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See the FCM Participation Guide for up-to-date guidance on the new substitution auction, price-responsive demand, and more

As the region’s Forward Capacity Market (FCM) continues to evolve in response to changes in public policies, regulatory requirements, and technology, market participants are encouraged to review ISO New England’s FCM Participation Guide. The online guide has recently been revised to reflect the latest FCM enhancements, including changes related to:

    About the FCM Participation Guide

    The ISO developed the online guide in 2015 in response to stakeholder requests for additional guidance. The guide provides quick and easy access to instructions for operating in the FCM, a capacity market that ensures that the New England power system will have sufficient resources to meet the future demand for electricity.
  • Price-responsive demand—the new demand-response market structure going into effect on June 1, 2018
  • The substitution auction—as part of the annual Forward Capacity Auction, eligible new sponsored policy resources can compete to “buy out” the capacity obligations of existing generators willing to retire (also see “FERC issues order accepting CASPR revisions to Forward Capacity Market”)
  • Annual and seasonal bilaterals—these are being eliminated effective Capacity Commitment Period 2020–2021, with annual bilaterals to be replaced by annual reconfiguration transactions

A host of learning opportunities

The guide complements various classroom and online FCM trainings offered by the ISO available on the Training Materials webpage:

  • FCM 101 is comprised of comprehensive modules designed to provide working knowledge of the market.
  • Several individual webinars and online trainings focus on specific portions of the FCM.

The Manual for the Forward Capacity Market (M-20) also serves as a reference guide to FCM procedures.

Finally, all FCM participants are urged to carefully read Market Rule 1, Section III.13, Forward Capacity Market, and Appendix A, Market Monitoring, Reporting, and Market Power Mitigation. These portions of the ISO Tariff detail rules and responsibilities related to the FCM.