PJM proposed a new reliability metric to address resource adequacy concerns as stakeholders moved forward with plans to overhaul the RTO's capacity market.

The PJM Board of Managers on Monday announced it will seek a delay in the 2025/26 Base Residual Auction scheduled for this June, as well as future auctions.

PJM presented a preliminary proposal to overhaul its capacity market to the Resource Adequacy Senior Task Force.

PJM stakeholders appeared split over proposals to delay the RTO’s capacity auctions to include market rule changes being considered by the Board of Managers.

PJM stakeholders requested that the Board of Managers provide more information about its initiation of a fast-track process to address reliability concerns.

Generation owners in PJM say declining capacity prices and market participation in the Base Residual Auction demonstrate underlying issues with the market.

PJM capacity prices dropped in much of the RTO for delivery year 2024/25, but ratepayers in five regions will face increases due to locational constraints.

FERC approved PJM’s request to revise its capacity rules to avoid a fourfold price increase in DPL South, rejecting complaints of retroactive ratemaking.

FERC accepted revisions to PJM’s tariff that the RTO proposed via its Quadrennial Review of the parameters underlying its Reliability Pricing Model auctions.

Generation owners say a PJM filing that asks FERC to approve a change to the parameters of the RTO’s 2024/25 capacity auction is a tariff violation.