Abstract
This paper discusses the functional design of the new ancillary service markets (ASM) of ISO New England under the framework of standard market design (SMD). The re-introduction of ancillary service markets into ISO New England's wholesale electricity market is envisioned to correctly value and price the actions necessary to prepare for and maintain the reliability of power system dispatch in conjunction with operating an efficient energy market. The new ASM consists of a forward reserve market, a real-time reserve market and a redesigned regulation market energy and various ancillary services are simultaneously cleared and locational energy and reserve prices are produced in real-time. The relationship between the regulation clearing and the co-optimization of energy and reserves is discussed..
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