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Summary of ISO New England Board and Committee Meetings September 13, 2019 Participants Committee Meeting

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Summary of ISO New England Board and Committee Meetings September 13, 2019 Participants Committee Meeting NEPOOL PARTICIPANTS COMMITTEE SEP 13, 2019 MEETING, AGENDA ITEM #4 Summary of ISO New England Board and Committee Meetings September 13, 2019 Participants Committee Meeting Since the last update, the Compensation and Human Resources Committee met by teleconference on August 21. In addition, the Audit and Finance Committee, the Markets Committee, the System Planning and Reliability Committee, and the Nominating and Governance Committee each met in Holyoke on August 22. Please note that the committees are meeting again on September 12, as is the Board, which will hold its “annual” meeting on that date. At the annual meeting, the Board elects officers and directors and establishes committee assignments. We will provide the committee updates on our usual schedule, i.e., in time for the October Participants Committee meeting. However, I will also provide an oral update at the September 13 meeting regarding Board resolutions to the extent they involve changes in the Board’s leadership, including committee leadership. I will revise and repost this report after the September 13 meeting to include the details of committee membership. The Compensation and Human Resources Committee met in executive session to review the Company’s succession and development plans. The Audit and Finance Committee reviewed a report from the Code of Conduct Compliance Officer and also agreed to recommend that the Board adopt two changes to the Code of Conduct at the Board’s September meeting. (If the Board approves these changes, we will report on them in the next CEO report.) Next, the Committee received an update on internal audit activities, as well as highlights of recent audits. The Committee also discussed the 2020 operating and capital budgets and the remaining schedule for budget review. The Committee was provided with an annual insurance coverage summary and discussed the 2019 budget performance. The Committee approved the second quarter unaudited financial statements after management confirmed that all relevant disclosures from managers were included in the financial statements. The Committee considered the agenda for its upcoming annual “deep dive” on cyber issues in September, and received an update regarding the risks associated with Financial Transmission Rights, given defaults related to those markets in California and PJM. The Committee also conducted its biennial consideration of the Committee charter to confirm compliance, and agreed to recommend a revised charter with minor edits for the Board’s approval. Finally, the Committee discussed the results of its self-evaluation in executive session. ISO-NE PUBLIC NEPOOL PARTICIPANTS COMMITTEE SEP 13, 2019 MEETING, AGENDA ITEM #4 The Markets Committee discussed reports on market monitoring, mitigation and reliability costs, the performance of the wholesale electricity market during the Spring 2019 quarter, and held an executive session with the Internal Market Monitor. The Committee reviewed management’s responses to the recommendations included in both the Internal and External Market Monitors’ Annual Reports. Next, the Committee received an update on the status of the energy security initiatives, including the mechanism implemented in 2018 to allow the ISO to retain a retiring resource on an out-of-market basis to provide fuel security (“Chapter 2”), the Inventoried Energy Program filed in 2018 to provide incremental compensation to generators that maintain inventoried energy during cold periods for FCAs 14 and 15 (“Chapter 2B”), and the long-term market improvements to address energy security (“Chapter 3”). The Committee also conducted its biennial consideration of the Committee charter to confirm compliance, and determined that no changes were necessary. The System Planning and Reliability Committee discussed the comments received from stakeholders on the draft of the 2019 Regional System Plan, and the arrangements for the upcoming Regional System Plan public meeting. The Committee was provided with an overview of activities and events that were a major focus during the second quarter of 2019, including updates on the extreme weather conditions experienced in July, the growth of solar PV and energy efficiency resources, ongoing FCM qualification process, and interconnection activities. The Committee also previewed issues likely to be a focus during the third quarter. Next, the Committee reviewed a dashboard summary of ongoing projects, and reviewed the status of Regional System Plan projects. The Nominating and Governance Committee discussed board committee membership and state liaison assignments, and agreed to present the proposed recommendations to the Board for approval at the September meeting. The Committee completed interviews and chose a consultant to lead future facilitated Board and Committee evaluations and provide support during upcoming transitions in board membership. The Committee also considered topics for its annual corporate governance review. Lastly, the Committee received an update on the political environment, including related state and federal topics. ISO-NE PUBLIC SEPTEMBER 13 TH REPORT NEPOOL PARTICIPANTS COMMITTEE 9/13/19 Meeting, Agenda Item #5 NEPOOL Participants Committee Report September 2019 Vamsi Chadalavada EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER ISO-NE PUBLIC NEPOOL PARTICIPANTS COMMITTEE SEP 13, 2019 MEETING, AGENDA ITEM #5 Table of Contents • Highlights Page 3 • System Operations Page 12 • Market Operations Page 25 • Back-Up Detail Page 42 – Demand Response Page 43 – New Generation Page 45 – Forward Capacity Market Page 52 – Reliability Costs - Net Commitment Period Page 58 Compensation (NCPC) Operating Costs – Regional System Plan (RSP) Page 87 – Operable Capacity Analysis – Fall 2019 Page 123 – Operable Capacity Analysis – Preliminary Winter 2019 Page 130 – Operable Capacity Analysis – Appendix Page 137 ISO-NE PUBLIC 2 NEPOOL PARTICIPANTS COMMITTEE SEP 13, 2019 MEETING, AGENDA ITEM #5 Highlights • Day-Ahead (DA), Real-Time (RT) Prices and Transactions – Energy market value was $321M, down $93M from July 2019 and down $240M from August 2018 • August natural gas prices were 11% lower than July 2019 average values • Average RT Hub Locational Marginal Prices ($23.58/MWh) were 19% lower than July 2019 averages – Avg. DA Hub LMP: $25.69/MWh • Average August 2019 natural gas prices and RT Hub LMPs were down 36% and 40%, respectively, from August 2018 averages – Average DA cleared physical energy during the peak hours as percent of forecasted load was 101.3% during August, up from 99.9% during July* • Highest monthly average since Standard Market Design implementation • The minimum value for the month was 93.4% on Tuesday, August 13th Full month of August 2019 data is reflected throughout the report. Underlying natural gas data furnished by: *DA Cleared Physical Energy is the sum of Generation and Net Imports cleared in the DA Energy Market ISO-NE PUBLIC 3 NEPOOL PARTICIPANTS COMMITTEE SEP 13, 2019 MEETING, AGENDA ITEM #5 Highlights, cont. • Daily Net Commitment Period Compensation (NCPC) – August NCPC payments totaled $1.6M, down $2.1M from July 2019 and down $1.3M from August 2018 • First Contingency* payments totaled $1.1M, down $0.5M from July – $1.1M paid to internal resources, down $0.4M from July » $218K charged to DALO, $474K to RT Deviations, $394K to RTLO – $7K paid to resources at external locations, down $9K from July » Charged to RT Deviations • Second Contingency payments totaled $357K, down $1.6M from July • Distribution payments totaled $149K, down $42K from July – NCPC payments over the period as percent of Energy Market value were 0.5% * NCPC types reflected in the First Contingency Amount: Dispatch Lost Opportunity Cost (DLOC) - $158K; Rapid Response Pricing (RRP) Opportunity Cost - $223K; Posturing - $13K; Generator Performance Auditing (GPA) - $0 ISO-NE PUBLIC 4 NEPOOL PARTICIPANTS COMMITTEE SEP 13, 2019 MEETING, AGENDA ITEM #5 Price Responsive Demand (PRD) Energy Market Activity by Month DA, RT, and RT Dev MWh Market Value 6,000 $1,200 5,000 $1,000 Thousands 4,000 $800 3,000 $600 2,000 $400 1,000 $200 0 $0 (1,000) ($200) Jul-19 Jul-19 Jan-19 Jan-19 Jun-19 Jun-19 Oct-18 Oct-18 Apr-19 Apr-19 Sep-18 Feb-19 Sep-18 Feb-19 Dec-18 Dec-18 Aug-18 Aug-19 Aug-18 Aug-19 Nov-18 Nov-18 Mar-19 Mar-19 May-19 May-19 DA RT RT Dev DA RT Dev Total Note: DA and RT (deviation) MWh are settlement obligations and reflect appropriate gross-ups for distribution losses. ISO-NE PUBLIC 5 NEPOOL PARTICIPANTS COMMITTEE SEP 13, 2019 MEETING, AGENDA ITEM #5 Highlights • The RSP19 public meeting will be held on September 12, from 11:30am until 4:00pm, at The Westin Copley Place in Boston, MA • ISO continues to meet with the TC and RC on proposed enhancements to the competitive transmission solicitation process in the OATT to support an October filing • FCA 14 qualification activities are nearing completion – New Capacity Resource Qualification Determinations to be disseminated by September 27 – FERC filings pertaining to ICR and qualification will be made on November 5 ISO-NE PUBLIC 6 NEPOOL PARTICIPANTS COMMITTEE SEP 13, 2019 MEETING, AGENDA ITEM #5 Forward Capacity Market (FCM) Highlights • CCP 10 (2019-2020) – Late, new resources (regardless of size) are being monitored closely • CCP 11 (2020-2021) – Second reconfiguration auction will be August 1-5, and results were posted on September 3 • CCP 12 (2021-2022) – Second reconfiguration auction will be August 3-5, 2020 and results to be posted by September 2, 2020 • CCP 13 (2022-2023) – Auction results
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