As a part of the transition to 5-minute settlements, MISO has updated the market test portal to accept sub-hourly meter submissions. PCI has successfully submitted sub-hourly meter data to the market test environment and will roll-out this functionality for MISO users in an upcoming software release.
The submission of sub-hourly meter data is part of MISO’s overall transition to 5-minute settlement calculations and MISO will allow for the submission of hourly, 15-minute and 5-minute meter data.
The go-live date for 5-minute settlements is currently July 1, 2018. PCI will soon be following up with additional updates on product changes around the 5-minute initiative.
As a reminder, there are numerous advantages for using 5-minute settlement include the following:
- Lining up RT settlement with RT dispatch resulting in more accurate payments for generators, especially during periods with LMP spikes;
- Providing more incentives to generators to follow RTO 5-minute dispatch instructions (pay for performance);
- Minimizing make-whole payments
For additional details on the advantages, challenges, and what to consider when deciding to submit 5-minute meter data, please view this PCI presentation..