Official Seasonal Capacity Prices
| Season | North/Central | LRZs 8 and 10 | LRZ 9 | Buyer Read |
|---|---|---|---|---|
| Summer 2026 | $424.30 | $384.10 | $412.10 | Main invoice risk for the 2026/27 planning year. |
| Fall 2026 | $33.92 | $33.92 | $33.92 | Lower seasonal capacity cost, no zonal price separation. |
| Winter 2026/27 | $35.97 | $35.97 | $35.97 | Slightly above fall, still far below summer. |
| Spring 2027 | $7.61 | $7.61 | $7.61 | Lowest seasonal capacity print. |
What Changed From the Preview
The pre-results risk was that a narrow capacity margin could produce severe zonal price separation. The official results were more constructive than that scenario. MISO reported that all zones had enough resources at the regional, subregional, and zonal levels across all four seasons. Capacity offered into the auction increased versus last year, helping offset higher demand and lower accreditation in some resources.
MISO's reported annualized prices were $126.19/MW-day for North/Central zones, $116.06/MW-day for LRZs 8 and 10, and $123.12/MW-day for LRZ 9. The North/Central summer print was still high, but it was 36.3% below the 2025 summer price of $666.50/MW-day.
That does not make the result cheap. Summer still cleared at high capacity prices compared with most historical MISO seasons. The practical message for commercial buyers is narrower and more useful: model the summer capacity pass-through carefully, but do not apply the summer price to fall, winter, or spring without checking the supplier calculation.
Why Summer Still Matters
MISO said the summer auction cleared above the initial reliability target, but summer remains tight. The reported summer surplus above target improved from last year, yet MISO still pointed to large-load growth and the need for faster resource additions. That combination explains why summer capacity remains the main cost signal for Midwest commercial accounts.
Buyer Actions Before June 1
Replace scenario pricing with official summer ACPs
Use $424.30/MW-day for North/Central zones, $384.10 for LRZs 8 and 10, and $412.10 for LRZ 9 before accepting supplier capacity math.
Separate summer from the rest of the planning year
The high-risk capacity signal is concentrated in summer; fall, winter, and spring cleared at much lower values.
Audit pass-through language before June 1
The new planning year starts June 1, so fixed-price, index, and pass-through contracts should be checked before summer charges flow through.
Keep demand response and peak control active
MISO reported summer remains tight even though all zones cleared sufficient resources, which keeps flexible load valuable.
How to Read Supplier Quotes
Ask whether the supplier is using the official MISO seasonal auction clearing price, a zonal blended value, or an internal risk adder. Also ask whether the quote treats capacity as a fixed embedded component or a pass-through line item. A contract can look fixed on energy while leaving capacity open to adjustment.
Multi-site buyers should map each facility to its Local Resource Zone before comparing offers. LRZ 9 did not clear at the same summer price as LRZs 8 and 10, and the North/Central zones carried a higher summer clearing price than the South zones.
Sources: MISO 2026 PRA Results Posting PDF, MISO Annual PRA Results Review event, MISO Resource Adequacy FAQ, and MISO Planning Resource Auction overview.