PJM urged FERC to expedite guidance on the RTO’s upcoming Base Residual Auction as stakeholders prepare for deadlines on two different sets of rules.

Capacity market sellers expressed anxiety over PJM’s “parallel path” for its upcoming Base Residual Auction, urging staff to consider delaying the auction until FERC clarifies the minimum offer price rule.

PJM’s Independent Market Monitor asked FERC to order changes to the RTO’s Capacity Performance assumptions, saying the current rules allow sellers to exercise market power.

In many ways, PJM's 2018 was much like years before, with capacity and energy market rules under constant redesign. Some stakeholders have grown weary of the churn.

PJM’s market design and Exelon’s control of local generation allow the company to name its price for capacity commitments in the Chicago area.

FERC has granted the PJM request to delay its annual Base Residual Auction to Aug. 14-28, 2019.

PJM asked FERC to delay next year’s Base Residual Auction to provide it more time to respond to the commission requiring changes to capacity market rules.

In his quarterly state of the market report, the PJM IMM said the results of the 2018 Base Residual Auction show the need to change its capacity offer cap.

PJM and the Monitor presented members with separate proposals to revise the long-term financial transmission rights market.

Capacity auction prices increased sharply in most of PJM for delivery year 2021/22, with demand response and energy efficiency making gains while cleared nuclear power capacity dropped.