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December 22, 2025

Markets

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FERC Approves ISO-NE Capacity Market Collateral Requirements
FERC accepted ISO-NE’s proposal to increase the collateral requirements for generators participating in its capacity market, rejecting the New England Power Generators Association’s arguments that the changes violate the filed rate doctrine.
NYISO
NYISO CEO Lays out 2025 Priorities
NYISO CEO Rich Dewey opened the Management Committee meeting with a congratulations on getting through 2024 before looking ahead to the rest of 2025.  
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FERC Accepts NYISO Demand Curve Reset
FERC accepted NYISO's proposed tariff revisions that were submitted as part of the Demand Curve Reset.
CAISO
WEIM Q4 Benefits Exceed $374M
CAISO's Western Energy Imbalance Market provided participants $374.25 million in benefits during the fourth quarter of 2024, down about 4% from the same period a year earlier, according to an ISO report.
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Day-ahead Seams Issues Could Take Years to Resolve, BPA Staff Says
BPA would have to strike several types of agreements, many of which are complex and could take years to implement, to tackle seams that could arise if BPA joins a day-ahead market, agency staff said during a workshop.
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BPA Considers Impact of Fees in Day-ahead Market Choice
BPA could face high implementation fees and operating costs under both SPP’s Markets+ and CAISO’s EDAM, but exact amounts are in flux.
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PJM, Shapiro Reach Agreement on Capacity Price Cap and Floor
PJM announced it will seek to establish a $325/MW-day price cap on capacity prices and a $175/MW-day floor for the 2026/27 and 2027/28 Base Residual Auctions following discussions with Pennsylvania Gov. Josh Shapiro to resolve a complaint he filed over increased capacity costs.
The Brattle Group
Brattle Study Shows Big Benefits for California in ‘Expanded’ EDAM
California ratepayers would save millions more in a CAISO Extended Day-Ahead Market encompassing nearly all the West than in one that includes only those utilities likely to join the market, according to a new Brattle Group study.
PSEG
Constellation, Calpine Propose Selling PJM Plants to Cut Market Power
Constellation and Calpine proposed selling off several PJM power plants in their merger application with FERC to quell any concerns with market power in some submarkets.
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El Paso Electric to Join SPP’s Markets+ in 2028
El Paso Electric says it will join SPP’s regional day-ahead Markets+ service offering in a “strategic move … tailored” to meet expected customer load growth and evolving needs.

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