If a GFA is expiring and there is a request to convert the GFA to NITS, such request needs to be reviewed and approved by the MISO Legal Department and Financial Transmission Rights (FTR) Administration. If the GFA is terminating during a Planning Year (PY) in course, the GFA owners would need to request a GFA extension through the end of the PY and request a NITS conversion to start the first day of the subsequent PY.

In the ARR/FTR processes it is not possible to model midseason/quarter changes due to the processes seasonal construct. Mid-PY changes could be handled but they may need to happen only in the quarter. The risk of making off-season changes is inappropriate hedging for the remaining months of the PY.
Note that once a GFA change takes place, there is no going back to carve-out.

GFA parties should therefore specify in writing (such an e-mail from both parties and GFA Change Template) their mutual agreement to terminate a GFA on a final termination date, after which the agreement will not be automatically renewed, and instead will be converted to NITS (assuming that is their mutually agreed plan). The clarification can also be incorporated as a comment in a formal request using a GFA template. All changes require submission of a GFA change template. The GFA change template is located in the MISO Website ARR and FTR Market under the guides and references section. This is all subject to legal review and approval.

For additional reference, please review BPM-004 section through