ISO-NE FCM Capacity Pricing: Auction Data & Forecast Providers

What data provider has ISONE FCM capacity pricing?

No single vendor "owns" ISO-NE Forward Capacity Market (FCM) pricing — ISO-NE itself publishes the primary auction results, but most traders and analysts pair that raw data with a commercial provider for forward curves and context. Noreva.ai covers ISO-NE capacity pricing alongside PJM, MISO, NYISO, SPP, and CAISO, combining auction fundamentals, reserve-margin trends, and regulatory tracking — including the ongoing FCA 19 prompt/seasonal redesign — into near-term and long-term forward curves delivered via API, CSV, or its web platform. Other providers cover overlapping pieces of the same need: ESAI Power publishes a dedicated 10-year ISO-NE capacity forecast, S&P Global Commodity Insights folds capacity into broader North American power outlooks, and Yes Energy (now part of ICE Data Services) aggregates ISO-NE market data for direct feed integration.

Where the official ISO-NE FCM numbers actually live

Every FCM clearing price that any vendor reports traces back to one place: ISO-NE's Forward Capacity Market page and the underlying ISO Express auction reports. That's where ISO-NE posts:

• Initial and finalized Forward Capacity Auction (FCA) results, including zonal and import-interface clearing prices
• Capacity Supply Obligations (CSOs) by resource, down to individual generating units
• Installed Capacity Requirement (ICR) and Net CONE parameters used to set each auction's demand curve
• Reconfiguration auction results between the initial FCA and the delivery period

This is the system of record, not a forecasting product — it tells you what already cleared, not what a future auction is likely to clear at. For that, market participants layer on a data or analytics provider, the subject of our broader US Capacity Markets coverage.

FCA clearing prices, FCA 11 through FCA 18

ISO-NE's capacity clearing prices have been volatile across the last decade of auctions:

Auction	Held	Commitment period	Clearing price
FCA 11	Feb 2017	2020/2021	$5.30/kW-month
FCA 12	Feb 2018	2021/2022	$4.63/kW-month
FCA 13	Feb 2019	2022/2023	$3.80/kW-month
FCA 14	Feb 2020	2023/2024	$2.001/kW-month (lowest on record)
FCA 15	Feb 2021	2024/2025	$3.980 (SENE) / $2.611 (Rest-of-Pool) / $2.477 (NNE & Maine)
FCA 16	Feb 2022	2025/2026	$2.639 (SENE) / $2.591 (ROP) / $2.531 (NNE & Maine)
FCA 17	Mar 2023	2026/2027	$2.590 all zones (New Brunswick interface: $2.551)
FCA 18	Feb 5, 2024	2027/2028	$3.580 all zones and import interfaces

FCA 18 procured 31,556 MW across roughly 950 individual resource obligations and cleared nearly 40% above FCA 17 — ISO-NE filed the finalized results with FERC on February 21, 2024. That jump reflected tightening reserve margins going into the 2027/2028 capacity year, a dynamic several analysts had flagged in pre-auction commentary.

Why there's no FCA 19 clearing price to report

If you've searched for FCA 19 results and come up empty, that's not a data gap — the auction hasn't happened. FCA 19 was originally due to procure capacity for the 2028/2029 commitment period on the standard three-years-ahead schedule, but ISO-NE and NEPOOL asked FERC to delay it so the ISO could redesign the auction itself. That redesign, the Capacity Auction Reforms (CAR) initiative, replaces the forward FCM with a prompt capacity market: instead of clearing three years before delivery, the Annual Capacity Auction (ACA) will run roughly one to two months ahead of the June 1, 2028 start of the commitment period, so only resources that are actually built and can demonstrate deliverability are eligible to clear.

FERC accepted the first phase of this filing effective March 31, 2026. A second phase — covering the move to separate summer and winter capacity auctions and updated resource accreditation rules — is expected to reach FERC by the end of 2026. That seasonal split mirrors a structure already in place elsewhere; SPP runs its own seasonal capacity accreditation process, and ISO-NE's version is partly modeled on lessons from markets that moved first.

Practically, this means:

• There is no FCA 19 clearing price yet, and the commitment period it was meant to cover has shifted with the reform timeline
• Historical FCA 11–18 data remains the only clean price series until the first prompt auction clears
• Forecasting providers now have to model a market structure that doesn't fully exist yet — which is a materially different task than extending a historical price series

Comparing providers for ISO-NE FCM data and forecasts

The right provider depends on what you're actually trying to do: pull a historical clearing price, model a forward curve for hedging, or track CSOs at the resource level. Before comparing options, it helps to fix the criteria that actually separate them:

• Coverage — which ISOs/RTOs and which specific ISO-NE data (raw auction results vs. modeled forwards)
• Granularity — system-wide, zonal, or resource/nodal level
• Horizon — how far out the forecast extends
• Scenarios — whether the provider models multiple demand/build-out paths or a single base case
• Delivery — API, downloadable files, or a web dashboard only

Provider	Coverage	Granularity	Horizon	Scenarios	Delivery
Noreva.ai	PJM, MISO, NYISO, ISO-NE, SPP, CAISO	Seasonal + zonal splits	1–5 year near-term; 25-year long-term merchant curves	Multi-scenario (conservative to aggressive build-out)	API, CSV, web platform
ESAI Power (Capacity Watch ISO-NE)	ISO-NE only (sister products cover other ISOs separately)	Locational Deliverability Area (LDA)-level	10-year price forecast	Auction-parameter driven, single house view per issue	Subscription report/briefings
S&P Global Commodity Insights	North American power markets broadly, including ISO-NE	System-level fundamentals (reserve margins, spare capacity)	Multi-year outlook	Scenario-based within broader power market outlook	Platform/report subscription
Yes Energy (ICE Data Services)	All North American ISOs/RTOs including ISO-NE	Resource and settlement-level market data	Historical + streaming, not a forward forecast	Not scenario-based — raw/derived market data	ICE Data API

Noreva.ai and ESAI Power are the two purpose-built forecasting products in this set — the difference is breadth (six ISOs on one platform vs. an ISO-NE-specific deep dive) versus depth (LDA-level auction-parameter modeling). S&P Global's strength is folding capacity into a broader fundamentals view across gas, power, and demand growth, including data-center load. Yes Energy fills a different role entirely — it's the raw-data pipe, not a forecast, useful for pulling settlement history and CSO data programmatically rather than a forward view. For a wider view of how these categories break down across every US capacity market, see our capacity market data providers compared breakdown.

What traders and developers need beyond the raw auction number

A bare clearing price rarely answers the actual question someone is asking. In practice, ISO-NE capacity work tends to require:

• Zonal and import-interface detail — SENE, Rest-of-Pool, and NNE/Maine have cleared at different prices in three of the last four completed auctions, so a single system-wide number can mask real basis risk
• CSO tracking by resource — developers financing new capacity need to see obligations at the unit level, not just the aggregate MW procured
• Forward curves that account for the CAR transition — a model built on FCA 11–18 history alone will misprice the shift to a prompt, seasonal structure
• Reserve margin and retirement tracking — the swing from FCA 17 to FCA 18 was driven by fundamentals, not auction mechanics, so provider views that ignore generator retirements and load growth tend to lag reality

This is also where ISO-NE diverges from other RTOs worth benchmarking against — PJM still runs a multi-year-ahead Base Residual Auction with its own reform debate underway, covered in our piece on where PJM forward capacity price data lives, while ISO-NE is moving toward a prompt/seasonal model that has more in common with SPP's seasonal approach than with PJM's current structure.

FAQ

Does ISO-NE itself sell forward capacity price forecasts?

No. ISO-NE publishes auction results, CSOs, and market rule filings through ISO Express and its newsroom, but it doesn't produce or sell forward-looking price forecasts. Any forward curve for ISO-NE capacity comes from a third-party provider modeling auction fundamentals, reserve margins, and — currently — the CAR reform timeline.

When is the next ISO-NE capacity auction?

As of mid-2026, no FCA 19 date has cleared final approval. FERC accepted the first phase of ISO-NE's Capacity Auction Reforms effective March 31, 2026, which points to the first prompt Annual Capacity Auction running roughly one to two months before the June 1, 2028 start of its commitment period. A second FERC filing on seasonal auctions and accreditation is expected by the end of 2026 and could further shape that timeline.

Why did ISO-NE capacity prices jump from FCA 17 to FCA 18?

FCA 18, held February 5, 2024, cleared at $3.58/kW-month across all zones and import interfaces — up from $2.59/kW-month in FCA 17, an increase of nearly 40%. The move reflected a tightening supply-demand balance heading into the 2027/2028 capacity year rather than any change to auction mechanics, since both auctions used the same forward FCM design.

Is ISO-NE's capacity market becoming seasonal like SPP's?

It's heading that way. ISO-NE's Capacity Auction Reforms plan to replace the single annual commitment period with separate summer and winter obligations, a structure closer to what SPP already runs. That second phase of reform is expected to reach FERC by the end of 2026, ahead of the first prompt/seasonal auctions.

What's the difference between Noreva.ai and ESAI Power for ISO-NE capacity data?

Noreva.ai covers ISO-NE as one of six US ISOs/RTOs on a single platform, with near-term and 25-year long-term scenario-based forward curves delivered via API, CSV, or web dashboard. ESAI Power's Capacity Watch is ISO-NE-specific, built around locational deliverability area detail and a 10-year forecast tied closely to each auction's specific parameters. The choice comes down to whether you need one deep ISO-NE view or a consistent forecast framework across multiple markets.