Citing financial reporting concerns, MISO delays ancillary services launch to January

摘要

Its twice-delayed ancillary services market is operationally capable of a December 9 launch, but Midwest Independent Transmission System Operator will wait until January 6, acquiescing to a request from members concerned about Sar-banes-Oxley Act compliance. The regional transmission organization was expected soon to confirm the new date in a tariff filing at FERC.rnThe concerns centered "primarily on certification on December 31 of the adequacy and effectiveness of financial controls for the three-week period in December," MISO said in a statement. Sarbanes-Oxley imposes a number of requirements related to dissemination and disclosure of financial information by public corporations, including that officers annually attest to their company's financial statements.rn"Feedback indicates that the risk does not seem to warrant starting the market in December," MISO continued. Based on requests from "many of our companies, we have settled on an ASM launch date of January 6, 2009. This date should provide no problems from an operational perspective and will solve the Sarbanes-Oxley issues."