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
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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.
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.