The FERC issued an order that granted in part and denied in part the NEPGA Complaint.  The FERC granted the Complaint with respect to the uncapped Balancing Ratio (requiring a filing within 180 days proposing Tariff revisions to cap the Balancing Ratio (BR) at 1.0 and to make any conforming changes that ISO-NE finds necessary to effectuate that cap).  The FERC denied the complaint with respect to the stop-loss mechanism allocation methodology (agreeing with ISO-NE’s explanation that the allocation methodology is consistent with the “beneficiary pays” principle and reasonable for capacity resources to bear the costs because all capacity resources benefit from the stop-loss mechanism; disagreeing with NEPGA’s (i) statement that it is discriminatory to “charge” resources with CSOs through the stop-loss mechanism allocation when resources without CSOs are paid at the tariff rate; and (ii) argument that ISO-NE’s allocation methodology for its stop-loss mechanism is unjust and unreasonable because it differs from PJM’s).  In addition, the FERC found that refunds are not warranted since the BR has not risen above 1.0 since the 206’s July 25, 2025 refund effective date.