The Midcontinent ISO on April 28 released the results from its 2026 Planning Resource Auction (PRA), indicating the region has sufficient generation capacity to maintain reliability for the upcoming planning year (June 2026-May 2027).
While summer prices reflect a tighter balance between supply and demand, the overall system shows enough capacity to meet expected needs across all seasons, it said.
“Capacity offered into this year’s auction grew by as much as 4% in each season compared to last year,” said Aubrey Johnson, MISO vice president of system planning and competitive transmission. “That increase reflects the collaborative efforts of MISO, our states and our members to bring new resources online quickly to meet growing demand. While we are making real progress, we still have more to do to address reliability risks as load growth accelerates.”
The seasonal Auction Clearing Prices are:
• Summer (June, July and August):
o $424.30/MW-day for Local Resource Zones 1-7 (portions of Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Montana, North Dakota, South Dakota and Wisconsin)
o $384.10/MW-day for Local Resource Zones 8 and 10 (portions of Arkansas and Mississippi)
o $412.10/MW-day for Local Resource Zone 9 (most of Louisiana and southeast Texas)
• Fall (September, October and November): $33.92/MW-day
• Winter (December, January and February): $35.97/MW-day
• Spring (March, April and May): $7.61/MW-day
• Annualized, the prices are $126.19/MW-day for the North/Central subregion, $116.06 for Local Resource Zones 8 and 10, and $123.12 for Local Resource Zone 9.
This is the second year MISO has utilized a Reliability Based Demand Curve (RBDC), a pricing framework that better reflects the increasing value of accredited capacity as the system approaches minimum reliability requirements, it noted.
This structure helped procure capacity reflecting reliability value at cost competitive prices across all seasons this year; the auction cleared 3.5% above the summer Planning Reserve Margin (PRM) target of 7.9%.
“These results give us a clear picture of where we’re making progress and where we still need to focus,” Johnson said. “Our region is growing quickly, and we’re working with our members and states to keep pace. The auction results help guide those decisions so we can stay ahead of reliability challenges.”
The majority of MISO’s Load Serving Entities (LSEs) either self-supply or secure the capacity they need before the auction. Those that enter the auction to procure capacity must pay the Auction Clearing Price and those holding excess capacity sell it at the same clearing price. The impact on consumer costs will vary and depend on factors such as the amount of capacity purchased through the PRA and the terms of wholesale power purchase agreements or state-regulated retail rates.
MISO’s Independent Market Monitor (IMM) has reviewed and agreed with the offers and results of the 2026 PRA.
