Inclusive, open and transparent budget process
The NYISO has a long history of stakeholder inclusiveness, transparency and accountability on budgetary matters. The NYISO's budget process engages stakeholders to determine spending priorities and provides ongoing information on spending throughout the year.
As part of the NYISO's shared governance structure, stakeholders play a vital role in the development of the NYISO's budget. Through this process, the Budget and Priorities Working Group (BPWG) provides guidance to the NYISO on:
- Project identification, prioritization, evaluation and recommendations for inclusion in the annual budget
- Potential projects for inclusion in future years' budgets
- Monitoring progress on project scope, cost and schedule throughout the project lifecycle
- Ensuring effective communication regarding projects and other budgetary matters with Market Participants and the governance committee, subcommittees, working groups, etc.
As the BPWG, a stakeholder-run working group, develops the priorities for projects, project funding and then proposes a budget, it also provides a forum for stakeholders to offer perspective spanning the diverse array of market sectors.
After the BPWG provides their input to the annual budget process, the working group sends a budget proposal to the Management Committee for review. The Management Committee is the NYISO's highest-ranking stakeholder committee with representatives from Generation Owners, Transmission Owners, End-Use Consumers, Public Power/Environmental Parties and Other Suppliers. The Management Committee then votes on whether to recommend the budget proposal to the NYISO's Board of Directors for final approval.
The NYISO's budget development process take place from May through December, with ongoing review and feedback with stakeholders throughout this time.
Once the budget is approved by the NYISO Board of Directors, the NYISO monitors projects and spending to remain within the budget and meet performance goals. The BPWG meets regularly throughout the year to review the status of projects, budgetary spending and revenue recovery, as well as to address any emerging issues.
To see the results of the NYISO's commitment to an inclusive, open and transparent budget process, please take a look at the following documents below.