New York State was one of the first to restructure its power industry into a wholesale power market.

The New York market (NYISO) is an outgrowth of the New York Power Pool (NYPP). Following the "Northeast Blackout of 1965", New York's eight largest electric utilities joined to create the NYPP. In order to reduce the probability of another major power interruption, the NYPP combined the eight member's knowledge and technical resources in power generation and transmission.

In 1997, the NYPP member systems filed a proposal with FERC, which dissolves the New York Power Pool and replaces it with the New York Independent System Operator. The NYISO is a not-for-profit organization formed in 1999 as part of the restructuring of New York State's electric power industry into of one of the first wholesale power markets in the United States. Statewide electricity load can exceed 30,000 MW. Last year, the NYISO’s market volume exceeded $5.6 billion, more than all of the other Northeast markets combined.

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