Abstract
AbstractSince the launch of the first auction for Financial Transmission Rights (FTRs)1 in 1999, the Independent System Operator (ISO)‐conducted FTR markets have seen tremendous growth. Six ISOs—CAISO, ERCOT, ISO‐NE, MISO, NYISO, and PJM—now offer FTRs as a way to hedge exposure to the congestion charges that emerge when out‐of‐merit generators are dispatched during periods of transmission grid congestion. Over time, many ISOs have increased the variety of terms available for FTRs, allowing participants to purchase FTRs years in advance. Financial participants have increasingly joined the FTR markets as well, providing useful liquidity.
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