PJM on Feb. 12 submitted a waiver request asking FERC to delay the 2025/26 Base Residual Auction by 35 days, which would bump the commencement to July 17.
The RTO argued the delay would allow a more “orderly administration” of the auction and additional stakeholder education on how effective load-carrying capability (ELCC) values will be calculated under the process FERC approved last month. (See FERC Approves 1st PJM Proposal out of CIFP.)
“Such education would provide market participants with greater confidence that their respective accredited UCAP [unforced capacity] values are accurate and consistent with the approved marginal ELCC methodology,” the request states.
During the Jan. 16 meeting of the Planning Committee, Adam Keech, PJM vice president of market design and economics, told stakeholders the RTO plans to release class average accreditation values in the coming weeks.
Keech also said PJM has shifted the pre-auction activities schedule by 10 days in support of stakeholder education, with an additional special session of the PC scheduled for Feb. 21 for that purpose.
The auction originally was scheduled to begin June 12.
PJM requested expedited commission action by Feb. 26, one day before the pre-auction deadline for market participants to submit unit-specific offer caps and inform the RTO of whether they intend to use the fixed resource requirement alternative to the Reliability Pricing Model.
