Since the market opened in 2002, the province’s power sector has experienced significant change, including coal phase-out, thousands of megawatts (MWs) of new or refurbished generation and conservation, a growing demand response and increased amounts of distributed energy resources. Looking into the future, change is expected to accelerate with a greater penetration of renewables, smart grid technology implementation and the government’s policy of further reducing its carbon footprint. Consequently, a properly designed energy market will be essential to efficiently and reliably organize and adapt to a changing world.
Together with its stakeholders, the IESO is beginning a major initiative to renew its electricity market design (the “MRP”). The objective of the initiative is to address existing market inefficiencies and lay a foundation for a more efficient marketplace in the future.
With any large change project come risks that must be identified and managed to ensure effective execution of the MRP. The IESO is looking to engage a Service Provider that can provide support in the identification, assessment and initial reporting to the IESO’s Board of Directors, Executive Leadership Team (ELT) and stakeholders (including the Market Renewal Executive Steering Committee) of the risks impacting the MRP at each phase. As this is a multi-phase initiative, assessments will be required before the beginning of each of the phases over the four year timeframe. The work is expected to commence in the fourth quarter of 2017 with multiple non-continuous phases over the course of the four year term on a schedule that will be determined as the MRP progresses.
