As CAISO continues on its journey towards 100% carbon-free power, market dynamics continue to evolve as the power system continues to face a variety of operational risks, including uncertain hydro availability, social pressure against thermal generation, a transition to intermittent and duration-limited energy resources, and a general need to better plan for evolving critical system conditions that affect reliability. This report discusses Ascend's outlook on the CAISO market as the system accommodates ever increasing renewable deployment,

ERCOT is undergoing a rapid energy transition, with an enormous surge in renewable generation and storage. This transformation of the power supply will bring a variety of changes to the market dynamics in ERCOT, with changing critical system conditions, price volatility, and geospatial patterns. This report discusses Ascend's outlook on the ERCOT power market as this transition plays out.

New England has low renewable penetrations at present, but aggressive state clean energy policies will drive rapid change to the supply mix. As renewable resources supplant thermal generation, price volatility will rise and the need for capacity resources will grow as thermal generation retires and capacity markets tighten. This report discusses Ascend's market outlook for ISO-NE as this transition gets underway.

MISO currently has a low renewable penetration, but a surge of incoming renewables is coming in the interconnection queues. This incoming generation will place severe economic pressure on inflexible thermal generation, driving extensive coal retirements. However, capacity prices are expected to remain low with utilities self-supplying most of their capacity. As a result, offtake contracts will be needed for standalone storage until the 2030s as renewable resources supplant thermal generation, driving price volatility upward. This report discusses Ascend's market outlook for MISO as this transition progresses.

New York has low renewable penetrations at present, but aggressive state clean energy policies will drive rapid change to the supply mix. As renewable resources supplant thermal generation, price volatility will rise and the need for capacity resources will grow as thermal generation retires and capacity markets tighten. This report describes Ascend's market outlook for NYISO at its transition gets underway.

PJM has a low renewable penetration, but interconnection queues indicate that change is coming, with a surge of incoming renewables that will place severe economic pressure on inflexible thermal generation, particularly coal. Tightening clean energy policies coupled with accelerating demand for clean energy among offtakers will be a critical driving force for energy transition in PJM. However, offtake contracts will be needed for standalone storage until the 2030s as renewable resources supplant thermal generation, driving price volatility and capacity prices upward. This report discusses Ascend's market outlook for PJM as this transition progresses.

SPP already has one of the highest renewable penetrations in the country, and continued renewable additions will push it even higher. SPP is experiencing a surge in solar buildout, with thermal generation coming under severe economic pressure, and price volatility growing. This report discusses Ascend's market outlook on SPP as it undergoes this supply transformation.