ISO-NE Forward Capacity Market Description and Update on the CAR Project
The Forward Capacity Market (FCM) ensures that the New England power system will have sufficient resources to meet the future demand for electricity. Forward Capacity Auctions (FCAs) historically have been held annually, three years in advance of the operating period. Resources compete in the auctions to obtain a commitment to supply capacity in exchange for a market-priced capacity payment.
These payments help support the development of new resources. Capacity payments also help retain existing resources. For example, they incentivize investment in technology or practices that help ensure strong performance. They also serve as a stable revenue stream for resources that help meet peak demand but don’t run often the rest of the year.
ESAI Power is actively following the proposed rule changes under the Capacity Auction Reforms (CAR) Project in ISO-NE, with the next auction for CCP 2028/29. The proposed Capacity Market Reforms will establish a prompt/seasonal capacity market in ISO-New England. In it’s December 30, 2025 FERC filing, the ISO includes a proposed Capacity Auction Schedule for the Capacity Commitment Period beginning June 1, 2028 and ending May 31, 2029.
Here is the current proposed schedule for the ISO-NE capacity market auction for 2028.
ISO-NE Capacity Auction Calendar for CCP 2028/29
Below is a non-exhaustive, illustrative listing of proposed dates and deadlines associated with the annual Capacity Auction for the Capacity Commitment period beginning on June 1, 2028 and ending on May 31, 2029.
- Qualifications Data Submission Deadline – February 4, 2028
- Capacity Offer Review Submission Deadline – March 1, 2028
- Load Serving Entity Share of ICR Published to Participant – April 26, 2028
- Load Serving Entity Self Supply Designation – April 28, 2028
- Annual Capacity Auction Conducted – May 4 to May 9, 2028
- Capacity Auction Results published by ISO-NE – May 10, 2028
Please note that above dates were proposed to FERC in ISO-New England’s filing on 12/30/2025 and these dates are not final.
Updated January 2026
Notes
- ESAI Power is providing this information to assist you in understanding the schedules for different ISO/RTO Energy Auctions.
- ESAI Power urges all market participants to check all market rules and ensure that you are complying with all requirements for each ISO/RTO.
More Information
- To read ISO-NE’s full FERC filing submitted on 12/30/25 click here. The fully detailed auction calendar referenced above is on page 37.
- Full details on the Capacity Auction Reforms (CAR) Key Project:
ISO-NE Capacity Auction Reforms (CAR) Project
About ESAI Power
ESAI Power is a market research and consulting firm that delivers focused analysis of the US wholesale power markets: PJM, NYISO, ISO-NE & MISO. Since 2003, ESAI has been providing Capacity, Energy, Renewables, Emissions, and Transmission coverage for Equity Investors, Lenders, IPPs, Power Generation Asset owners, Developers, Traders, regulators & RTOs to support better investment and trading decisions in PJM, NYISO, ISO-NE & MISO. Our market analysts and consultants also support buy-side M&A work for private equity investors and IPPs assessing the valuation of Power Plants and Renewable Energy investments.