TORONTO, May 1, 2002 — The Independent Electricity Market Operator (IMO) said this morning that Ontario’s new competitive electricity marketplace was successfully opened Wednesday at midnight, Eastern Standard Time.
In the new wholesale electricity market, which is run by the IMO, generators and other suppliers compete to supply the electricity needs of the Ontario market.
The IMO accepts offers from these suppliers and calculates a new “on the spot” market price (the market clearing price) every five minutes – by balancing the supply of electricity with demand at that particular time.
At market opening, the first five-minute price for electricity was $25.43 MW/hr, or 2.54 cents KW/hr.
The Hourly Ontario Energy Price for the first hour of the live market was $22.97 MW/hr, or 2.3 cents KW/h. The hourly price represents an average of the 12 five-minute intervals in that hour.
Ontario’s new market has 239 participants:
– 93 Local Distribution Companies
– 89 Industrial Consumers
– 19 Generators
– 34 Wholesale Buyers/Sellers
– 4 Transmitters
The IMO will provide an update on market activity later today. Market highlights are available on the IMO website at http://www.theimo.com/imoweb/marketdata/marketToday.asp .