The New York ISO said that stakeholders approved a comprehensive shortage pricing proposal that will better reflect wholesale energy production costs and, "improve generation availability during critical operating periods."

NYISO said that the proposal, "helps to enhance grid reliability and represents a key component of the grid operator's broader fuel assurance initiative."

The shortage pricing mechanism includes potential prices for certain products in excess of $3,000/MWh under certain shortage conditions ($3,100 for the East, $3,175 for SENY)

The proposal will increase the amount of operating reserves purchased in the market to ensure that a sufficient level of resources needed to meet reliability have made the necessary fuel arrangements to perform in real time.