NYISO submits market rule changes to FERC to meet renewable investment mandates.

The New York Independent System Operator (NYISO) submitted market rule changes to the Federal Energy Regulatory Commission (FERC) to meet the state’s decarbonization and renewable investment mandates.

The proposed changes were approved by over 82 percent of NYISO stakeholders following months of analysis and engagement with stakeholders, regulators, and policymakers. The New York State Utility Intervention Unit, the New York State Energy Research Development Authority, the New York State Power Authority, the Long Island Power Authority, and the City of New York all supported the proposal.

If approved by FERC, the NYISO expects these new market rules to further open up wholesale electricity markets to significant investment in wind, solar, and battery storage development.

“I am extremely thankful to our stakeholders, including our partners at the Department of Public Service, NYSERDA, NYPA, LIPA, the City of New York, and the New York State Utility Intervention Unit, for working collaboratively to reach a solution that best positions the state for the grid of the future,” NYISO President and CEO Rich Dewey said. “This change will accelerate renewable development and help reach New York’s mandates under New York’s Climate Act. This change also positions the NYISO’s markets to serve New York electricity customers reliably and will attract new technologies needed for a cleaner grid.”

If FERC accepts the market rules, NYISO officials said consumers could expect annual savings of nearly $500 million, based on a consumer impact analysis it conducted.

“The market rule changes proposed by the NYISO will remove significant impediments to the development of renewable resources that can be added to New York’s statewide power grid,” Justin Driscoll, interim president and CEO of the New York Power Authority, said. “Expansion of renewables and build out of new transmission are key elements to building an energy infrastructure that supports a nation-leading clean energy economy right here in New York State.”

The proposal is the culmination of 20 stakeholder meetings that have taken place since the project began in 2021.

“Rapidly scaling up clean energy generation across the state is critical to delivering a climate-resilient and healthier state for all New Yorkers as we continue to grow our green economy in the face of climate change. NYSERDA appreciates the NYISO’s support of New York’s Climate Leadership and Community Protection Act goal to secure 70 percent of our energy from clean, renewable sources by 2030 and looks forward to their continued partnership as we strive to meet our state’s climate goals,” NYSERDA President and CEO Doreen Harris said.