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Preparing for Ontario's Nodal Market Transition 

The Ontario Market Renewal Program goes live May 1, 2025, ushering in the nodal era for Ontario’s IESO (Independent Electricity System Operator). This will modernize Ontario’s electricity market with several major changes to deliver a more efficient, stable marketplace with competitive and transparent mechanisms that meet system and participant needs at the lowest cost. 

Explore the changes coming to Ontario's IESO and how Yes Energy is responding to this seismic energy market shift. 

On Demand Webinar
ontario IESO


In this webinar, Emily Merchant, Director of Product at Yes Energy, will cover: 

  • A detailed breakdown of the Market Renewal Program
  • The impact for market participants
  •  The current state of IESO data in Yes Energy and insights into how our solutions are evolving to help you navigate the this transformation with confidence

 

 

 

Emilys headshot for IESO

Emily Merchant is a director of product at Yes Energy in charge of setting the vision and strategy for Yes Energy's PowerSignals, QuickSignals, and Trading Regions (public data) products. Emily has over 12 years of experience working in the energy industry. Prior to Yes Energy, Emily worked at Navigant Consulting (now Guidehouse) for seven years where she helped utilities assess the impact of their energy efficiency programs. She has also worked at E Source, Energy Trust of Oregon, and GDS Associates. A career highlight was being on the team that brought on S&P Global on as a new partner to Yes Energy in 2022. 

Want more information? Check out our blog
Ontario’s Power Market Goes Nodal. How to Prepare.

Frequently Asked Questions

How is the Hourly Ontario Energy Price (HOEP) going to be calculated after MRP?
After the MRP implementation, HOEP will be replaced by LMPs, and contracts will be settled based on these LMP prices. HOEP’s Global Adjustment (GA) charge will continue to exist following the implementation for Ontario, which is available in Yes Energy.
What is now the reference node in IESO?
By default, the reference bus will be the Richview Transformer Station. If the reference bus is out of service, then an alternative station will be chosen as per the prevailing system conditions (Real-Time Calculation Engine, p. 42).
 
Is there a maximum or a minimum price in real-time in Ontario post-MRP?
The settlement floor price is -$100/MWh. The maximum settlement will remain at $2,000/MWh. Resources can still offer as low as -$2,000/MWh, however.
Will financial transmission rights still settle on the real-time price, or will they settle on the day-ahead price?
Under MRP, financial transmission rights will be settled based on the day-ahead congestion prices instead of the real-time price.
How many zones will be tradable in the virtual market?

There are 10 electrical zones in Ontario, but only nine virtual trading zones. The Bruce and Southwest are combined into one Southwest virtual trading zone, see IESO's Introduction to Virtual Traders Report for more information.

I am a Yes Energy customer, where can I learn about the current / future state of IESO data in Yes Energy products?

Great question! You can find out more information by going to the Yes Energy help system (Yes Energy login required). You can also reach out to your dedicated account manager or support@yesenergy.com.

 
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