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FERC Approves Delay In PJM Capacity Auctions, Sets Schedule
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FERC approved PJM's tariff filing to delay the
Reliability Pricing Model (RPM or capacity market) Base Residual Auction (BRA) and
Incremental Auction schedules for the 2025/2026 through the 2028/2029 delivery years
PJM had proposed revisions to the Tariff to allow all capacity auctions beginning with
the 2025/2026 delivery year through the 2028/2029 delivery year to be conducted after
Commission action on PJM’s anticipated upcoming capacity market enhancements filing,
which PJM states is currently scheduled to be filed by October 1, 2023
FERC said, "We find that the potential scope and magnitude of the capacity market related
reforms PJM is considering in its stakeholder process provide sufficient justification
under FPA section 205 to delay the auctions until after the Commission has an
opportunity to act on any proposals that PJM may file following that stakeholder process.
In particular, the reforms contemplated in PJM’s stakeholder process mean that market
participants would be participating in auctions in the face of significant uncertainty
regarding critical rules governing their capacity supply obligations in the relevant
delivery year, such as the penalty structure. We find the extent of that uncertainty
sufficient to carry PJM’s burden under FPA section 205 to justify the proposed changes
to the auction dates."
While PJM had not proposed specific future auction dates due to the uncertain timing of ultimate adjudication of the capacity reform proposal, FERC found that a future schedule should be set, and ordered that an "illustrative" schedule offered by PJM instead be codified in the tariff. FERC noted that PJM may seek similar delays in the future if needed
The schedule adopted by FERC sets the BRAs as follows:
Docket No. ER23-1609-000
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June 12, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
Delivery Year BRA Date
2025/2026 June 2024
2026/2027 December 2024
2027/2028 June 2025
2028/2029 December 2025
2029/2030 May 2026 (back on typical schedule)
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