MISO September 2026 benchmark: Indiana Real-Time spreads rose 235% YoY to $1,021/MW-day
MISO September 2026 benchmark: Indiana Real-Time spreads rose 235% YoY to $1,021/MW-day
Real-Time, four-hour, top-bottom (TB4) spreads at Indiana Hub averaged $1,021/MW-day in September, up 235% year over year (YoY). Day-Ahead spreads in MISO averaged $422/MW-day, up 142% YoY.
A BESS in MISO North could have earned $495/MW-day and one in MISO South $488/MW-day. The two came within 1% of each other, smaller than the 3% gap in August and 90% in July.
However, the regions converged despite differing dispatch strategies. Day-Ahead energy arbitrage paid MISO North $21/MW-day more than MISO South, a wider margin than August's $9/MW-day. Regulation lifted both regions, as it clears market-wide. Day-Ahead regulation cleared at $23/MWh, 28% above September 2025 and 35% above August.
Two evenings carried the month’s revenue stack. September 2 and 17 together paid $1,692/MW in MISO North, 12% of September's revenue from 7% of its days.
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