Abstract
Summary form only given as follows. The Federal Energy Regulatory Commission is in the process of proposing a standard market design (SMD) to enhance competition and lower prices. The goal of this effort is to reform public utilities' open access transmission tariffs, facilitate market development, provide more choice and improved services for all market participants, lower prices from reduced transaction costs and wider trade opportunities, improve reliability through better grid operations and expedited infrastructure improvements, and provide certainty about market rules and cost recovery for greater investor confidence. In this presentation the author addresses the following issues: FERC's SMD Notice of Proposed Rulemaking if it is released by then; SMD transmission products for price certainty; bilateral contracting; markets: real time, day ahead, regulation and operating reserves; SMD provisions for alternative transmission right products: obligation and options rights, flowgate and point-to-point rights; SMD provisions for generation adequacy and installed capacity obligations; and SMD market power mitigation measures.
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