The Federal Energy Regulatory Commission just published its 2023 Common Metrics Report. FERC’s CMRs are meant to provide insight into the performance of the country’s power markets. The information presented is, according to the preface, “provided by RTO/ISO respondents, unless noted otherwise, but do not necessarily reflect the positions or conclusions of the respondents themselves.”

It’s an expansive report—eighty pages, lots of tables, graphs, etc. Given that renewables are the fastest growing type of generation and pose the most significant challenges to grid reliability and that most renewables operate in America’s power markets, it’s worth delving into the report.

Especially one area, which seems puzzling: renewable capacity factors.

Let me show you what I mean and why it’s important.