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MISO’s Capacity Market Dynamics: Updates on PRA Results, Accreditation Methodology, and Contract Prices

Key takeaways from the report include the following:

  • In 2024/25 PRA, clearing prices for Zone 5 surpassed $700/MW-day in Fall and Spring due to capacity shortfalls; throughout MISO, the decrease in surplus capacity indicates a rising resource adequacy risk.
  • PRA clearing prices in MISO are expected to rise close to Cost of New Entry by 2040 for both MISO North/Central and MISO South, driven by rising demand and thermal plant retirements.
  • Bilateral capacity prices in MISO will trend upwards for the foreseeable future, with zonal and seasonal variance.
  • Market participants must adapt to changing market conditions: new resources, new contracting terms & higher stakes; those who wait to hedge will pay higher prices.

If you have any questions or would like to learn more about our MISO coverage, please contact JT Wood.

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