{"id":"miso","rid":"MISO","name":"MISO (Midwest)","flag":"🇺🇸","group":"us","type":"market","parent":null,"regions":null,"tier_range":null,"tier":2,"tier_name":"Strong","score":57,"pillar_score":64,"pillar_tier":2,"pillar_tier_name":"Strong","reliability":{"assessed":true,"level":"elevated","dock":7,"provisional":false,"confidence":"High","delivery_transmission":{"level":"watch","measure":"event-based","note":"Exposed in Winter Storm Uri (Feb 2021), with rolling blackouts in the MISO South region during the extreme cold.","sources":[{"label":"FERC/NERC Feb 2021 cold weather final report","url":"https://www.ferc.gov/news-events/news/final-report-february-2021-freeze-underscores-winterization-recommendations"}]},"delivery_distribution":{"level":"none"},"forward_capacity":{"level":"elevated","measure":"assessed","note":"The only region NERC's 2024 assessment rates high-risk: coal retirements and delayed additions push reserve margins below reference levels from 2025, with a projected shortfall of about 2.7 GW by 2029.","sources":[{"label":"NERC 2024 Long-Term Reliability Assessment","url":"https://www.nerc.com/globalassets/our-work/assessments/2024-ltra_corrected_july_2025.pdf"}]},"read":"Reliability flags found","level_means":"reviewed; flags found"},"reliability_dock":7,"regulatory_momentum":{"level":"mixed","direction":"improving","why":"FERC's 18 June 2026 Section 206 show-cause order pushes MISO to set clear large-load connection and cost-allocation rules, reinforcing reforms MISO was already developing for fast-growing Midwest data-centre demand.","what_would_change_it":"MISO's Section 206 response becoming a durable, open large-load connection process rather than case-by-case treatment.","scope":"The regulatory and permitting environment for connecting a new large load. An opinion on a dated record, not a measurement.","vocabulary_version":"regulatory-momentum-1.0"},"scheduled_changes":null,"queue":{"active_gw":382,"wait_months":null,"has_detail":true,"wait_band":"4-5 years"},"friction":null,"connection_pathway":null,"service_evidence":{"contractual_service_held":false,"local_capacity_state":"not_assessed","local_capacity_depth":0,"cost_basis":"triangulated","territory_count":25},"reliability_metrics":{"saidi_min":119.9,"saidi_year":"2024","forward_adequacy":null,"measure":"historical utility-territory delivery performance","standard":"MIXED","standard_note":"mixed methods: IEEE 92%; respondent-defined 8% of customers. Major event days are excluded throughout; the methods differ only in how those days are identified, a smaller difference than the spread between the utilities themselves. Constituents below carry their own standard.","evidence_role":"market_context","by_serving_utility":[{"customers":2261010,"saidi_minutes":159.17,"standard":"IEEE_STANDARD","state":"MI","utility":"DTE Electric Company","utility_id":5109,"weight":0.1555},{"customers":1889301,"saidi_minutes":154.97,"standard":"IEEE_STANDARD","state":"MI","utility":"Consumers Energy Co - (MI)","utility_id":4254,"weight":0.1299},{"customers":1361168,"saidi_minutes":110.39,"standard":"IEEE_STANDARD","state":"MN","utility":"Northern States Power Co - Minnesota","utility_id":13781,"weight":0.0936},{"customers":1283126,"saidi_minutes":94,"standard":"IEEE_STANDARD","state":"MO","utility":"Union Electric Co - (MO)","utility_id":19436,"weight":0.0882},{"customers":1249900,"saidi_minutes":120.6,"standard":"IEEE_STANDARD","state":"IL","utility":"Ameren Illinois Company","utility_id":56697,"weight":0.0859},{"customers":1212936,"saidi_minutes":109,"standard":"IEEE_STANDARD","state":"WI","utility":"Wisconsin Electric Power Co","utility_id":20847,"weight":0.0834},{"customers":910102,"saidi_minutes":112.89,"standard":"IEEE_STANDARD","state":"IN","utility":"Duke Energy Indiana, LLC","utility_id":15470,"weight":0.0626},{"customers":740347,"saidi_minutes":88,"standard":"IEEE_STANDARD","state":"IA","utility":"MidAmerican Energy Co","utility_id":12341,"weight":0.0509},{"customers":525000,"saidi_minutes":87.3,"standard":"IEEE_STANDARD","state":"IN","utility":"AES Indiana","utility_id":9273,"weight":0.0361},{"customers":501445,"saidi_minutes":67.52,"standard":"OTHER_STANDARD","state":"WI","utility":"Wisconsin Power & Light Co","utility_id":20856,"weight":0.0345},{"customers":499530,"saidi_minutes":99.35,"standard":"OTHER_STANDARD","state":"IA","utility":"Interstate Power and Light Co","utility_id":9417,"weight":0.0343},{"customers":485189,"saidi_minutes":169,"standard":"IEEE_STANDARD","state":"IN","utility":"Northern Indiana Pub Serv Co","utility_id":13756,"weight":0.0334},{"customers":469161,"saidi_minutes":95,"standard":"IEEE_STANDARD","state":"WI","utility":"Wisconsin Public Service Corp","utility_id":20860,"weight":0.0323},{"customers":260234,"saidi_minutes":122.37,"standard":"IEEE_STANDARD","state":"WI","utility":"Northern States Power Co","utility_id":13780,"weight":0.0179},{"customers":166686,"saidi_minutes":41.61,"standard":"IEEE_STANDARD","state":"WI","utility":"Madison Gas & Electric Co","utility_id":11479,"weight":0.0115},{"customers":155822,"saidi_minutes":81.2,"standard":"OTHER_STANDARD","state":"IN","utility":"Southern Indiana Gas & Elec Co","utility_id":17633,"weight":0.0107},{"customers":138546,"saidi_minutes":119.9,"standard":"IEEE_STANDARD","state":"MN","utility":"ALLETE, Inc.","utility_id":12647,"weight":0.0095},{"customers":104471,"saidi_minutes":63.63,"standard":"IEEE_STANDARD","state":"SD","utility":"Northern States Power Co - 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Not independently calculated, and not corroborated by anything outside the band it came from.","derivation":"allocation_of_compiled_midpoint","derivation_note":"This line apportions the compiled midpoint. Its value was not separately observed.","source_of_band_not_line":"MISO 2024 State of the Market (Potomac Economics)","source_url_of_band_not_line":"https://www.potomaceconomics.com/wp-content/uploads/2025/07/2024-MISO-SOM_Appendix_Final.pdf","band_as_of":"2026","customer_applicability":"100 MW contracted demand, 95% load factor, HV service","band_confidence":"triangulated","as_of":"2026","method":"analyst apportionment of the compiled midpoint across categories","confidence":"allocation","confidence_note":"Apportioned from the compiled delivered-cost midpoint by analyst judgement. Not separately observed.","covers_categories":["energy"],"corroborated_by":null,"state_vocabulary_version":"provenance-state-1.0","what_would_upgrade_it":"A separately sourced figure for this category with its own date, method and confidence. Until then the band's provenance establishes the total only, not this line.","version":"line-provenance-1.1"},"evidence":"estimated_allocation"},{"name":"Transmission & delivery","usd_per_mwh":15,"source":null,"provenance":{"provenance_state":"estimated_allocation","provenance_state_label":"Estimated allocation","provenance_state_means":"Apportioned from a compiled total or midpoint by analyst judgement. Not independently calculated, and not corroborated by anything outside the band it came from.","derivation":"allocation_of_compiled_midpoint","derivation_note":"This line apportions the compiled midpoint. Its value was not separately observed.","source_of_band_not_line":"MISO 2024 State of the Market (Potomac Economics)","source_url_of_band_not_line":"https://www.potomaceconomics.com/wp-content/uploads/2025/07/2024-MISO-SOM_Appendix_Final.pdf","band_as_of":"2026","customer_applicability":"100 MW contracted demand, 95% load factor, HV service","band_confidence":"triangulated","as_of":"2026","method":"analyst apportionment of the compiled midpoint across categories, covering transmission, distribution, demand_charges in one line","confidence":"bundled_allocation","confidence_note":"Apportioned, and covering more than one cost category in a single line. Neither the total nor the split within it was separately observed.","covers_categories":["transmission","distribution","demand_charges"],"corroborated_by":null,"state_vocabulary_version":"provenance-state-1.0","what_would_upgrade_it":"A separately sourced figure for this category with its own date, method and confidence. Until then the band's provenance establishes the total only, not this line.","version":"line-provenance-1.1"},"evidence":"estimated_allocation"},{"name":"Capacity (Planning Resource Auction)","usd_per_mwh":6,"source":null,"provenance":{"provenance_state":"estimated_allocation","provenance_state_label":"Estimated allocation","provenance_state_means":"Apportioned from a compiled total or midpoint by analyst judgement. Not independently calculated, and not corroborated by anything outside the band it came from.","derivation":"allocation_of_compiled_midpoint","derivation_note":"This line apportions the compiled midpoint. Its value was not separately observed.","source_of_band_not_line":"MISO 2024 State of the Market (Potomac Economics)","source_url_of_band_not_line":"https://www.potomaceconomics.com/wp-content/uploads/2025/07/2024-MISO-SOM_Appendix_Final.pdf","band_as_of":"2026","customer_applicability":"100 MW contracted demand, 95% load factor, HV service","band_confidence":"triangulated","as_of":"2026","method":"analyst apportionment of the compiled midpoint across categories","confidence":"allocation","confidence_note":"Apportioned from the compiled delivered-cost midpoint by analyst judgement. Not separately observed.","covers_categories":["capacity"],"corroborated_by":{"value":126,"unit_label":"USD per MW-day, annualized across the four seasons","period":"2026/27 planning year","auction":"Planning Resource Auction","price_basis":"current_delivery_year","price_basis_note":"The clearing price for the delivery year now running. Answers what the load pays today.","construct_change":null,"source":"MISO Planning Resource Auction 2026/27, annualized; North/Central zones","source_url":"https://modoenergy.com/research/en/miso-2026-27-capacity-prices-results","provenance":"measured","relationship":"agrees_within_tolerance"},"state_vocabulary_version":"provenance-state-1.0","what_would_upgrade_it":"A separately sourced figure for this category with its own date, method and confidence. Until then the band's provenance establishes the total only, not this line.","version":"line-provenance-1.1"},"evidence":"independently_corroborated","corroborated_by":"MISO Planning Resource Auction 2026/27, annualized; North/Central zones","corroborating_value_usd_per_mwh":5.53,"corroboration_note":"The published value is the allocation. The observation is recorded beside it, not substituted for it."},{"name":"Ancillary & other","usd_per_mwh":4,"source":null,"provenance":{"provenance_state":"estimated_allocation","provenance_state_label":"Estimated allocation","provenance_state_means":"Apportioned from a compiled total or midpoint by analyst judgement. Not independently calculated, and not corroborated by anything outside the band it came from.","derivation":"allocation_of_compiled_midpoint","derivation_note":"This line apportions the compiled midpoint. Its value was not separately observed.","source_of_band_not_line":"MISO 2024 State of the Market (Potomac Economics)","source_url_of_band_not_line":"https://www.potomaceconomics.com/wp-content/uploads/2025/07/2024-MISO-SOM_Appendix_Final.pdf","band_as_of":"2026","customer_applicability":"100 MW contracted demand, 95% load factor, HV service","band_confidence":"triangulated","as_of":"2026","method":"analyst apportionment of the compiled midpoint across categories","confidence":"allocation","confidence_note":"Apportioned from the compiled delivered-cost midpoint by analyst judgement. Not separately observed.","covers_categories":["ancillary"],"corroborated_by":null,"state_vocabulary_version":"provenance-state-1.0","what_would_upgrade_it":"A separately sourced figure for this category with its own date, method and confidence. Until then the band's provenance establishes the total only, not this line.","version":"line-provenance-1.1"},"evidence":"estimated_allocation"}],"component_status":{"arithmetic_integrity":true,"evidence_reconciliation":"not_independently_reconciled","independently_sourced_lines":0,"total_lines":4,"bundled":[{"name":"Transmission & delivery","combines":["transmission","distribution","demand-related network charges"],"note":"Reported as one line. These elements have not been independently sourced or separately reconciled."}],"text":"The delivered-cost band is the compiled result. The component lines are an estimated allocation of its midpoint, not separately observed figures.","provenance_summary":{"by_state":{"estimated_allocation":4},"usd_by_state":{"estimated_allocation":60},"evidenced_share_pct":0,"lines_awaiting_evidence":["Wholesale energy","Transmission & delivery","Capacity (Planning Resource Auction)","Ancillary & other"],"what_would_close_them":"A separately sourced or tariff-derived figure for each category, with its own date, method and confidence. Until then the band's provenance establishes the total only, not these lines.","version":"provenance-state-1.0"},"category_coverage":{"energy":{"status":"estimated","line":"Wholesale energy","missing_evidence":"An independently sourced wholesale or tariff energy figure with its own date, method and confidence."},"capacity":{"status":"sourced","source":"MISO Planning Resource Auction 2026/27, annualized; North/Central zones","as_of":"2026/27 planning year","method":"auction clearing price, converted to the archetype (capacity-auction-to-mwh-1.0)","confidence":"modelled_from_measured_input","observation_is_measured_conversion_is_modelled":true,"is_floor":true,"missing_evidence":"A cited reserve-margin or peak-contribution gross-up, and tariff research establishing the charge a supplier would actually bill."},"transmission":{"status":"bundled","line":"Transmission & delivery","combined_with":["distribution","demand_charges"],"line_is_sourced":false,"line_provenance_state":"estimated_allocation","source":null,"source_url":null,"effective":null,"formula":null,"missing_evidence":"A separate transmission figure, or a sourced apportionment of the Transmission & delivery line."},"distribution":{"status":"bundled","line":"Transmission & delivery","combined_with":["transmission","demand_charges"],"line_is_sourced":false,"line_provenance_state":"estimated_allocation","source":null,"source_url":null,"effective":null,"formula":null,"missing_evidence":"A separate distribution figure, or a sourced apportionment of the Transmission & delivery line."},"demand_charges":{"status":"bundled","line":"Transmission & delivery","combined_with":["transmission","distribution"],"line_is_sourced":false,"line_provenance_state":"estimated_allocation","source":null,"source_url":null,"effective":null,"formula":null,"missing_evidence":"A separate demand charges figure, or a sourced apportionment of the Transmission & delivery line."},"ancillary":{"status":"estimated","line":"Ancillary & other","missing_evidence":"An independently sourced ancillary services and uplift figure with its own date, method and confidence."},"riders":{"status":"unavailable","missing_evidence":"No riders and unavoidable regulatory charges figure is held for this market."},"carbon":{"status":"unavailable","missing_evidence":"No carbon-related charges figure is held for this market."},"taxes":{"status":"unavailable","missing_evidence":"No recurring taxes figure is held for this market."},"connection_capital":{"status":"not_applicable","reason":"Outside the recurring $/MWh boundary by definition."}},"category_vocabulary_version":"cost-categories-1.0","capacity_cross_check":{"status":"sourced_observation_modelled_conversion","observation":{"value":126,"unit_label":"USD per MW-day, annualized across the four seasons","period":"2026/27 planning year","auction":"Planning Resource Auction","price_basis":"current_delivery_year","price_basis_note":"The clearing price for the delivery year now running. Answers what the load pays today.","construct_change":null,"source":"MISO Planning Resource Auction 2026/27, annualized; North/Central zones","source_url":"https://modoenergy.com/research/en/miso-2026-27-capacity-prices-results","provenance":"measured"},"conversion":{"usd_per_mwh":5.53,"provenance":"calculated","load_factor":0.95,"mwh_per_mw_year":8322,"formula":"($/MW-day x 365) / (8760 x load factor)","reserve_margin_gross_up":1,"gross_up_note":"No reserve-margin or peak-contribution gross-up is applied, because no cited multiplier is held for this market. The figure is therefore a FLOOR: the archetype's actual capacity obligation is at least this and probably higher.","version":"capacity-auction-to-mwh-1.0"},"is_floor":true,"not_a_tariff_charge":"This is an auction clearing price converted to the archetype's consumption, not a tariff line a supplier would bill. Tariff research has not established an applicable charge for this market.","confidence":"modelled_from_measured_input","comparison":{"allocated_usd_per_mwh":6,"sourced_floor_usd_per_mwh":5.53,"difference_usd_per_mwh":-0.47,"agreement":"consistent","text":"The estimated allocation is consistent with the sourced floor."}},"method_version":"cost-components-1.0"},"component_source":["MISO 2024 State of the Market (Potomac Economics)","https://www.potomaceconomics.com/wp-content/uploads/2025/07/2024-MISO-SOM_Appendix_Final.pdf"]},"cost_availability":{"label":"Standardized cost observable","means":"A comparable recurring-cost band can be built from observable, applicable inputs for the standard archetype.","user_action":"Use the band, with its stated confidence and boundary.","class":"standardized_observable","band_published":true},"cost_evidence_state":{"state":"applicable_evidence_incomplete","answerable":"conditionally","label":"Applicable, evidence incomplete","means":"The archetype can buy the service and the band is sound, but some published figures do not yet carry their own source, date, method and confidence.","remedy":"Finish the per-line provenance. No new access or negotiation is required.","also_holds":[],"vocabulary_version":"evidence-state-1.0"},"jurisdiction_evidence":null,"cost_structure":null,"cost_withdrawn":null,"cost_correction":null,"carbon_correction":null,"carbon_official_reference":null,"partial_cost_verified":null,"cost_pillar_calculation":null,"evidence":{"source_reliability":"High","coverage":"Full","coverage_dimensions":3,"last_reviewed":"June 2026","measured_layers":3,"data_layers":4,"layers":[{"layer":"PGIQ Rating opinion","method":"opinion","vintage":"June 2026","freshness":"Current","source_url":"https://powergridiq.com/methodology"},{"layer":"Reliability","method":"measured","vintage":"2024","freshness":"Fresh","source_url":"https://www.eia.gov/electricity/data/eia861/"},{"layer":"Forward cost","method":"measured","vintage":"2025/26 planning year","freshness":"Fresh","source_url":"https://modoenergy.com/research/en/miso-2026-27-capacity-prices-results"},{"layer":"Interconnection queue","method":"measured","vintage":"end-2025 (LBNL 2026)","freshness":"Fresh","source_url":"https://emp.lbl.gov/queues"},{"layer":"Realized cost","method":"triangulated","vintage":"2026","freshness":"Fresh","source_url":"https://www.potomaceconomics.com/wp-content/uploads/2025/07/2024-MISO-SOM_Appendix_Final.pdf"}]},"outlook":"Positive","confidence":"Med","under_review":false,"thesis":"Cheap power and a real build pipeline across Ohio, Indiana, Chicago and Iowa, with the ERAS fast-track easing a deep connection queue. Getting connected is the main hurdle; low cost and steady demand are the strengths.","pillars":{"access":50,"availability":55,"cost":88,"momentum":70,"carbon":52},"pillar_rationale":{"access":"Constrained access (deep queue), eased by the ERAS fast-track for priority projects.","availability":"Moderate availability across a large footprint.","cost":"Cheap power.","momentum":"High momentum: a growing Midwest build (Ohio, Iowa).","carbon":"Carbon moderate-high (~330 g)."},"offtake_opportunity_index":74,"demand_hunger":47,"build_feasibility":56,"supplier_signals":{"bess_arbitrage_usd_mwh":19,"bess_arbitrage_pct":62,"solar_capture_pct":105,"wind_capture_pct":99,"effective_competing_supply_gw":95.5},"outlook_drivers":{"upgrade":["ERAS and queue reform shorten connection timelines.","Wind and solar additions lower carbon."],"downgrade":["Queue backlog and study delays persist.","Coal-exit tightens availability."]},"risks":["Interconnection backlog.","Availability through the fossil transition."],"peers":{"like":"SPP (cheap, building)","ahead":"on momentum vs SPP","behind":"ERCOT on access"},"sources":[{"label":"MISO ERAS","url":"https://www.misoenergy.org/planning/resource-utilization/generator-interconnection/"}],"latest_action":{"date":"Aug 2026","type":"Affirmed","note":"Tier holds. The commission was explicit that this is a procedural reset rather than a rejection, and the underlying project is still expected. It does illustrate the state-level siting risk behind data-center-driven transmission in MISO, where the delivery path runs through a state commission that can restart the clock.","trigger":"PSC of Wisconsin rescinds the ATC completeness determination, 6 Aug 2026"},"grid":{"price_usd_mwh":30,"carbon_intensity_g":340,"renewable_pct":30,"renewable_generation_share_pct":30,"low_carbon_generation_share_pct":50,"fuel_mix":{"coal":23,"gas":27,"nuclear":20,"wind":25,"hydro":3,"solar":2},"demand_mw":58000,"capacity_mw":140000,"imports_mw":2000,"exports_mw":2000,"firm_capacity_mw":null,"firm_capacity_availability":"insufficient_evidence","firm_capacity_basis":null,"est_peak_mw":84100,"firm_headroom_mw":null,"firm_headroom_availability":"dependency_unavailable","peak_stress_pct":null,"peak_stress_availability":"dependency_unavailable","adequacy_required_input":"capacity_mix_mw with a declared basis, or an official dependable or accredited capacity from the operator","price_cycle":"other","price_basis":"not_reviewed","price_absent_reason":null,"price_source":"modelled-baseline","price_as_of":null,"price_vintage":"undated_modelled_baseline","price_is_live":false,"carbon_intensity_unit":"gCO2eq/kWh","carbon_measurement_boundary":"operational_combustion","carbon_calculation_method":"structural_estimate","carbon_emission_factor_source":null,"carbon_basis_withdrawn":true,"carbon_imports_treatment":"not_accounted","carbon_provenance_state":"structural","carbon_decision_eligibility":"insufficient_evidence","carbon_confidence":"low","source":"modelled-baseline"},"evidence_depth":{"use_case":"project_case","use_case_label":"Standardized Project Case","overall":"M2 Compiled","overall_permits":"Compiled from cited sources: supports investor and institutional analysis.","insufficient_evidence":false,"unassessed_required_fields":[],"project_ready":false,"blocking_fields":["connection","reliability"],"fields":{"cost":"M3 Project-ready","connection":"M2 Compiled","reliability":"M2 Compiled","carbon":"M2 Compiled","regulatory":"M2 Compiled","local_capacity":"not_assessed"},"by_use_case":{"discovery":{"label":"Discovery and monitoring","matrix_version":"1.0","tier":"M2 Compiled","ready":false,"blocking_fields":["connection"],"insufficient_evidence":false,"why":""},"market_comparison":{"label":"Market comparison","matrix_version":"1.0","tier":"M2 Compiled","ready":false,"blocking_fields":["connection","reliability"],"insufficient_evidence":false,"why":""},"project_case":{"label":"Standardized Project Case","matrix_version":"1.0","tier":"M2 Compiled","ready":false,"blocking_fields":["connection","reliability"],"insufficient_evidence":false,"why":""},"project_case_carbon":{"label":"Project Case with a carbon requirement","matrix_version":"1.0","tier":"M2 Compiled","ready":false,"blocking_fields":["connection","reliability","carbon"],"insufficient_evidence":false,"why":""},"site_diligence":{"label":"Conditional site diligence","matrix_version":"1.0","tier":"not_assessed","ready":false,"blocking_fields":["connection","reliability","local_capacity"],"insufficient_evidence":true,"why":"not assessed here: local capacity"}},"reliability_layers":{"bulk_historical":{"state":"held","method":"event-based"},"forward_adequacy":{"state":"held","method":"assessed"},"local_delivery":{"state":"held","method":"measured"},"contractual_service":{"state":"unknown","method":null},"designed_site_resilience":{"state":"unknown","method":null}},"definition_version":"carbon_scope@1.0;connection_process@1.0;cost_archetype@1.0;evidence_tiers@1.0;reliability_layers@1.0","scale":"M1 broad / M2 compiled / M3 project-ready / M4 local; cumulative, so each tier includes the ones below it. Assigned per field from held evidence with provenance. Not a rating strength, confidence score or feasibility conclusion."},"next_review":"2027-05-15","report_url":"https://powergridiq.com/rating/miso","as_of":"June 2026","evidence_layers":{"version":"evidence-layers-1.0","band":{"state":"independently_compiled","label":"Independently compiled","means":"The band is assembled from multiple sourced, dated and applicable published figures. It is not a single benchmark and it is not a tariff reconstruction.","reproducible":"partially"},"component":{"total_lines":4,"reproducible_lines":0,"states":["estimated_allocation"],"all_lines_are_estimated_allocations":true,"independently_reproducible":false,"illustrative":true,"notice":"Illustrative allocation of the compiled midpoint. Component lines are not separately sourced and should not be interpreted as observed tariff charges.","notice_short":"Illustrative allocation — lines not separately sourced","vocabulary_version":"evidence-layers-1.0"},"cost_pillar":{"state":"analyst_assessment","label":"Analyst assessment","means":"The score is a judgement recorded with a written cost-specific rationale. It is not calculated from a formula and does not claim to be.","reproducible":false},"layers_are_independent":"Band, component and cost-pillar evidence are separate judgments. A market may have a sound, applicable band and an illustrative component breakdown at the same time. Do not read a component-evidence limitation as a statement about the band."}}