Prior to the 16th Forward Capacity Auction (FCA 16), the multiyear rate election allowed participants to lock in an FCA clearing price for up to six additional and consecutive capacity commitment periods. Subsequent payment rates were then calculated using an indexed adjustment instead of the next FCA’s clearing price. The new rate for each period was the initial FCA clearing price multiplied by the ratio of the Handy-Whitman Index of Public Utility Construction Costs for the current Forward Capacity Market (FCM) period to the Handy-Whitman Index for the initial FCM period. The indexes used in recent year FCM settlements are as follows:
|
Capacity Commitment Period |
Start Date |
End Date |
Handy-Whitman Index |
Rate Effective Date |
|
FCA 7 |
6/1/2016 |
5/31/2017 |
858 |
12/31/2015 |
|
FCA 8 |
6/1/2017 |
5/31/2018 |
894 |
12/31/2016 |
|
FCA 9 |
6/1/2018 |
5/31/2019 |
931 |
12/31/2017 |
|
FCA 10 |
6/1/2019 |
5/31/2020 |
977 |
12/31/2018 |
|
FCA 11 |
6/1/2020 |
5/31/2021 |
1011 |
12/31/2019 |
|
FCA 12 |
6/1/2021 |
5/31/2022 |
1069 |
12/31/2020 |
|
FCA 13 |
6/1/2022 |
5/31/2023 |
1,128 |
12/31/2021 |
|
FCA 14 |
6/1/2023 |
5/31/2024 |
1,283 |
12/31/2022 |
|
FCA 15 |
6/1/2024 |
5/31/2025 |
1,496 |
12/31/2023 |
Additional data can be found on the FCM Parameters page.
The publisher of the data, , has granted the ISO permission to publish Handy-Whitman Index data.
Per FERC Order EL20-54-000, the multiyear rate election is prospectively eliminated beginning with FCA 16.
