PJM PANEL ADVANCES CAPACITY, DAY-AHEAD POWER MARKET PROPOSALS
The PJM Interconnection’s Market Implementation Committee on Wednesday approved manual changes affecting the capacity market and the day-ahead market time line, but rejected proposals to mask the identity of financial transmission rights auction winners.
On the capacity performance market, the committee agreed to add three parameters — maximum run time, start-up time and notification time — to the list of parameters by which a resource’s schedule might be limited.
Previously, the parameters were the turn-down ratio, the minimum down time, the minimum run time, the maximum daily starts and the maximum weekly starts.
The additional parameters would be applicable for 2016-2017 and later capacity performance resources, and for 2018-2019 and 2019-2020 for base capacity resources. The shorter list of parameters applies for 2014-2015 through 2017-2018 for the base capacity resources.
The manual revisions also addressed issues such as a February 28 deadline for submitting unit-specific parameters before the first delivery year, with PJM responding by April 15 on whether such parameters are approved.
Regarding the day-ahead market time line, the committee approved a change moving the deadline for day-ahead bids or offers from noon to 10:30 am ET on the day before the operating day, shortening the clearing window to three hours, so that the results are posted by 1:30 Eastern time or as soon as practical thereafter.
The re-bidding period would be between the publication of day-ahead market results until 2:15 pm, under the proposal approved Wednesday.
In the next step, both proposals go to the PJM Markets and Reliability Committee, which next meets on March 31.
An issue on which the Market Implementation Committee decided to take no action was a proposal to mask the identity of winners of financial transmission rights auctions for a period after the results are posted. The committee considered and rejected two proposals.