CARMEL, Ind. — Today, MISO and the Organization of MISO States (OMS) released the results of the tenth annual OMS-MISO survey, which indicate a 1.5 Gigawatt (GW) electric capacity surplus for the upcoming 2024-2025 planning year. Once again, the survey highlights the need for additional resources and other solutions – such as market changes – to avoid potential capacity deficits in the future.
“With so many moving pieces involved with the changing electricity mix, regional assessments such as this one are becoming increasingly important to fully understand how the region will maintain reliable and affordable electricity delivery to customers,” said Dan Scripps, president of the Organization of MISO States and chairman of the Michigan Public Service Commission. “The increased transparency that comes with the seasonal granularity of this survey will undoubtably prove useful to state commissions, utilities and other market participants as they look to firm up their future resource plans to provide reliable and affordable electricity.”
This is the first time the survey incorporated MISO’s new seasonal resource adequacy construct. The results reflect the market responses expressed in MISO’s 2023 Planning Resource Auction (PRA), including delayed retirements and making additional existing capacity available to the region. These actions may not be repeatable in the future, and resource accreditation will continue to evolve based on performance during high-risk periods.
“This collaborative survey provides important information for MISO, state regulators, and our member utilities to help reliably manage the accelerating resource fleet transition,” said John Bear, MISO’s chief executive officer. “These results continue to illustrate the reliability risk we face and reinforce the need for dispatchable, long-duration resources to be maintained and brought online to manage the transition to weather-dependent, low-carbon resources.”
OMS and MISO conduct the annual, voluntary survey to assess available resource capacity to serve projected load over the next five years (i.e., 2024 through 2028). The results align with MISO’s resource adequacy process and were measured by the generating unit’s availability, also known as seasonal accredited capacity. MISO uses this survey along with other information such as the PRA and Futures to create a holistic picture of the near and long-term outlook of the grid. MISO will host a stakeholder workshop to discuss the survey results on Friday July 14 at 10:30am ET.