qualified capacity values for existing resources and notify participants via the Existing Capacity Qualification Market Information Server (MIS) report. Once these values are posted, the ISO opens the challenge window.

      The existing qualified capacity value for imports is calculated as detailed in Market Rule 1, Section III.13.1.3.1, Definition of Existing Import Capacity Resource. In short, if the resource (1) has entered into a multiyear capacity contract to sell capacity into New England for a period that includes the relevant capacity commitment period and (2) has cleared in the prior FCA, it will be qualified according to the terms of the contract and the documentation establishing summer and winter ratings.

      Viewing Your Qualified Capacity Value

      After the ISO issues initial MIS reports, existing qualified capacity values will be viewable in the Forward Capacity Tracking System (FCTS). Issuance dates for initial MIS reports vary by Forward Capacity Auction. You can find the specific date in the appropriate auction calendar. (Learn how to access the auction calendars.) An email notice will be sent out to prompt participants to review their resource information. To receive these emails, as well as all other FCM notices, subscribe to the Capacity (ICAP and FCM) Announcements mailing list (hit send when the subscription email opens up).

      To view your existing qualified capacity values in the FCTS:

      1. Select the resource on the Existing Capacity Summary Link search screen.
      2. On the Resource Information page, select the Summary tab to see the Existing Qualified Capacity Values.

      Any changes to a resource’s qualified capacity will be reflected in the initial MIS report. The report will also flag any significant decreases in capacity, if applicable. Resources that have been flagged with a significant decrease can submit a critical-path schedule describing the measures that will be taken to restore the summer qualified capacity. If a critical-path schedule is not submitted, the summer qualified capacity will be derated to the most recent summer seasonal-claimed-capability value. For more details, see the “FCM Existing Capacity Qualification Process” training available on the Training Materials webpage.

      Challenging the Qualified Capacity Value

      Within a window of five business days, participants may request, via the FCTS, a change to either or both a resource’s summer or winter existing qualified capacity values if they believe the calculation of qualified capacity megawatts contained an error. This window is only to address the qualified capacity calculation. To increase a resource’s capacity, a show of interest must be submitted. To reduce the qualified capacity, a delist bid must be submitted. For details on challenge options, see the “FCM Existing Capacity Qualification Process” training (see More Information below). All challenges are subject to the ISO’s review.

      Final Qualified Megawatts

      Five business days after the challenge window closes, the ISO releases a second MIS report to the FTP sites with the final qualified megawatt amounts, which will also be viewable in the Forward Capacity Tracking System (FCTS).

      More Information

      • See the “FCM Existing Capacity Qualification Process” training available on the Training Materials webpage.
      • See Market Rule 1, Section III.13.1, Forward Capacity Auction Qualification, for details on FCM qualification of existing capacity.
      • The ISO New England Manual for the Forward Capacity Market (M-20) provides FCM participants with additional information and details regarding steps and actions they must take.
      • View ICAP/FCM Market Notices in the ISO calendar. After clicking on an announcement or event, you can subscribe to email alerts for related materials.
       

      Step 3: Remove Capacity for a Single CCP (Optional)

      FCM participants can remove existing resources from participation in one or more FCAs by submitting delist bids. If an existing resource does not submit a delist bid during the appropriate window, the resource will be entered in the FCA. Some key points are as follows:

      • If the ISO accepts the delist bids, as discussed below, the capacity will be removed for a single capacity commitment period (CCP) only—the megawatts associated with the delist bid are treated as existing capacity in the next CCP.
      • Resources that wish to permanently retire some or all capacity should see the section on submitting a permanent delist bid or retirement delist bid.

      Except in the case of a retirement delist bid, all delisted megawatts are allowed to continue participation in the energy and ancillary markets.

      Types of Single CCP Delist Bids

      Several types of delist bids exist, all of which must be submitted during the qualification period before an FCA except dynamic delist bids:

      • Static delist bid (general): provides the ability to remove capacity from the capacity market at prices at or above the dynamic delist bid threshold for a single capacity commitment period (cost justification required).
        • Prices submitted must be greater than the dynamic delist bid threshold.*
        • The lead market participant must submit a completed cost workbook and an affidavit executed by a corporate officer attesting to the accuracy of the delist package.
        • The lead market participant must indicate whether a resource will be participating in the energy and ancillary service markets.
      • Dynamic delist bid: provides the ability to remove capacity from the capacity market at prices below the dynamic delist bid threshold for a single capacity commitment period*

      *Additional information is available in Market Rule 1, Section III.13.1.2.3.1.A, Dynamic Delist Bid Threshold. For specific details for each FCA see the FCM Parameters.

      How to Submit a Delist Bid

      Use the appropriate online system noted below to submit the desired type of delist bid. See the “FCM Delisting” training available on the Training Materials webpage for detailed instructions.

      To prepare and calculate a delist bid, follow these steps:

      1. Email AskISO@iso-ne.com to request the inframarginal rent (IMR) and the inflation index as published by the Federal Reserve Bank of Cleveland. These are inputs into the resource’s net going-forward costs.
      2. Download and complete Delist Models and User Guides available on the FCM page. This workbook, along with supporting documentation, should be uploaded into the FCTS before the existing capacity qualification deadline. Check for the specific deadline date in the FCA calendar. (Learn how to access the auction calendars.) Please note:

        • The net going-forward costs are the costs incremental to obtaining a capacity supply obligation and are therefore avoidable if the resource does not have a capacity supply obligation. Unavoidable costs are not to be included in the calculation of the net going-forward costs.
          • Any adjustments to components of the bid, such as revenues, fuel, and emissions, to reflect typical power-year operations must include a description of the components being adjusted and the adjustment methodology.
        • In your documentation, include data on the expected number and duration of capacity scarcity conditions, as well as the unit’s expected average capacity balancing ratio and expected average performance during those capacity scarcity conditions.
        • You must include details of the risk-premium analysis calculation; an affidavit executed by a corporate officer attesting to the accuracy of the risk-premium calculation is optional.
        • You must also provide additional detail and supporting evidence concerning opportunity costs including, but not limited to the following:
          • Regulatory orders
          • Environmental operating permits
          • Contracts

      Dynamic Delist Bids

      Online System

      Submitting dynamic delist bids occurs in the FCA auction system via the auction bid/offer functions. Each bidder receives an FCA user guide before the auction, which provides instructions on how to submit dynamic delist bids.

      Deadline

      Submissions occur during the Forward Capacity Auction when prices are within the allowable range, as described in Market Rule 1, Section III.13.1.2.3.1.A, Dynamic Delist Bid Threshold.

      All Other Types of Single CCP Delist Bids

      Online System

      Other types of delist bids are submitted using the Forward Capacity Tracking System (FCTS). See the Existing Qualification tab of the CCP in which the resource is delisting.

      Deadlines

      Check for specific deadline dates in the FCA calendar. (Learn how to access the auction calendars.)

      • Initial submissions are due by the existing capacity qualification deadline.
      • Participants may modify static delist bids during the static delist bid finalization window beginning no later than seven days after the ISO’s issuance of the qualification determination notification (QDN).
      • Changes to a resource’s rationing minimum limit must also be submitted via an Ask ISO case before the close of the static delist bid finalization window.

      Pricing and Payment of Delist Bids

      Accepted Bids

      • Static delists bids approved by the Internal Market Monitor (IMM) at prices greater than the FCA starting price are entered into the FCA at the FCA starting price.
      • A resource with a static delist bid cannot receive a CSO at the FCA starting price unless it has been retained for reliability.
      • Static delist bids at the FCA starting price retained for reliability will be entitled to compensation under Market Rule 1, Section III.13.2.5.2.5.1, Compensation for Bids Rejected for Reliability Reasons.

      Rejected Bids

      • If a delist bid is rejected for reliability reasons, the resource will be paid a “just and reasonable” rate as determined by FERC.
      • If the Internal Market Monitor (IMM) rejects a delist bid for economic reasons during its review, resources deemed pivotal will not be allowed to delist in the FCA at the submitted price.

      Review of Delist Bids

      Delist bids may be subject to review by the IMM, and all delist bids are subject to a reliability review. Details can be found in the Planning Procedure to Support the Forward Capacity Market (PP-10), Section 7.

      Dynamic delist bids will undergo their reliability review between rounds of the FCA. Dynamic delist bids will be accepted or rejected for reliability before the auction resumes.

      More Information

      • Planning Procedure No.10 (PP-10), Section 7
      • ISO New England Manual for the Forward Capacity Market (M-20)
      • Trainings available on the Training Materials webpage:
        • “FCM Existing Capacity Qualification Process”
        • “FCM Delisting”
        • “Submitting FCM Delist Information to the Internal Market Monitor”
      • Market Rule 1:
        • Section III.13.1.2.3.1.A, Dynamic Delist Bid Threshold
        • Section III.13.1.2.3.1.1, Static Delist Bids
       

      Step 4: Remove Capacity Permanently (Optional)

      Forward Capacity Market (FCM) participants can exit the FCM permanently by using retirement delist bids or permanent delist bids.

      You cannot use a permanent or retirement delist bid in combination with single capacity commitment period (CCP) delist bids. Single CCP delist bids allow you to remove a resource from the FCM only at a certain price or for a specific capacity commitment period. Learn about using single CCP delist bids.

      Existing resources that don’t submit any type of delist bid during the appropriate window will be entered in the Forward Capacity Auction.

      Types of Delist Bids that Permanently Remove Capacity

      The two types of bids that permanently remove capacity are as follows:

      • Permanent delist bids provide the option to permanently remove capacity from the capacity market at the start of the capacity commitment period.
      • Retirement delist bids are irrevocable requests to permanently remove capacity from all ISO markets at the start of the capacity commitment period.

      Regarding participation in a substitution auction: Beginning with the February 2019 FCA, existing generating capacity resources or existing import capacity resources associated with external elective transmission upgrades may also participate in a substitution auction to retire. Resources submitting retirement delist bids are required to participate. Be aware that some of the deadlines for the substitution auction overlap with those for the primary auction. See FCM Substitution Auction Overview and Timeline and Demand Participation in the FCM Substitution Auction for details.

      Permanent and retirement delist bids can be submitted for all or just a portion of a resource’s capacity:

      • A partial delist bid allows a resource to remove a portion of its megawatts from all ISO markets or from only the capacity market, depending on the type of delist bid submitted:
        • When a partial retirement delist bid clears in the FCA, the resource remains active and all its interconnection rights are reduced to the appropriate megawatt level.
        • When a partial permanent delist bid clears in the FCA, the qualified capacity value for the resource is reduced and its capacity related interconnection rights will be reduced to the appropriate megawatt level.
      • A full delist bid allows the resource to remove all its megawatts from all ISO markets or from only the capacity market, depending on the type of delist bid submitted:
        • Upon clearing a full retirement delist bid, the resource and asset will be retired from all ISO markets and all the interconnection rights for the resource will be completely terminated.
        • Upon clearing a full permanent delist bid, the resource will be removed from the capacity market starting with the capacity commitment period for which the delist bid was accepted and the capacity related interconnection rights will be completely terminated.

      Deadlines and Process

      1. Permanent and retirement delist bids are due by the existing capacity retirement deadline. (Learn how to access the auction calendars.)
      2. Use the Forward Capacity Tracking System (FCTS) to submit a permanent or retirement delist bid. See the Existing Qualification tab for the CP in which the resource is delisting. See the “FCM Delisting” training available on the Training Materials webpage for detailed instructions.
      3. Note the following when submitting the delist bid:
        • Prices must be submitted at greater than the dynamic delist bid threshold in the first CCP from which the resource is seeking to permanently remove capacity. (Additional information is available in Market Rule 1, Section III.13.1.2.3.1.A, Dynamic Delist Bid Threshold. For specific details for each FCA see the FCM Parameters.)
        • The lead market participant must submit a completed cost workbook and an affidavit executed by a corporate officer attesting to the accuracy of the delist package.
        • For permanent delist bids, the lead market participant must indicate whether a resource will be participating in the energy and ancillary service markets.
      4. The Internal Market Monitor will review these requests and release a retirement determination notification (RDN) at least five business days before the existing capacity qualification deadline.
      5. Once the RDNs are released, the lead market participants for these resources have five business days to elect either retirement or conditional treatment (the resource will retire unless the FCA clears above the submitted price). If no election is made, the default is to accept the price in the retirement determination notification.
      6. The ISO will make an informational filing with the Federal Energy Regulatory Commission no later than 20 days after the issuance of the RDNs.
      7. After the IMM informational filing, the ISO will discuss the reliability review with the NEPOOL Reliability Committee in August. Shortly after, the reliability determination notifications will be released.
      8. Before the auction, the ISO will review in descending price order all permanent and retirement delist bids at or above the FCA starting price and permanent and retirement delist bids for which the participant has opted for the ISO to review transmission-security reliability. Participants will be notified whether their resource is needed for transmission-security reliability following the ISO’s consultation with the Reliability Committee in August.
      9. The lead market participant can decline to provide the associated capacity for reliability no later than the fifth business day in September after the Reliability Committee meeting.
      10. If the resource requesting to retire does not clear a retirement delist bid and instead obtains a capacity supply obligation, the resource’s retirement delist bid will be automatically carried forward to the next Forward Capacity Auction. The lead market participant can adjust the retirement delist bid price, if desired, by submitting an updated cost workbook by the existing capacity retirement deadline.

      More Information

      • Planning Procedure No. 10 (PP-10), Section 7
      • Market Rule 1, III.13.1.2.3.1.5, Permanent Delist Bids and Retirement Delist Bids
      • ISO New England Manual for the Forward Capacity Market (M-20)
      • Trainings available on the Training Materials webpage:
        • “FCM Existing Capacity Qualification Process”
        • “FCM Delisting”
      • Competitive Auctions with Sponsored Policy Resources (CASPR) Key Project webpage for information on the development of the substitution auction
       

      Step 5: Submit a Composite Offer (Optional)

      A composite offer allows capacity resources that have each received a qualified capacity value to participate together to maximize their combined offer in a Forward Capacity Auction.

      Submission Window

      Composite offers can be submitted during the composite offer window for the desired FCA. (Learn how to access the auction calendars.) Composite offers can be modified or withdrawn in the Forward Capacity Tracking System (FCTS) until the composite offer deadline.

      Finding Partners

      • The ISO Seasonal Resource Capacity eBulletin Board provides a place where project sponsors of single-season capability resources can find a partner to participate in an FCA through a composite offer.
      • An individual resource may also self-composite when that resource has an existing component and a new component.

      Partner Eligibility Rules

      Throughout the composite offer submittal process, the FCTS will enforce various validation rules on partner eligibility:

      • Summer resources in import-constrained capacity zones may only pair with winter resources located in the same capacity zones.
      • Summer resources in export-constrained capacity zones may pair with any winter resource in the same export-constrained zone.
      • Summer resources in the Rest-of-Pool zone may pair with any resource not located in an export-constrained zone.
      • When evaluating locational constraints of an import capacity resource, the capacity is treated as though it is in the capacity zone to which it is mapped.

      Submitting the Offer

      Composite offers are submitted into the Forward Capacity Tracking System by selecting a specific new or existing resource. For new resources, select the New Qualification tab, then the Composite Offer tab:

      screen shot

      For existing resources, select the Existing Qualification tab, then the Composite Offer tab:

      screen shot

      The project sponsors for the summer and winter resources must then cooperate to complete the following steps by the deadline. Composite offers submitted after the deadline will not be considered in the FCA. Please note:

      • The FCTS will not automatically alert your composite-offer partner that they must take action. You must do this.
      • If submitting a self-composite, you must close the FCTS completely between steps.

      FCTS Actions Required by Each Partner

      Summer resource

       

      Winter resource

      Initiate the composite offer in the FCTS. The Composite Offer Status will display as “Pending.” Ask your winter partner to act.

      1

       

       

      2

      Designate the winter resource to the composite offer. Status remains “Pending.” Ask your summer partner to act.

      Submit the composite offer. Status displays “Confirmed.” Ask your winter partner to act.

      3

       

       

      4

      Verify submission: both participating resources should appear under Winter Resource Information (MW). If they don’t, contact Participant Support.

      screen shot

      Auction Bidding

      Only the summer resource partner in a composite offer should bid in an FCA. Both resources do not need to bid in individually.

      Payments

      • Each resource will be paid individually.

      More Information

      • See Market Rule 1, Section III.13.1.5, Offers Composed of Separate Resources.
      • Take the online course “Forward Capacity Market: Composite Offers” available on the Training Materials webpage.
      • View ICAP/FCM Market Notices in the ISO calendar. After clicking on an announcement or event, you can subscribe to email alerts for related materials.
       

      Step 6: Designate Self-Supplied Capacity (Optional)

      A market participant may choose to cover its FCM obligations by using resources it owns or has contracted with. The contract or agreement usually takes place outside of the ISO marketplace. Designating capacity from a resource as self-supply allows a load-serving entity (LSE) to satisfy its capacity load obligation using resources owned or under contractual obligation of the LSE.

      Deadline

      For all resources—new or existing—the lead market participant must designate a resource as self‐supplied no later than the date new resources are required to post their financial assurance for the same capacity commitment period. (Learn how to access the auction calendars.)

      How to Designate Self-Supply

      All self-supply designations are done through the Forward Capacity Tracking System (FCTS). The designation window opens after the ISO posts Market Information Server (MIS) reports on each load-serving entity’s projected share of the Installed Capacity Requirement.

      The steps to submit a self-supply designation, which must be completed by the self-supply submittal deadline, are as follows:

      • A resource’s Lead Market Participant selects a specific LSE and capacity zone and designates the amount of qualified megawatts from a specific resource to be considered as self-supplied megawatts, indicating if any specifically allocated capacity transfer rights are used in the self-supply designation.
      • The LSE confirms its applicable self-supply designations.

      Eligibility Rules

      Throughout the designation process, the FCTS will enforce various validation rules on eligibility:

      • The total amount of capacity designated as self-supply for an LSE is limited to the calculated projected share of Installed Capacity Requirement per capacity zone.
      • The maximum amount of capacity a resource may designate as self-supply is the lower of its summer and winter qualified capacity values.
      • A resource located in an export-constrained capacity zone may not self-supply load located in another capacity zone.
      • A resource located outside an import-constrained capacity zone may not self-supply load located in an import-constrained zone.
      • Any capacity that already received an obligation from a prior FCA by choosing a multiyear capacity commitment period may not be designated as self-supply.
      • For new capacity resources with a project type of “increase above threshold,” “environmental upgrade,” or “repowering,” the maximum amount of capacity that can be designated as self-supply equals the lesser amount of qualified megawatts for either new or existing capacity resources.
      • For new capacity resources with a project type of “incremental capacity,” the existing capacity resource must be designated as self-supply up to its maximum before any self-supplied megawatts can be allocated to the new capacity project.
      • An LSE may not confirm more self-supplied capacity than its projected share of Installed Capacity Requirement.

      More Information

      • Take the brief online course “Forward Capacity Market: Self-Supply,” or download the PDF transcript. Both are available on the Training Materials webpage.
      • Subscribe to the Capacity (ICAP and FCM) Announcements mailing list (hit send when the subscription email opens up) to receive notices of FCM-related deadlines and other announcements.
      • View ICAP/FCM Market Notices in the ISO calendar. After clicking on an announcement or event, you can subscribe to email alerts for related materials.

      Applications

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      • Ask ISO

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