At its core, Market Renewal is about improving the way electricity is priced, scheduled and procured in order to meet Ontario’s current and future energy needs reliably, transparently, efficiently and at lowest cost. This will effect the way electricity is purchased and settled by InnPower.
The Market Renewal project includes initiatives that will enable the province to more efficiently meet demand over the near and longer terms and include:
- Reducing the cost of scheduling and dispatching resources to meet demand as it changes from hour-to-hour and minute-to-minute through the consolidation of separate financial and operational markets into a Single Schedule Market and transition from an hourly Ontario electricity price (HOEP) to a Zonal/Nodal price for the electricity commodity.
- Introducing a Day-Ahead Market to provide greater certainty to market participants and lower the cost of producing electricity.
- Improving the way Ontario acquires the resources to meet longer-term supply needs by implementing an Incremental Capacity Auction.
A presentation for consumers was held on November 20, 2018. A copy of the presentation can be downloaded at Market Renewal Consumer Education & Awareness
For more information regarding the IESO Market Renewal follow IESO Market Renewal