For the Ontario Independent Electricity System Operator (IESO), we estimated the likely benefit of Market Renewal efforts to update the design of Ontario’s energy market, improve system flexibility and operability, introduce an incremental capacity market, and increase the efficiency and utilization of the Province’s interties with neighboring power markets. We worked with IESO staff, the Market Renewal Working Group, the Market Surveillance Panel, and IESO stakeholders to document inefficiencies of the current market design and develop the framework for estimating Market Renewal benefits and implementation costs taking into consideration Ontario unique market structure, energy policy environment, and resource mix.