Midcontinent Independent System Operator or otherwise known as MISO is a not-for-profit self-regulating Energy Transmission organization that provides for 15 U.S. states and Manitoba Canada. MISO runs a 29-billion-dollar operation in an annual gross market energy business, making it one of the largest energy markets with 65,800 miles of transmission lines! Regional transmission system operators or, RTO kicked off when Federal Energy Regulatory Commission agency, FERC, preferred to remove impediments to competition on the wholesale bulk power market while introducing more resourceful low-cost electricity to the people. MISO works to provide that service established in 1998 but opening in 2001 with a grid that is unbiased and has open access for consumers to access the transmission facilities if supervision is provided. MISO became the first RTO approved by the FERC and they owe this honor to their teamwork and multifaced group of regulators, environmentalist, transmission owners and energy providers.
MISO is administrated by nine independent Board of Directors members, with eight independent directors elected by the membership, and then the president of MISO. All board member cannot previously have been a director, officer or employee of a member, user, or affiliate of a member or user for two years before or after the election to the Board. Their Standards of Conduct claims that all MISO board members, employees, and their immediate family members are required to rid themselves of any financial holdings in member or user companies. These requirements reveal the high standards and commitment the MISO team must providing unbiased trustworthy power to the Midwest and the South. Provided here is an interactive map depicting the number of stakeholders directly and indirectly involved with MISO energy production throughout the Midwest.
Both MISO and JPM created a Joint & Common Market (JCM) to match market regulations within the two as well as limit the operation effects of the numerous transmission interconnections between the two organizations. In December 2003, the two RTOs filed a Joint Operating Agreement with FERC, explaining how they each will communicate information and plans for their operations.
MISO has been looking to improve their market design. Since 2014 they have identified key Market visions that can be improved on and have work to expand on what is financially reasonable and important. Their focus areas include:
1. Enhance Unit Commitment and Economic Dispatch Processes
2. Maximize Economic Utilization of Existing and Planned Transmission Infrastructure
3. Improve Efficiency of Prices under All Operating Conditions
4. Facilitate Efficient Transactions across Seams with Neighboring Regions And more.
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