Below is a summary of the agenda items scheduled to be brought to a vote at the PJM Markets and Reliability Committee and Members Committee meetings Jan. 22. Each item is listed by agenda number, description and projected time of discussion, followed by a summary of the issue and links to prior coverage in RTO Insider.

RTO Insider will cover the discussions and votes. See next week’s newsletter for a full report.

Markets and Reliability Committee

Consent Agenda (9:05-9:10)

1. 4. Endorse proposed revisions to the Regional Transmission and Energy Scheduling Practices document to codify the NAESB version 4.0 Business Scheduling Practice Standards.
   5. Endorse proposed revisions to Manual 2: Transmission Service Request drafted through its periodic review.
   6. Endorse proposed revisions to Manual 21B: PJM Rules and Procedures for Determination of Generation Capability to expand the definition of dual-fuel gas generation to include configurations where the secondary fuel is stored off-site but directly connected to the resource with a dedicated pipeline. (See “Stakeholders Endorse Expanded Dual Fuel Manual Definition,” PJM PC/TEAC Briefs: Jan. 6, 2026.)

Issue Tracking: Capacity Market Enhancements — ELCC Accreditation Methodology

1. 1. Endorse proposed revisions to Manual 28: Operating Agreement Accounting drafted through the document’s periodic review. The changes seek to clarify the opportunity cost calculation for hydro units, how day-ahead load response bids are included in the day-ahead operating reserve charges and the calculation of capped real-time synchronized reserve assignments for demand response.
   2. Endorse proposed revisions to Manual 38: Operations Planning proposed as part of its periodic review. The language details the long-term study process included in the Regional Transmission Expansion Plan and adds MISO solar generation to planning studies.

Endorsements (9:10-9:35)

1. 1. 2026/2027 3rd Incremental Auction (IA) Installed Reserve Margin (IRM) and Forecast Pool Requirement (FPR) (9:10-9:35)

PJM’s Josh Bruno will present the recommended IRM and FPR values for the 2026/27 Third IA, which is scheduled to be conducted on Feb. 24. The parameters were calculated with the 2026 load forecast, which scaled back PJM’s estimates of the load growth anticipated for the delivery year. This resulted in staff recommending an IRM of 18.6%, 0.5% lower than the margin used in the base residual auction, and a 0.9291 FPR, 0.0121 higher than the BRA.

Stakeholders will be asked to endorse the parameters upon first read and same-day endorsement will be sought at the Members Committee meeting.

Members Committee

Endorsements (11:00-11:30)

1. 1. Minimum Capitalization (11:00-11:15)

PJM’s Ryan Jones will present a proposal to increase the minimum capitalization requirements to participate in its markets. It would double the tangible net worth requirement for market participants and add a 3% annual escalator. (See PJM Presents 1st Read on Minimum Capitalization Requirement Proposal.)

Issue Tracking: Review of Minimum Capitalizations for Participation in PJM Markets

1. 2. 2026/2027 3rd Incremental Auction (IA) Installed Reserve Margin (IRM) and Forecast Pool Requirement (FPR) (11:15-11:30)

If endorsed by the MRC, Bruno will present the recommended IRM and FPR values for the 2026/27 Third IA.

The committee will be asked to endorse the values on first read.