Prepared by ICF International, February 2007. The Midwest Independent System Operator (ISO) engaged ICF to estimate potential and actual economic benefits of its market operations for the period June 2005 through August 2006. On April 1, 2005, the Midwest ISO began operation of Midwest Markets—an hourly locational marginal price (LMP) energy market that includes centralized unit commitment and dispatch, a day-ahead energy market, a real-time energy market, and a financial transmission rights market. Detailed study results were released in February 2007, followed by an addendum in May 2007. The report reveals an upward trend in the percentage of potential benefits that were actually achieved, suggesting improvements in operation of the markets following market start-up. Findings indicate that a subset of benefits provided by a large RTO such as the Midwest ISO brought US$58 million in tangible financial benefits—or an annualized figure of almost $70 million—to market participants during a 10-month study period.