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Preparing for Ontario's IESO Nodal Market Transition
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Understanding Upcoming Changes to the Ontario Power Market

The Ontario Market Renewal Program (MRP), launching May 1, 2025, 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. 

What's Changing 

Two Schedule Real-Time Market
Single Schedule Market
Voluntary Day-Ahead Clearing Process
Formal Day-Ahead Market
Out-of-Market Payments for Congestion
Congestion Baked into Nodal LMP
Uniform Pricing
Nodal LMPs in RT and DA Markets
No Virtuals Market
Virtuals Market (Zonal)
Out-of-Market Payments for Congestion
Congestion Baked into Nodal LMP

For more information, check out our blog Ontario’s Power Market Goes Nodal. How to Prepare. and watch our on-demand webinar. 

Watch the Webinar

Yes Energy Is Ready for the IESO Changes 

Since 2008, we’ve helped hundreds of customers navigate nodal markets across the US. We understand the unique challenges that come with this kind of shift: the need for timely and accurate power market data.

We're committed to delivering high-quality data to IESO market participants during and after the market renewal transition. We collect dozens of reports from Ontario, which cover market fundamentals such as:

  • Real-time, day-ahead, and predispatch energy prices (LMPs, zonal, etc)
  • Real-time, day-ahead, and predispatch virtual energy prices prices
  • Real-time, day-ahead, and predispatch intertie energy prices
  • Constraint shadow prices
  • Generation actuals
  • Demand forecasts and actuals
  • And many, many more reports!

Expanding Market Coverage

We’re actively expanding our IESO data offering to support your decision-making as the market evolves. These insights will also be integrated across our core products, including PowerSignals®, QuickSignals®, and DataSignals® (API, Snowflake, and data lake).

Many of the new reports are available now in Yes Energy so that market participants can get ready for the market launch on May 1st! We’ve already mapped 900+ new price nodes and customers can access the real-time and day-ahead LMPs in our map modules in PowerSignals®!  

In the months after the MRP launch, Yes Energy will continue building out our IESO data catalog, prioritizing reports based on customer demand.

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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 find out more 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 your dedicated account manager or support@yesenergy.com.

Learn how we can help you supercharge your participation in Ontario's new and improved IESO market.
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