ESAI Power

MISO Capacity Market Update | Capacity Watch

2025-01-16 · 00:00 UTC ·ESAI Power ·2 min read

Brief

MISO Capacity Market Update from ESAI Power previews the 2025/26 Planning Resource Auction with the Offer/Bid window March 26, 2025 8:00 AM EPT–March 31, 2025 6:00 PM EPT and results on April 28, 2025. The firm provides a 10-year supply/demand outlook, an APRA price forecast, a PRA 2025/26 update (seasonal auction and accreditation-rule uncertainties) and a post-auction briefing.

Why it matters

MISO PRA 2025/26 schedule: Offer/Bid Period opens March 26, 2025 at 8:00 AM EPT; closes March 31, 2025 at 6:00 PM EPT; auction results posted April 28, 2025.

Key details

  • ESAI Power will publish a 10-year supply and demand outlook, an APRA price forecast, a detailed update to the 2025/26 PRA (addressing seasonal auction and potential accreditation-rule uncertainties), and a Post Auction Briefing in advance of the auction.
  • ESAI’s Capacity Watch assigns a percentage 'probability of completion' to every generation project to model likely capacity additions and reserve margins across PJM, NYISO, ISO-NE and MISO; MISO’s footprint spans 15 U.S. states plus Manitoba.
Source evidence
  • A 10-year supply and demand outlook.
  • APRA price forecast.
  • A detailed update to the 2025/26 PRA outlook in advance of the auction, including uncertainties from the seasonal auction and accreditation rules if approved for that auction.
  • A Post Auction Briefing.

MISO’s PRA 2025/26 schedule is as follows:

  • Offer/Bid Period Opens on March 26that 8AM EPT
  • Offer/Bid Period Closes on March 31stat 6PM EPT
  • Auction Results Posted on April 28th

For more information on the MISO Capacity auction schedule, please consult with ESAI’s MISO Capacity Auction Calendar.

ESAI Power is a market research and consulting firm that delivers focused analysis of the wholesale power markets: PJM, NYISO, ISO-NE and MISO. To become a client, click here.

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ESAI Power continuously monitors and conducts analysis of the Capacity Markets in New York, New England, PJM & MISO. Capacity market projections incorporate detailed assessments of all market drivers including load projections, demand curve parameters, new capacity and retirements, and transmission constraints that impact locational delivery and pricing. Coverage includes full pre- and post-Capacity Auction forecasts for NY ICAP Summer Strip and Winter Strip auctions, for each PJM Base Residual Auction, ISO-NE Forward Capacity Auction, and MISO Planning Resource Auction.

Learn About Capacity Watch

** Capacity Watch** provides a quarterly analysis of capacity markets and policy issues that impact capacity price outcomes over a 10-year forecast horizon. Also provided is an evaluation of the outlook for the construction of each generation project in PJM, NYISO, ISO-NE and MISO. Every project is assigned a “probability of completion” factor in percentage terms which is then applied to develop a forward assessment of likely capacity additions within a particular pool. The impacts of new generation and retirements on reserve margin surpluses and forward capacity market values is updated and presented in each issue. ESAI’s project database (

TM

) is updated and presented with each issue.

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See Our MISO Overview

** Midcontinent Independent System Operator (MISO)** is an independent, not-for-profit, member-based organization responsible for operating the power grid across 15 U.S. states (Arkansas, Illinois, Indiana, Iowa, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, North Dakota, South Dakota, Texas, and Wisconsin) and the Canadian province of Manitoba.