New York ISO proposal to protect system reliability and minimize electric costs in New York State

Money & Investing

(File/Getty)

Trending on NEWS10

RENSSELAER, N.Y. (NEWS10) – The New York ISO has submitted market rule changes Monday for consideration by the Federal Energy Regulatory Commission (FERC) which, if accepted, will stimulate the investment needed to meet the state’s decarbonization and renewable investment mandates. The proposal also aims to protect reliable grid service in the State while minimizing costs for electricity consumers.

The proposal was approved by over 82 percent of NYISO stakeholders, following months of analysis and engagement with stakeholders, regulators, and policymakers through the NYISO’s open governance process. 

Those voting in favor of the proposal include:

  • New York State Utility Intervention Unit
  • New York State Energy Research Development Authority
  • New York State Power Authority
  • Long Island Power Authority
  • The City of New York

If accepted by the FERC, the NYISO expects these new market rules will support and advance the objectives of the state’s Climate Leadership and Community Protection Act (CLCPA) by further opening wholesale electricity markets to significant investment in wind, solar and battery storage development.

“I am extremely thankful to our stakeholders, including our partners at the Department of Public Service, NYSERDA, NYPA, LIPA, the City of New York, and the New York State Utility Intervention Unit, for working collaboratively to reach a solution that best positions the state for the grid of the future,” said Rich Dewey, President and CEO of the New York ISO. “This change will accelerate renewable development and help reach New York’s mandates under New York’s Climate Act. This change also positions the NYISO’s markets to serve New York electricity customers reliably and will attract new technologies needed for a cleaner grid.”

Milestones and next steps for the proposal:

The proposal is the culmination of twenty stakeholder meetings since the project begun in 2021. Notable milestones include:

  • April 20, 2021 – Kickoff for stakeholder discussions in the NYISO’s ICAP working group
  • September 17, 2021 – First stakeholder review of draft tariff language
  • November 11, 2021 – Tariff approved by stakeholders in the NYISO’s Business Issues Committee
  • November 17, 2021 – Tariff approved by stakeholders in the NYISO’s Management Committee
  • December 2, 2021 – NYISO Board approves tariff changes as voted on by stakeholders
  • January 5, 2022 – NYISO submits tariff revisions to the FERC

Putting the new rules into place is important to support future investment in new technologies supplying the grid. The NYISO has asked the FERC to accept the proposal and make the new rules effective March 6, 2022.

Doreen M. Harris, NYSERDA President and CEO said, “Rapidly scaling up clean energy generation across the state is critical to delivering a climate resilient and healthier state for all New Yorkers as we continue to grow our green economy in the face of climate change. NYSERDA appreciates the NYISO’s support of New York’s Climate Leadership and Community Protection Act goal to secure 70 percent of our energy from clean, renewable sources by 2030 and looks forward to their continued partnership as we strive to meet our State’s climate goals.”

The NYISO, with significant stakeholder input, performed a consumer impact analysis, which found that if the market rules are accepted by the FERC as proposed, consumers could expect annual savings of nearly $500 million.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download our news app

App Store Link
Google Play Link

Trending on NEWS10

READ MORE: The Upside

An image that says The Upside

Check the latest closings and delays

CHECK OUT OUR NEW APP FEATURES

Latest COVID-19 News

More COVID-19