 Working closely with the New England Power Pool, now a group of generators, utilities, marketers, public power companies and end users, ISO New England implemented wholesale markets in 1999.About 400 market participants complete $10 billion in wholesale electricity transactions annually.ISO New England has enhanced these markets in 2003, when it adopted a “Standard Market Design (SMD).” SMD added features such as a Day-Ahead Market to protect against price volatility and locational pricing that improves efficiency by accurately gauging the true cost of producing and supplying power anywhere in the region.