What ISO-NE Approved
ISO-NE posted approved ARA2 and annual reconfiguration-transaction results for Capacity Commitment Period 2027/28 on September 2. The official ARA2 CSV reports a $3.935/kW-month clearing price across Rest-of-Pool and the listed interfaces.
| Interface | Supply Cleared | Demand Cleared | Net Cleared | Price |
|---|---|---|---|---|
| Rest-of-Pool | 445.400 MW | 544.375 MW | -98.975 MW | $3.935/kW-month |
| Maine | 13.540 MW | 45.226 MW | -31.686 MW | $3.935/kW-month |
| Northern New England | 21.871 MW | 35.765 MW | -13.894 MW | $3.935/kW-month |
ISO-NE's CSV displays demand-clearing quantities with negative signs. The table shows demand as an absolute quantity and preserves the reported net sign. Values were generated by ISO-NE on September 3, 2026.
How ARA2 Compares With FCA 18
ISO-NE's key statistics put the original FCA 18 Rest-of-Pool price for 2027/28 at $3.580/kW-month, with 31,556 MW acquired. The ARA2 price is $0.355 higher. KilowattLogic calculates the relative increase as 9.9%: `($3.935 - $3.580) / $3.580`.
That comparison is useful for tracking the value of adjusting capacity positions closer to delivery. It should not be read as a 9.9% increase in a customer's total electricity rate. Customer exposure depends on load obligations, supplier pricing mechanics, utility tariffs, hedges, and other energy, transmission, and ancillary charges.
Where Prompt-Auction Reform Fits
The 2027/28 period remains part of ISO-NE's existing Forward Capacity Market transition. FERC accepted the first phase of Capacity Auction Reforms on March 30, 2026. ISO-NE says the prompt-auction design will apply to delivery periods beginning in 2028, while a second seasonal-accreditation phase is expected to be filed by the end of 2026.
ARA2 is therefore a current market result, not a preview clearing price for the first prompt auction. Buyers should keep the reconfiguration result, the legacy FCA settlement, and future prompt-market design as separate layers.
Commercial Buyer Actions
- Ask how capacity is passed through: confirm whether the supplier fixes, reconciles, or separately itemizes capacity obligations and reconfiguration effects.
- Preserve the delivery-year distinction: do not blend 2027/28 ARA2 with the future prompt-auction period beginning in 2028.
- Model facility load shape: translate any capacity-market input through the account's peak contribution, loss factors, supplier methodology, and contract language.
- Track the second reform phase: seasonal accreditation could change how resources qualify and how future obligations are valued.
What Not To Infer
- The ARA2 price does not replace FCA 18 for every obligation and is not a full retail rate.
- The cleared bid quantities do not establish a region-wide capacity shortage or guarantee a future auction direction.
- Prompt-auction reforms do not make the 2027/28 ARA2 a prompt auction.
Sources: ISO New England approved 2027/28 ARA2 results and annual reconfiguration transactions; ISO-NE Forward Capacity Market key statistics; ISO-NE Capacity Auction Reforms key project and Regional Electricity Outlook. Reviewed September 3, 2026.