PJM Provides Further Update On Disposition Of Portfolio Of Energy Marketer Which Had Defaulted -- EnergyChoiceMatters.com

PJM Provides Further Update On Disposition Of Portfolio Of Energy Marketer Which Had Defaulted

March 17, 2022

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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PJM issued a new market notice providing a further update on the disposition of the portfolio of Hill Energy Resource & Services, LLC, which defaulted at PJM in January, as previously reported

The updated net cost of liquidating the Hill positions effective June 1, 2022, through May 31, 2025, was $1.81 million, PJM said in the notice. When added to the settled losses on the Hill portfolio of $3.66 million through February, and the proceeds from previously sold positions of $2.88 million, the total loss thus far on the Hill portfolio is now $2.59 million, PJM said. PJM is holding $6.1 million in collateral with which to cover this loss.

PJM stated in the market notice that, "The PJM April 2022 FTR Auction closes today (March 17) at 1700. In this auction, PJM will attempt to liquidate the remaining defaulted FTR positions, effective April 1, 2022, through May 31, 2022, that were part of the Hill Energy Resource & Services portfolio. The results will be cleared and posted on Thursday, March 24, 2022."

The net FTR positions resulting from the default that have been liquidated, along with the positions that will be attempted to be liquidated in the April 2022 FTR Auction, are available under the FTR Default section of the Financial Transmission Rights section of PJM.com, in the Excel file titled "FTR Positions Resulting from Default."

Additionally, previously sold positions in the Hill portfolio have also been added to the Excel file titled "FTR Positions Resulting from Default." In a previously reported market notice, the proceeds from the previously sold positions were not included.

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