![]() Prices spiked in MISO North as capacity offers declined and demand increasedīased on the pre-auction data, we expected higher prices in MISO North given increases in demand and tightening supply, especially in Zones 4 to 7, which have historically relied on imports to meet their Planning Reserve Margin Requirements (PRMRs). As new information becomes available, our views may evolve, and we will update the analysis as appropriate. This post-auction analysis is based on currently available information. We conclude by assessing whether the auction results are anomalous or indicative of deeper resource adequacy trends in MISO. This article explains this outcome, as well as other key results, such as bidding behavior, import dynamics, and the resource mix that cleared the auction. In MISO North, prices ended up reaching the price cap, or the Cost of New Entry (CONE) of $237/MW-day, whereas MISO South cleared separately at $2.9/MW-day. While the second and third of these predictions were borne out by the auction results, the first prediction did not capture the extent of the price increase in MISO North. ![]() MISO South (Zones 8 to 10) would clear separately due to the sub-regional export constraint.MISO North (Zones 1 to 7) would clear at a common price, but Zones 4 to 6 would remain tight in local supply and rely heavily on imports we also acknowledged that they may set high clearing prices if the region has insufficient local capacity and/or low-cost imports are not available.$5/MW-day) due to higher demand and lower supply. ![]() Prices would be higher than in the previous auction ($20-30/MW-day vs.In our pre-auction paper, we made three predictions about the 2022/23 Planning Resource Auction (PRA) based on our analysis of pre-auction data:
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