The Midcontinent Independent System Operator’s (MISO) recent progress on the development of a new plan for three-year auctions has been praised by Michigan State Sen. Mike Shirkey (R-Clarklake) and State Rep. Gary Glenn (R-Midland) for its positive impact on competitive electric rates in the state.
“Representative Glenn and myself strongly believe that our current electric choice program has reliably provided a level of competition in our state that has resulted in savings for ratepayers,” Shirkey said. “While some have felt that a one-year auction would have meant the need for excessive new regulations that would hurt the ability for people to access the electric choice market, we view MISO’s most recent step as an innovative way to take such speculation off the table.”
After tabling considerations of a one-year auction program, MISO moved forward with plans for a three-year forward auction plan, owing to the advantages provided by clearer market indications for capacity expectations that provide companies with better estimates for how much power they will be able to sell.
“This step will help make Michigan more competitive with neighboring states, like Ohio, that have more energy competition, consumer choice, and incentive for innovation and have seen their energy markets thrive at lower cost to ratepayers,” Glenn said. “We look forward to MISO’s next meeting and hopefully a finalization of this new process.”