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PJM Outlines Proposed Stakeholder Process To Address Recommendations On Credit, Other Issues Raised From GreenHat Default

Says Must Move "Expeditiously" On Recommendations

Report Has Proposed New Definitions For "Default", "Material Adverse Change"

Has Proposed Heightened Scrutiny Of New Market Participants, Background Checks Of Officers Of Non-Public Companies

April 11, 2019

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Copyright 2010-19
Reporting by Paul Ring •

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PJM President & CEO Andy Ott has informed PJM members of a proposed stakeholder process for responding to the recommendations in the Report of the Independent Consultants on the GreenHat Default.

As exclusively detailed by, the Independent Consultants' report on the GreenHat Default recommends, among other things, new definitions for "default" and "material adverse change"

Additionally, the report recommends heightened scrutiny of new market participants, including outsourced background checks for any member applicant, and should the applicant not be a public company, for the three most senior officers.

See our prior story for further specific details on these and other recommendations

In the letter to members, Ott noted that the report's recommendations fall into the following categories:

• Updating credit and risk management rules

• Market business rules enhancements

• Stakeholder process changes

• Updating membership qualifications and processes

"We need to expeditiously address the report’s recommendations which will require us to work together and modify our standard stakeholder process steps," Ott wrote

The proposed process would create a Financial Risk Mitigation Senior Task Force, with the task force divided into four work streams to address the categories identified above

A charter for the task force is to be voted on at the April 25 Markets and Reliability Committee meeting

See more details on the proposed stakeholder process here

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