Revisions to price correction requirements
The ISO recognizes the importance of using correct prices to settle the market and the need to weigh that against price certainty. Through this stakeholder initiative the ISO will explore price correction process improvements and clarify the scope, reasons and time horizon for making after the fact corrections.
Outcome
On May 1, 2014, the ISO revised the day-ahead market timeline and price corrections time horizon, refined three price correction processes in OASIS and SIBR, and adjusted the closing time of inter-scheduling coordinator trades. Also, the ISO clarified the types of processing and publication issues that would require changing posted prices beyond the typical time horizon.