Reflecting real time operation business practices in market design

Summary form only given. An ISO´s real-time operation faces many challenges, e.g., how to manage load forecasting error, how to incorporate corrective actions and system ramping capability in post-contingency state, and how to dispatch the system during reserve shortage or excessive generation. These operational issues are further complicated by their interactions with the real-time market. As a result, it is critical to have a market design coping with the operations. In this presentation, we address some of the prominent challenges in ISO-NE´s real-time operation and market. Possible remedies in terms of adjustments to the current real-time market design are discussed.