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Peculiarities in the way the Midwest Independent Transmission System Operator,
Inc. (MISO) defines peak hours and the fact that it stays on Eastern Standard
Time (EST) all year are potential sources of confusion for electricity futures
traders. When using MISO markets and their price data, the following points must
be understood:
MISO does not transition into and out of Daylight Savings Time (DST), while
eastern prevailing time does reflect the adjustment from standard to daylight
time and back.
The MISO tariff defines peak hours as from the hour ending (HE) 0700 to HE 2200
EST, while the marketplace at large trades in time blocks of HE 0800 to HE 2300
eastern prevailing time as peak hours, as is done throughout the eastern electricity
markets.
The New York Mercantile Exchange futures contracts for the MISO hubs use the power
market convention of prevailing time in the eastern time zone.
Peak Hours
During the winter months when standard time prevails, peak hours by market convention
are HE 0800 to HE 2300 EST.
MISO peak hours are HE 0700 to HE 2200 EST.
During the spring and summer when DST prevails:
MISO Peak Hours are HE 0700 to HE 2200 EST, which corresponds to HE 0800 to HE
2300, Eastern Daylight Time.
Off Peak Hours
During the winter months when standard time prevails, off-peak hours by market
convention are HE 0100 to HE 0700, HE 2400 EST, which correspond to the off-peak
hours defined by the MISO tariff.
During the spring and summer when DST prevails, off-peak hours by market convention
are HE 0100 to HE 0700, HE 2400, Eastern Daylight Time (EDT), (eastern prevailing
time).
MISO Off Peak Hours are HE 0100 to HE 0700, HE 2400 EST, which corresponds
to HE 0100 to HE 0600, HE 2300 to HE 2400, eastern prevailing time.
Holidays listed by the North American Electric Reliability Council are off-peak
days.
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Hours |
Fall,
Winter
Eastern Standard Time |
Spring,
Summer
Eastern Daylight Time
(prevailing time) |
Market Convention |
Peak |
HE 0800 to HE 2300, EST |
HE 0800 to HE 2300, EDT |
Off Peak |
HE 0100 to HE 0700, HE 2400, EST |
HE 0100 to HE 0700, HE 2400, EDT |
MISO |
Peak |
HE 0700 to HE 2200, EST |
HE 0700 to HE 2200, EST |
Off Peak |
HE 0100 to HE 0700, HE 2400, EST |
HE 0100 to HE 0600, HE 2300 to HE 2400 EDT |
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