2025-08-15T09:06:18+00:00 2024-12-31 135565207 KPMG LLP 60 South Street Boston MA 02111 990 2024-01-01 043372500 ISO NEW ENGLAND INC ISON 4135354000 ONE SULLIVAN ROAD HOLYOKE MA 01040 ROBERT C LUDLOW CHIEF FIN'L AND COMPL OFFI 2025-08-15 true Stephanie Lonczak P01880207 6179881000 2025-07-31 2024 2025-03-06 01:10:19Z GORDON VAN WELIE ONE SULLIVAN ROAD HOLYOKE MA 01040 264611479 false X WWW.ISO-NE.COM X 1997 DE THE CORPORATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE PURPOSES INCLUDING THE FOLLOWING: TO (I) MAINTAIN THE RELIABILITY OF THE BULK POWER AND TRANSMISSION SYSTEM IN NEW ENGLAND BY, AMONGST OTHER FUNCTIONS, EXERCISING OPERATIONAL AUTHORITY OVER THE BULK TRANSMISSION FACILITIES, (II) ADMINISTER AND SEEK TO ENHANCE SUSTAINABLE, COMPETITIVE AND EFFICIENT ENERGY MARKETS, AND (III) PROVIDE NON-DISCRIMINATORY, OPEN-ACCESS TRANSMISSION SERVICE. 9 9 764 0 0 0 0 233806868 262503596 1793188 2090594 0 235600056 264594190 13500 13500 0 139985650 156422169 0 0 95600906 108158521 235600056 264594190 0 0 513103203 700237762 513103203 700237762 0 0 THE CORPORATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE PURPOSES INCLUDING THE FOLLOWING: TO (I) MAINTAIN THE RELIABILITY OF THE BULK POWER AND TRANSMISSION SYSTEM IN NEW ENGLAND BY, AMONG OTHER FUNCTIONS, EXERCISING OPERATIONAL AUTHORITY OVER THE BULK TRANSMISSION FACILITIES, (II) ADMINISTER AND SEEK TO ENHANCE SUSTAINABLE, COMPETITIVE AND EFFICIENT ENERGY MARKETS, AND (III) PROVIDE NON-DISCRIMINATORY, OPEN-ACCESS TRANSMISSION SERVICE. false false 115867972 128373469 ISO NEW ENGLAND INC. (ISO-NE) IS THE NOT-FOR-PROFIT ORGANIZATION AUTHORIZED BY THE FEDERAL GOVERNMENT TO PERFORM THREE CRITICAL ACTIVITIES TO ENSURE THE RELIABLE SUPPLY OF ELECTRICITY THROUGHOUT NEW ENGLAND. THROUGH ITS FIRST ACTIVITY, ENERGY ADMINISTRATION, ISO-NE ENSURES THE CONSTANT AVAILABILITY OF COMPETITIVELY PRICED ELECTRICITY FOR THE REGION'S 15.1 MILLION RESIDENTS BY DESIGNING, REFINING, AND ADMINISTERING IN A FAIR AND UNBIASED MANNER THE REGION'S WHOLESALE ELECTRICITY MARKETS. DURING 2024, ISO-NE WAS RESPONSIBLE FOR THE FAIR ADMINISTRATION OF APPROXIMATELY $7 BILLION OF MARKET TRANSACTIONS. 71396763 13500 79090602 THROUGH ITS SECOND ACTIVITY, RELIABILITY ADMINISTRATION, ISO-NE ENSURES THE RELIABLE DAY-TO-DAY OPERATION OF THE REGION'S HIGH VOLTAGE TRANSMISSION SYSTEM. AMONG OTHER THINGS, THIS INVOLVES (I) COORDINATING THE OPERATION OF THE REGION'S NEARLY 400 DISPATCHABLE POWER PLANTS AND 9,000 MILES OF HIGH VOLTAGE TRANSMISSION LINES; (II) MANAGING THE MOVEMENT OF HIGH-VOLTAGE ELECTRICITY INTO, WITHIN, AND OUT OF NEW ENGLAND; (III) ENSURING THAT THE SIX-STATE NEW ENGLAND REGION HAS THE POWER SYSTEM RESOURCES NECESSARY TO MEET CONSUMER DEMAND FOR ELECTRICITY AND FEDERALLY-MANDATED RELIABILITY REQUIREMENTS; (IV) COORDINATING HOW TRANSMISSION LINES, GENERATION, AND OTHER RESOURCES CONNECT TO AND OPERATE ON THE POWER GRID RELIABLY; AND (V), WORKING WITH THE INDUSTRY TO DEVELOP TRANSMISSION INFRASTRUCTURE SOLUTIONS THAT ARE ESSENTIAL FOR MAINTAINING POWER SYSTEM RELIABILITY. DURING 2024 ISO-NE COORDINATED THE GENERATION AND TRANSMISSION OF THE APPROXIMATELY 116,700 GIGAWATT-HOURS OF POWER CONSUMED IN THE REGION. 50803834 56284384 THROUGH ITS THIRD ACTIVITY, SCHEDULING SERVICES, ISO-NE FORECASTS AND SCHEDULES THE ELECTRICITY NEEDED IN THE REGION FOR EVERY SECOND OF EVERY DAY AND ENSURES THERE IS ENOUGH ELECTRICITY GENERATED TO MEET DEMAND AS WELL AS RESOURCES NEEDED TO MAINTAIN STRINGENT RELIABILITY CRITERIA. IN CONDUCTING THIS ACTIVITY, ISO-NE (I) MONITORS THE FLOW OF ELECTRICITY INTO, OUT OF, AND OVER NEW ENGLAND'S HIGH-VOLTAGE TRANSMISSION SYSTEM AND (II) SCHEDULES HUNDREDS OF DIVERSE POWER RESOURCES AND TRANSMISSION COMPONENTS TO SUPPLY JUST THE RIGHT AMOUNT OF ELECTRICITY TO MEET THE REGION'S DEMAND AND REQUIRED RESERVE MARGIN. ISO-NE IS RESPONSIBLE FOR ENSURING THAT THE GRID CAN WITHSTAND THE SUDDEN LOSS OF A POWER PLANT OR TRANSMISSION EQUIPMENT CAUSED BY WEATHER, MECHANICAL FAILURE, OR OTHER TRIGGERS. 238068569 true false false true false false false false true false true false false true true true true false false false false false false false false false false true false true true false false false false false false false false true false false false false false false true true true true false true 99 0 true 764 true false false false false false false false false false false true false X 9 9 false false false false false false false true true false false false true true true true true true true true true false MA X ROBERT C LUDLOW 4135354014 ONE SULLIVAN ROAD HOLYOKE ME 01040 BROOK M COLANGELO DIRECTOR 8.0 0.0 X 153250 0 0 CAREN ANDERS DIRECTOR 8.0 0.0 X 140250 0 0 CATHERINE FLAX DIRECTOR 8.0 0.0 X 135250 0 0 CHERYL LAFLEUR CHAIR, BOARD OF DIRECTORS 8.0 0.0 X 160250 0 0 CRAIG IVEY DIRECTOR 8.0 0.0 X 144250 0 0 MARK VANNOY DIRECTOR 8.0 0.0 X 148750 0 0 MELVIN G WILLIAMS JR DIRECTOR 8.0 0.0 X 136750 0 0 MICHAEL J CURRAN DIRECTOR 8.0 0.0 X 137250 0 0 STEVEN B CORNELI DIRECTOR 8.0 0.0 X 132750 0 0 ALAN F MCBRIDE V.P., System Planning 46.0 0.0 X 340809 0 65948 ANNE C GEORGE VP, CHIEF EXT AFFAIRS & COMM. OFF. 45.0 0.0 X 608935 0 263304 GORDON VAN WELIE PRESIDENT & CHIEF EXECUTIVE OFFICER 45.0 0.0 X 2253854 0 996565 KATHLEEN DECASTRO VP, HR & CHIEF PEOPLE DIV. OFF. 45.0 0.0 X 517033 0 285038 LORRAINE M BRADY SR. CORP. ADMIN. & ASST. SEC. 45.0 0.0 X 125838 0 30528 MARIA A GULLUNI VP & GENERAL COUNSEL 45.0 0.0 X 699983 0 250779 MATTHEW W WHITE VP, MARKET DEV. & SETTLEMENTS & CHIEF ECON. 45.0 0.0 X 713908 0 231581 PETER T BRANDIEN VP, SYSTEM OPS. & MARKET ADMIN. 45.0 0.0 X 1079127 0 120164 ROBERT C LUDLOW VP, CHIEF FINANCIAL & COMP. OFF. 45.0 0.0 X 816584 0 380513 ROBERT G ETHIER VP, SYSTEM PLANNING 45.0 0.0 X 557048 0 29668 RUDOLF A PAWUL VP, INFO. & CYBER SEC. SVCS. 45.0 0.0 X 494558 0 230362 STEPHEN GEORGE V.P, SYSTEM OPER & MARKET ADMIN 45.0 0.0 X 316566 0 38230 VAMSI K CHADALAVADA EXEC. VP & CHIEF OPERATING OFFICER 45.0 0.0 X 1694325 0 776771 ALBERT EVANS CHIEF OF INFORMATION SECURITY 40.0 0.0 X 411466 0 35715 BRENT OBERLIN EXEC DIRECTOR, TRANSMISSION PLANNING 47.0 0.0 X 321885 0 69893 DAVID NAUGHTON EXEC. DIR., MKT. MONITORING 40.0 0.0 X 356682 0 58776 DENNIS G ROBINSON EXEC DIRECTOR, MARKET ADMIN. & AUCTIONS 41.0 X 347537 0 92578 M DAVID HAMEEDY EXEC DIRECTOR, PROGRAM MGMT. OFFICE 40.0 0.0 X 371295 0 138324 MATTHEW F GOLDBERG EXEC DIRECTOR, STRAT., RISK & OPS. COMM. 40.0 0.0 X 371078 0 56487 SHANNON L CAREY EXEC DIRECTOR, MKT. ANALYSIS & STLMNT. 42.0 0.0 X 347908 0 81669 STEVEN GOULD Director, Operations 45.0 0.0 X 294243 0 94496 CHRISTOPHER GEISSLER DIRECTOR, ECONOMIC ANALYSIS 44.0 0.0 X 364669 0 36892 CHRISTOPHER NOLAN DIRECTOR, MARKET & CREDIT RISK 40.0 0.0 X 364776 0 36548 JOHN DILORETO EXEC DIRECTOR, INTERNAL AUDIT 40.0 0.0 X 345524 0 40702 PARVIZ ALIVAND MANAGER, MARKET DESIGN AND PRINCIPAL ECONOMIST 41.0 0.0 X 349742 0 44404 TONGXIN ZHENG CHIEF TECHNOLOGIST 41.0 0.0 X 350835 0 90622 MARK G KARL FORMER VP, MARKET DEV. & SETTLEMENTS 0.0 X 453047 0 -46261 MICHAEL N TANIWHA FORMER IT DIR., INFR. & ENTRPR. SUPP. 0.0 X 197928 0 -21702 16755933 0 4508594 559 true true false GE ENERGY MANAGEMENT SERVICE 4200 WILDWOOD PARKWAY ATLANTA GA 30339 ENERGY MANAGEMENT SYSTEM 9733802 MITSUBISHI ELECTRIC POWER PRODUCTS INC 530 KEYSTONE DRIVE WARRENDALE PA 15086 POWER SYSTEM CONSULTING 3703445 SIEMENS INDUSTRY INC 100 TECHNOLOGY DRIVE ALPHARETTA GA 30005 POWER SYSTEM CONSULTING 3524463 FOOTBRIDGE CONSULTING LLC 4 HIGH STREET SUITE 306 NORTH ANDOVER MA 018450100 CONSULTANTS 1604531 BLACKWOOD ASSOCIATES INC 1835 FOREST DRIVE SUITE A ANNAPOLIS MD 214014432 ADVISORY SERVICES 1368350 92 0 0 ENERGY ADMIN. SERVICES 221000 127729254 127729254 RELIABILITY ADMIN. SVC 221000 78758225 78758225 SCH. SYS. CONT. & DISP 221000 56016117 56016117 0 0 0 0 262503596 2087136 1244859 842277 0 0 20747 17289 0 3458 3458 3458 0 0 0 0 0 0 264594190 263748455 0 845735 13500 13500 19225495 12602106 6623389 0 262340 262340 102280355 92604633 9675722 15812015 14316198 1495817 11237221 10113406 1123815 7604743 6885334 719409 1267474 944035 323439 703483 448183 255300 153222 138727 14495 22298516 19835033 2463483 0 3352906 2874207 478699 25865404 24270546 1594858 7908488 7346856 561632 1429319 1197756 231563 750185 608410 141775 2063585 2037102 26483 31583239 31428426 154813 372172 243955 128217 NORTH AMERICAN ELECTRIC 7859564 7859564 DUES & SUBSCRIPTIONS 1649247 1170802 478445 RECRUITING/ADVERTISING 177052 160303 16749 NORTHEAST POWER COORD. 174931 174931 549734 532216 17518 0 264594190 238068569 26525621 0 4413 4413 70007375 231264975 34120967 43802953 0 0 0 0 31421723 22328073 513254096 401747018 109658636 111507078 0 0 267890089 291330270 513103203 700237762 43714720 56901746 47662266 64425752 36560989 33395432 317435036 466662165 0 0 49998177 74879640 17732015 3973027 513103203 700237762 0 0 513103203 700237762 0 0 0 0 0 0 X false true true false X 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 195585357 201634657 210614772 235111843 263748455 1106695084 0 0 0 195585357 201634657 210614772 235111843 263748455 1106695084 0 0 0 0 0 0 100011426 98226088 105037327 115237692 128173994 546686527 100011426 98226088 105037327 115237692 128173994 546686527 560008557 57999 50902 197151 488213 842277 1636542 0 57999 50902 197151 488213 842277 1636542 0 0 0 0 0 0 0 195643356 201685559 210811923 235600056 264590732 1108331626 0.50527 0.5038 0 0.0011 X 0 0 0 0 0 0 238068567 238068567 1000000 0 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 0 0 0 250000 250000 250000 250000 1000000 1500000 0 0 0 false true X 67950433 42085206 25865227 66088629 51084901 15003728 379215034 308576911 70638123 111507078 SECURITY DEPOSITS FINANCIAL ASSURANCE, HELD ON BEHALF OF MARKET PARTICIPANTS 253479396 RESTRICITED CASH ON DEPOSIT (CLUSTER FUNDS), HELD ON BEHALF OF MARKET PARTICIPANTS 18339444 RESTRICITED CONGESTION REVENUE FUND, HELD ON BEHALF OF MARKET PARTICIPANTS 10037712 RIGHT OF USE ASSET, OPERATING LEASES 3969319 RESTRICTED CASH ON DEP (FORF FCM FUNDS), HELD ON BEHALF OF MARKET PARTICIPANTS 3680316 MARKET PARTICIPANT SETTLEMENT FUNDS 1308354 SYSTEM IMPACT STUDY DEPOSITS 515729 FAIR MARKET VALUE OF INTEREST RATE CAP FOR TAX EXEMPT DEBT 291330270 Federal Income Taxes PENSIONS BENEFIT LIABILITY LEASE LIABILITY OPERATING 3971981 ACTIVITIES RESERVE LIABILITIES 1046 3973027 X 264590732 0 0 264590732 3458 3458 264594190 264590732 0 0 264590732 3458 3458 264594190 Schedule D, Part XI, Line 4(b) Gain ISO NEW ENGLAND received proceeds of $20,747 on the disposal of a Conference Room Sound System that had an unamortized book value of $17,289 resulting in a gain of $3,458. Schedule D, Part XII, Line 4(b) GAIN ISO NEW ENGLAND received proceeds of $20,747 on the disposal of a Conference Room Sound System that had an unamortized book value of $17,289 resulting in a gain of $3,458. Schedule D, Part VI, Line 1a LAND ISO NEW ENGLAND INCURRED COSTS ASSOCIATED WITH THE PURCHASE OF LAND AT THE MAIN CONTROL CENTER LOCATED AT SULLIVAN ROAD IN HOLYOKE, MA AND THE BACKUP CONTROL CENTER LOCATED AT HELMSFORD WAY IN WINDSOR, CT. ISO NEW ENGLAND RECOVERS CURRENT YEAR AMORTIZATION THROUGH THE ANNUAL TARIFF FILING "RECOVERY OF ISO ADMINISTRATIVE EXPENSES". UNAMORTIZED LAND IS RECOGNIZED AS A DEFERRED ASSET AND REPORTED ON PART X, LINE 9 - PREPAID EXPENSES AND DEFERRED ASSETS ON THE FORM 990. THE MAIN CONTROL CENTER INCLUDES FULLY AMORTIZED LAND OF $150,596 AND THE BACKUP CONTROL CENTER INCLUDES LAND PURCHASE OF $982,581 AND AMORTIZATION OF $422,510 FOR A BOOK VALUE OF $560,071. Schedule D, Part IV, Line 2b Explanation of escrow agreement THE $466,662,165 REPORTED ON LINE 21, PART X OF THE FORM 990 REPRESENTS FUNDS HELD BY ISO NEW ENGLAND INC., FOR OR ON BEHALF OF MARKET PARTICIPANTS IN FURTHERANCE OF ISO NEW ENGLAND INC'S TAX-EXEMPT PURPOSE. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE COMPANY HAS DETERMINED PRIOR TO RECORDING ANY BENEFIT IN THE FINANCIAL STATEMENTS THAT IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY, AS REQUIRED BY THE ACCOUNTING FOR UNCERTAINTY WITHIN INCOME TAXES IN FASB ASC TOPIC 740, INCOME TAXES. A TAX POSITION IS MEASURED AT THE LARGEST AMOUNT OF BENEFIT THAT IS GREATER THAN FIFTY PERCENT LIKELY OF BEING REALIZED UPON SETTLEMENT. Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Gain on disposal - Asset 37229 Conf room sound system - 3458 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Gain on disposal - Asset 37229 Conf room sound system - 3458 true IEEE FOUNDATION INC 445 HOES LANE PISCATAWAY NJ 08855 131356633 501 (C) (3) 6000 0 N/A SUPPORT OF THE REGION 1 RECIPIENTS FOR THE IEEE PES SCHOLARSHIP PLUS INITIATIVE FUND 1 0 Schedule I, Part I, Line 2 IN 2024 ISO NEW ENGLAND INC. MADE A TOTAL OF ONE GRANT TO A 501(C) AND GOVERNMENT ORGANIZATION. THIS CONSISTED OF A SCHOLARSHIP TO A NON-PROFIT EDUCATIONAL AND SERVICE ORGANIZATION. ISO NEW ENGLAND INC. MONITORS THE USE OF SCHOLARSHIP GRANTS BY WORKING WITH THE ORGANIZATION AND PROVIDING INPUT INTO THE SCHOLARSHIP AWARDEES AND BY RECEIVING SUPPORTING DOCUMENTATION FROM THE ORGANIZATION ON HOW THE SCHOLARSHIP GRANT WILL BE USED AND NOTING THE STATED USE ON THE PAYMENT TO EACH ORGANIZATION. X true true X X X X X true false false false false false false true false CHERYL LAFLEUR CHAIR, BOARD OF DIRECTORS 160250 0 0 0 0 0 0 0 0 0 160250 0 0 0 BROOK M COLANGELO DIRECTOR 153250 0 0 0 0 0 0 0 0 0 153250 0 0 0 MARK G KARL FORMER VP, MARKET DEV. & SETTLEMENTS 0 0 60000 0 393047 0 -46261 0 0 0 406786 0 0 0 ALAN F MCBRIDE V.P., System Planning 288519 0 50302 0 1988 0 29225 0 36723 0 406757 0 0 0 GORDON VAN WELIE PRESIDENT & CHIEF EXECUTIVE OFFICER 967007 0 1275425 0 11422 0 967533 0 29032 0 3250419 0 558739 0 VAMSI K CHADALAVADA EXEC. VP & CHIEF OPERATING OFFICER 691449 0 998459 0 4417 0 745061 0 31710 0 2471096 0 334364 0 ROBERT C LUDLOW VP, CHIEF FINANCIAL & COMP. OFF. 504571 0 306423 0 5590 0 350272 0 30241 0 1197097 0 172873 0 PETER T BRANDIEN VP, SYSTEM OPS. & MARKET ADMIN. 464256 0 600444 0 14427 0 97574 0 22590 0 1199291 0 269456 0 MARIA A GULLUNI VP & GENERAL COUNSEL 451653 0 242617 0 5713 0 250521 0 258 0 950762 0 115602 0 MATTHEW W WHITE VP, MARKET DEV. & SETTLEMENTS & CHIEF ECON. 373198 0 337308 0 3402 0 194219 0 37362 0 945489 0 0 0 ROBERT G ETHIER VP, SYSTEM PLANNING 262265 0 292759 0 2024 0 10662 0 19006 0 586716 0 90019 0 ANNE C GEORGE VP, CHIEF EXT AFFAIRS & COMM. OFF. 400717 0 206356 0 1862 0 228985 0 34319 0 872239 0 94851 0 RUDOLF A PAWUL VP, INFO. & CYBER SEC. SVCS. 390704 0 102894 0 960 0 205653 0 24709 0 724920 0 0 0 KATHLEEN DECASTRO VP, HR & CHIEF PEOPLE DIV. OFF. 375859 0 140066 0 1108 0 253736 0 31302 0 802071 0 0 0 LORRAINE M BRADY SR. CORP. ADMIN. & ASST. SEC. 125838 0 0 0 0 0 9069 0 21459 0 156366 0 0 0 STEPHEN GEORGE V.P, SYSTEM OPER & MARKET ADMIN 261365 0 53621 0 1580 0 2355 0 35875 0 354796 0 0 0 MICHAEL N TANIWHA FORMER IT DIR., INFR. & ENTRPR. SUPP. 0 0 0 0 197928 0 -21702 0 0 0 176226 0 0 0 ALBERT EVANS CHIEF OF INFORMATION SECURITY 311437 0 81900 0 18129 0 34465 0 1250 0 447181 0 0 0 DENNIS G ROBINSON EXEC DIRECTOR, MARKET ADMIN. & AUCTIONS 279720 0 63795 0 4022 0 66774 0 25804 0 440115 0 0 0 MATTHEW F GOLDBERG EXEC DIRECTOR, STRAT., RISK & OPS. COMM. 312578 0 57530 0 970 0 17371 0 39116 0 427565 0 0 0 SHANNON L CAREY EXEC DIRECTOR, MKT. ANALYSIS & STLMNT. 291073 0 55554 0 1281 0 50289 0 31380 0 429577 0 0 0 DAVID NAUGHTON EXEC. DIR., MKT. MONITORING 281540 0 74699 0 443 0 20836 0 37940 0 415458 0 0 0 BRENT OBERLIN EXEC DIRECTOR, TRANSMISSION PLANNING 267082 0 52976 0 1827 0 33651 0 36242 0 391778 0 0 0 M DAVID HAMEEDY EXEC DIRECTOR, PROGRAM MGMT. OFFICE 292364 0 63594 0 15337 0 100458 0 37866 0 509619 0 0 0 STEVEN GOULD Director, Operations 244124 0 47372 0 2747 0 65754 0 28742 0 388739 0 0 0 JOHN DILORETO EXEC DIRECTOR, INTERNAL AUDIT 284649 0 55932 0 4943 0 37441 0 3261 0 386226 0 0 0 CHRISTOPHER NOLAN DIRECTOR, MARKET & CREDIT RISK 295343 0 68992 0 441 0 34500 0 2048 0 401324 0 0 0 TONGXIN ZHENG CHIEF TECHNOLOGIST 290520 0 58355 0 1960 0 60439 0 30183 0 441457 0 0 0 CHRISTOPHER GEISSLER DIRECTOR, ECONOMIC ANALYSIS 248775 0 114489 0 1405 0 -4272 0 41164 0 401561 0 0 0 PARVIZ ALIVAND MANAGER, MARKET DESIGN AND PRINCIPAL ECONOMIST 238786 0 110590 0 366 0 6104 0 38300 0 394146 0 0 0 Schedule J, Part I, Line 1a Tax indemnification and gross-up payments DURING 2024, ONE OF ISO NEW ENGLAND'S OFFICERS AND ONE KEY EMPLOYEE RECEIVED A RETIREMENT GIFT THAT WAS GROSSED UP. ONE OF THESE GIFTS HAD AN AFTER-TAX VALUE OF $500 AND A RELATED $208 TAX GROSS UP, WHILE THE OTHER HAD AN AFTER-TAX VALUE OF $1,000 AND A RELATED $495 TAX GROSS UP. One Five Highest Paid Employee received a gift card for $25 and a related tax gross up of $14.40 - the gift card was provided as gratitude for providing energy market training for individuals both internal and external to the company. All ISO New England employees that provided energy market training in 2024 were given a gift card that was grossed-up for tax purposes. Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation COMPENSATION IS APPROVED IN ADVANCE BY THE BOARD OF DIRECTORS (THE "BOARD"). SCHEDULE O, FORM 990, PART VI, SECTION B, LINE 15 PROVIDES A COMPLETE DESCRIPTION OF THE ESTABLISHMENT OF COMPENSATION FOR ISO NEW ENGLAND'S CHIEF EXECUTIVE OFFICER, AND OTHER OFFICERS OF THE COMPANY. Schedule J, Part I, Line 4a Severance or change-of-control payment MARK KARL RECEIVED SEVERANCE PAYMENT IN THE AMOUNT OF $393,047. MICHAEL TANIWHA RECEIVED SEVERANCE PAYMENT IN THE AMOUNT OF $197,928. Schedule J, Part I, Line 7 Non-fixed payments ISO New England currently administers two incentive compensation plans that both provide for non-fixed payments: an annual performance incentive plan (the "API Plan") and a deferred performance incentive plan (the "DPI Plan"). Subject to certain eligibility criteria, most employees may receive an API Plan award based upon a formula that takes into account organizational performance, individual performance, annual base pay (as December 31st of the plan year) and a grade-related salary percentage. Organizational performance is measured by the Board of Directors of ISO New England (the "Board") against goals and objectives developed by the Compensation and Human Resources Committee of the Board (the "Committee"), other Board committees, and the Board at the commencement of each plan year. The individual performance of an officer is evaluated by the Committee and the Board. The final API Plan award for an officer is calculated and paid once the Board determines the scores for organizational performance and individual performance for the plan year. The DPI Plan awards are available to officers and are based upon the achievement of organizational and individual long-term goals established by recommendations of the Committee (with input from other Board committees) and with the approval of the Board. Similar to the API Plan, the DPI Plan awards are calculated using an eligible employee's base salary in effect as of December 31st of the plan year and a grade-related salary percentage; however, DPI Plan awards generally are paid two and one-half years after the end of the plan year. The Board assesses the performance of the organization and the individual at the end of each plan year, and reassesses the organization's progress towards its long-term goals and objectives two and one-half years later, immediately prior to the calculation and pay-out of the DPI Plan award. Under both plans, ISO New England reserves the right to reduce or eliminate plan awards if the eligible employee or the organization underperforms or there is a major collapse of the bulk electric power system managed by ISO New England. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RAA3 2005-02-25 45500000 FINANCE ACQUISITION OF 64K SQ. FOOT FACILITY, RENOVATE EXISTING BUILDING false false false B CONNECTICUT INNOVATIONS INCORPORATED 041423798 20758CAA3 2012-12-13 36000000 FINANCE ACQUISITION OF LAND & OFFICE BUILDING FOR BACK-UP CONTROL CENTER false false false A 32305000 45500000 146955 45353045 2007 false false true true B 15630000 36000000 386499 222060 34041441 1350000 2014 false false true true A false false true true false false 0.0 0.0 0.0 false false 0 false true B false false false false false false 0.0 0.0 0.0 false false 0 false true A false false true false true false 0 false false false 0 false false true B false false false true true false 0 false false false 0 false false true A true B true Schedule K, Part I, Column (f) 02/25/2005 45,500,000 MASSACHUSETTS DEVELOPMENT - THE PROCEEDS OF THE BONDS LOANED TO ISO NEW ENGLAND INC. WERE MADE TO FINANCE AND REFINANCE A PROJECT LOCATED AT ONE SULLIVAN ROAD, HOLYOKE, MASSACHUSETTS; GENERALLY CONSISTING OF (A) THE ACQUISITION OF A 13-ACRE PARCEL OF PROPERTY AND ATTACHED EXISTING 64,000 SQUARE FOOT FACILITY; (B) THE RENOVATION, EQUIPPING AND FURNISHING OF THE EXISTING FACILITY, INCLUDING CONSTRUCTION OF A 3,200 SQUARE FOOT EXPANSION, A NEW LOBBY AND MECHANICAL PENTHOUSES, (C) CONSTRUCTION, EQUIPPING AND FURNISHING OF A THREE STORY, 100,000 SQUARE FOOT FACILITY; AND (D) CONSTRUCTION OF SITE IMPROVEMENTS, INCLUDING BUT NOT LIMITED TO AN ADDITIONAL 342-SPACE PARKING LOT, A RETAINING WALL AND SECURITY SCREEN, A PEDESTRIAN CONNECTING BRIDGE BETWEEN THE EXISTING AND NEW FACILITY AND A GUARD HOUSE, ALL TO BE USED BY THE COMPANY TO CONDUCT ITS MISSION AND ACTIVITIES. Schedule K, Part I, Column (f) 12/13/2012 36,000,000 CONNECTICUT INNOVATIONS INCORPORATED - THE PROCEEDS OF THE BONDS LOANED TO ISO NEW ENGLAND INC., WERE MADE TO FINANCE THE COST OF A (A) ACQUISITION OF REAL PROPERTY LOCATED AT 55 HELMSFORD WAY, WINDSOR, CONNECTICUT (THE "PROPERTY"), (B) THE CONSTRUCTION OF AN APPROXIMATELY 70,000 SQUARE FOOT OFFICE BUILDING FOR A BACK-UP CONTROL CENTER WITH DATA CENTER AND CONTROL ROOM COMPONENTS ON THE PROPERTY, (C) THE PURCHASE AND INSTALLATION OF GENERAL MACHINERY, EQUIPMENT, OFFICE FURNITURE AND FIXTURES, AND (D) MISCELLANEOUS CAPITAL PROJECTS; AND (E) PAY COSTS OF ISSUANCE AND CREDIT ENHANCEMENT FEES WITH RESPECT TO THE BONDS (THE "PROJECT"). Schedule K, Part IV, Line 2b Column A No rebate is required since all proceeds have been spent. Schedule K, Part IV, Line 2c COLUMN B Issuer name: CONNECTICUT INNOVATIONS INCORPORATED The calculation for computing no rebate due was performed on 11/30/2022 RALPH SLATE FAMILY MEMBER OF OFFICER 262340 COMPENSATION OF EMPLOYEE AT ISO false Schedule L, Part IV LINE 1 - RALPH SLATE IS A FAMILY MEMBER OF MARIA GULLUNI, CURRENT OFFICER. COMPENSATION AS AN EMPLOYEE OF ISO NEW ENGLAND INC. IN THE POSITION OF TECHNICAL MANAGER. THE AMOUNT IN COLUMN (C) REPRESENTS COMPENSATION EARNED FOR RALPH SLATE FOR 2024. Form 990, Part VI, Line 16a THE COMPANY HAS ENTERED INTO AGREEMENTS TO SHARE COSTS FOR STUDIES AND OTHER WORK OF COMMON INTEREST. THESE COST SHARING AGREEMENTS ARE WITH OTHER INDEPENDENT SYSTEM OPERATORS (ISOS) AND REGIONAL TRANSMISSION ORGANIZATIONS (RTOS,) ALL OF WHICH ARE TAX-EXEMPT ORGANIZATIONS EXCEPT FOR PJM INTERCONNECTION LLC, WHICH IS A TAXABLE ENTITY ORGANIZED AS A LIMITED LIABILITY COMPANY. THE COMPANY REVIEWS AGREEMENTS ENTERED INTO TO SAFEGUARD ITS EXEMPT STATUS AND TO ENSURE THAT THE COMPANY'S PARTICIPATION IN THE AGREEMENTS FURTHERS ITS TAX EXEMPT PURPOSE. Form 990, Part VI, Line 16b THE METHODOLOGY OF ISO NEW ENGLAND'S FIN 48 (ASC 740) ANALYSIS INCLUDES REVIEW AND EVALUATION OF THE ORGANIZATIONS TAX EXEMPT STATUS, GEOGRAPHICAL SCOPE IN WHICH IT OPERATES, AND ORGANIZATIONAL AND OPERATIONAL DOCUMENTS. INCLUDED IN THE REVIEW OF THE OPERATIONAL DOCUMENTS, ARE ANY JOINT VENTURE ARRANGEMENTS. THE CONTROLLER AND DIRECTOR, ACCOUNTING REVIEWS THE OBJECTIVE AND THE SCOPE OF ANY JOINT VENTURE ARRANGEMENT, TOGETHER WITH ANY DOCUMENTS MEMORIALIZING THE JOINT VENTURE ARRANGEMENT, TO SAFEGUARD THE ASSETS AND TAX-EXEMPT STATUS OF THE COMPANY AND TO ENSURE THAT THE COMPANY'S PARTICIPATION IN THE JOINT VENTURE FURTHERS ITS TAX EXEMPT PURPOSE. IN ADDITION, ISO NEW ENGLAND MONITORS ALL ACTIVITIES TO ENSURE THAT NO ACTIVITY RESULTS IN ITS EARNINGS OR ASSETS INURING TO THE BENEFIT OF ANY INDIVIDUAL. Form 990, Part VI, Line 1a Delegate broad authority to a committee ISO NEW ENGLAND HAS NINE INDEPENDENT VOTING MEMBERS OF THE GOVERNING BODY THAT RECEIVE REASONABLE COMPENSATION FOR THEIR SERVICES PROVIDED IN THEIR CAPACITY AS MEMBERS OF THE GOVERNING BODY. THE COMPANY'S COMPENSATION CONSULTANT ASSESSES DIRECTOR COMPENSATION AMOUNTS TO ENSURE THE COMPENSATION IS REASONABLE. THIS BENCHMARK ASSESSMENT INCLUDES REVIEW OF PEER ORGANIZATIONS AND ORGANIZATIONS THAT BEST REFLECT THE MARKET FROM WHICH DIRECTOR TALENT IS SOURCED. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS PREPARED BY THE LEAD BUDGET ANALYST AND THEN REVIEWED AND COMMENTED UPON BY THE MANAGER, BUDGET AND FINANCIAL REPORTING. THE FORM 990 IS THEN REVIEWED AND COMMENTED UPON BY THE CONTROLLER, AND THEN BY ISO NEW ENGLAND'S EXTERNAL TAX COUNSEL AND EXTERNAL ACCOUNTING FIRM AS PAID TAX PREPARER, CHIEF FINANCIAL AND COMPLIANCE OFFICER AND THEN REVIEWED BY THE AUDIT & FINANCE COMMITTEE OF THE BOARD OF DIRECTORS AND THEN BY ISO NEW ENGLAND'S FULL BOARD OF DIRECTORS PRIOR TO BEING FILED. Form 990, Part VI, Line 12c Conflict of interest policy ISO NEW ENGLAND HAS A "CODE OF CONDUCT" THAT APPLIES TO ITS DIRECTORS AND EMPLOYEES (INCLUDING OFFICERS AND KEY EMPLOYEES). THE COMPENSATION AND HUMAN RESOURCES COMMITTEE OF THE BOARD OF DIRECTORS OVERSEES THE ADMINISTRATION OF THE CODE OF CONDUCT AND ENSURES THAT PROMPT ACTION IS TAKEN TO INVESTIGATE ANY POTENTIAL VIOLATIONS OF, OR NONCOMPLIANCE WITH, THE CODE OF CONDUCT. WHEN A MEMBER OF THE BOARD OF DIRECTORS IS INVOLVED, THE FULL BOARD MAKES THE RELEVANT DETERMINATION. ON BEHALF OF THE COMPENSATION AND HUMAN RESOURCES COMMITTEE, THE COMPLIANCE OFFICER, WHO IS THE VICE PRESIDENT, HUMAN RESOURCES, HAS THE DAY-TO-DAY RESPONSIBILITY FOR REVIEWING COMPLIANCE WITH THE CODE OF CONDUCT, INCLUDING INTERPRETING THE CODE OF CONDUCT, ADVISING DIRECTORS, OFFICERS AND EMPLOYEES REGARDING POTENTIAL CONFLICTS OF INTEREST AND FOLLOWING UP ON ALL SUSPECTED VIOLATIONS. INDIVIDUALS SUBJECT TO THE CODE OF CONDUCT ARE PROHIBITED FROM USING THEIR POSITIONS TO IMPROPERLY BENEFIT THEMSELVES, THEIR FAMILY MEMBERS OR THE PEOPLE WITH WHOM THEY COHABITATE. SIMILARLY, SUCH INDIVIDUALS ARE PROHIBITED FROM HAVING A SIGNIFICANT FINANCIAL INTEREST IN ANY CONTRACTOR, COMPANY, BUSINESS, OR ENTERPRISE WHICH HAS, OR IS SEEKING TO ESTABLISH, BUSINESS RELATIONS WITH ISO NEW ENGLAND INC., UNLESS THAT RELATIONSHIP HAS BEEN DISCLOSED TO THE COMPLIANCE OFFICER OR HIS OR HER DESIGNEE AND APPROVED BY THE COMPENSATION AND HUMAN RESOURCES COMMITTEE OF THE BOARD OF DIRECTORS. INDIVIDUALS SUBJECT TO THE CODE OF CONDUCT ARE OBLIGATED TO IDENTIFY ACTIVITIES OF ANOTHER DIRECTOR, OFFICER OR EMPLOYEE THAT DO NOT COMPLY WITH THE CODE OF CONDUCT AND REPORT THEM TO THE COMPLIANCE OFFICER. SUCH REPORTS MAY BE MADE ON A CONFIDENTIAL BASIS AND INDIVIDUALS WILL NOT BE SUBJECT TO RETALIATORY ACTIONS FOR MAKING SUCH REPORTS. INDIVIDUALS WHO VIOLATE THE CODE OF CONDUCT MAY BE SUBJECT TO DISCIPLINARY ACTION INCLUDING SUSPENSION FROM DUTIES OR TERMINATION. ALL DIRECTORS AND EMPLOYEES ARE REQUIRED TO SIGN AN ANNUAL COMPLIANCE CERTIFICATE THAT STATES, AMONG OTHER THINGS, THAT THE INDIVIDUAL HAS READ, FULLY UNDERSTANDS AND WILL COMPLY WITH THE CODE OF CONDUCT. IF A CONFLICT EXISTS UNDER THE CODE OF CONDUCT, EMPLOYEES MUST EITHER REMOVE SUCH CONFLICT (WHICH MAY INCLUDE SEPARATION OF EMPLOYMENT FROM ISO NEW ENGLAND) OR BE GRANTED A WAIVER OF COMPLIANCE FROM A SPECIFIC PROVISION OF THE CODE OF CONDUCT FROM THE COMPENSATION AND HUMAN RESOURCES COMMITTEE. FOR CONFLICTS INCLUDING PROHIBITED INVESTMENTS, DIVESTITURE MUST OCCUR WITHIN SIX MONTHS OF COMMENCEMENT OF EMPLOYMENT, OF SUCH INVESTMENT BECOMING A PROHIBITED INVESTMENT, OR OF SUCH PROHIBITED INVESTMENT BEING ACQUIRED INVOLUNTARILY, AS APPLICABLE. FOR ISSUES INVOLVING THE PROHIBITION OF EMPLOYEE ASSOCIATION WITH MARKET PARTICIPANTS (INCLUDING SPOUSAL EMPLOYMENT BY A MARKET PARTICIPANT), LIMITATIONS ON THE EMPLOYEE'S DUTIES AND/OR CHANGE OF DUTIES MAY BE IMPOSED TO MITIGATE A CONFLICT OR AVOID AN APPEARANCE OF A CONFLICT. FOR OTHER POTENTIAL CODE OF CONDUCT VIOLATIONS, THE COMPENSATION AND HUMAN RESOURCES COMMITTEE OF THE BOARD OF DIRECTORS (OR WITH RESPECT TO MATTERS INVOLVING DIRECTORS, THE BOARD OF DIRECTORS) MAY GRANT A WAIVER OF COMPLIANCE FROM A SPECIFIC PROVISION OF THE CODE OF CONDUCT TO AVOID UNJUST OR UNREASONABLE RESULTS AND SUCH WAIVER MAY INCLUDE APPROPRIATE LIMITATIONS ON THE EMPLOYEE'S DUTIES AND RESPONSIBILITIES TO AVOID A CONFLICT OF INTEREST. Form 990, Part VI, Line 15a Process to establish compensation of top management official The compensation of the chief executive officer and of each of the other senior executive officers of ISO New England Inc. (the "Company") is determined in a manner so that the total compensation of each individual is presumed to be reasonable in accordance with Treasury Regulation § 53.4958-6. In accordance with this Treasury Regulation: (i) each compensation arrangement is approved in advance by the members of the Board of Directors (the "Board") and/or of the Compensation and Human Resources Committee of the Board (the "Committee") who do not have a conflict of interest with respect to that compensation arrangement (as set forth in Treas. Reg. § 53.4958-6(c)(1)(iii)); (ii) each of the Board and the Committee obtains and relies upon appropriate data as to comparability prior to making its determination regarding a compensation arrangement; and (iii) the basis for the compensation-related determination made by the Board or the Committee is adequately documented concurrently with the making of the determination. The Company's overall compensation policy is designed to promote the tax-exempt purposes of the Company by attracting, retaining and motivating highly-skilled senior management to deliver superior service in furtherance of the Company's exempt purpose: to lessen the burdens on government through the administration of an efficient and reliable electricity transmission system, wholesale electricity marketplace and comprehensive regional bulk power system planning process for the benefit of New England. For each fiscal year, the Committee develops recommendations regarding: (i) the base salary of each senior executive; (ii) the annual performance incentive plan (i.e. the short-term incentive compensation plan) goals and objectives for the plan year for the Company and each senior executive; (iii) the deferred performance incentive compensation plan goals and objectives for the plan year for the Company and each senior executive; and (iv) proposed changes, if any, to the Company's fringe benefit plans. At the end of each fiscal year, the Committee also makes recommendations regarding the performance of the Company and each senior executive against the plan year goals and objectives established under both the short-term incentive compensation plan and the deferred performance incentive compensation plan. All of the aforementioned Committee recommendations are based upon information and materials derived from a number of sources, including: evaluations of the Company's performance, requirements and short- and long-range strategic plans as prepared by the Board, Board committees and senior executives; evaluations of the performance of each senior executive's performance as prepared by the Board, the Committee and/or senior executives; salary and other compensation surveys conducted by independent human resources and compensation consulting firms; reports and findings prepared by an independent human resources and compensation consulting firm retained by the Company to evaluate the reasonableness of the compensation paid to senior executives; and written and anecdotal information collected by the Human Resources Department of the Company in connection with the recruitment and retention of senior executives for the Company (including reports provided by executive recruitment firms). The compensation-related recommendations made by the Committee are referred to the Board for its review, together with all evaluations, surveys, consultant reports and findings and other information compiled by the Committee. The Board reviews the recommendations and material provided by the Committee, and considers the recommendations in light of: the performance, financial condition, requirements, and exempt purpose goals and objectives of the Company; the performance, experience, and responsibilities of each senior executive; and the competitive market for executive talent. The recommendations also are weighed against a range of reasonable compensation established for each of the Company's executives by an independent human resources and compensation consulting firm (in 2024, Mercer), based upon independent survey sources and compensation information for functionally-comparable positions provided or made available by other regional transmission operators, independent systems operators, and other similarly situated taxable and tax-exempt organizations. Based on the foregoing, the Board makes a final decision regarding each of the elements of each senior executive's compensation, including: base salary; the current fiscal year's goals and objectives for each of the Company and the executive for each of the short-term incentive compensation plan and the deferred performance incentive compensation plan; changes (if any) to the Company's fringe benefit plans; the performance scores against the prior fiscal year's goals and objectives for each of the Company and the executive for each of the short-term incentive compensation plan and the deferred performance incentive compensation plan; and the final payments to be made in the current fiscal year under the Company's incentive compensation plans based upon those Company and individual performance scores. Each compensation-related decision of the Board is documented in the minutes of the meeting or meetings at which that decision is made including the materials and information relied upon to make the decision, the identity of the members of the Board making the decision and a summary of the Board's deliberations and reasons underlying the decision. Those minutes are thereafter reviewed and, with any corrections agreed to by the Board, are approved at the next monthly meeting of the Board. Form 990, Part VI, Line 19 Required documents available to the public ISO NEW ENGLAND MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY (CALLED "THE CODE OF CONDUCT"), AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC ON ITS WEBSITE WWW.ISO-NE.COM. EACH OF THESE DOCUMENTS CAN BE FOUND ON THE WEBSITE AS FOLLOWS: GOVERNING DOCUMENTS AND CODE OF CONDUCT - HTTPS://WWW.ISO-NE.COM/ABOUT/CORPORATE-GOVERNANCE/CORPORATE-DOCUMENTS, AND THE FINANCIAL STATEMENTS CAN BE FOUND AT https://www.iso-ne.com/ABOUT/CORPORATE-GOVERNANCE/FINANCIAL-PERFORMANCE ISO NEW ENGLAND INC RETIREE MEDICAL DENTAL AND LIFE TRUST ONE SULLIVAN ROAD HOLYOKE MA 01040 137379693 RETIREE INSURANCE MA 501(c)(9) NA true false false false false false false false false false false false false false false false false false true false ISO NEW ENGLAND INC RETIREE MEDICAL DENTAL AND LIFE TRUST R 673852 FMV