Calpine’s modification of PJM’s energy price formation proposal emerged as the first choice members will consider at Thursday’s Markets and Reliability Committee meeting.

A summary of the issues scheduled to be brought to a vote at the PJM Markets and Reliability (MRC) and Members committees (MC) on Jan. 24, 2019.

Independent Market Monitor Joe Bowring said PJM’s proposed revisions to how it prices reserves necessitates changes in the capacity market.

PJM stakeholders appeared resigned to a unilateral FERC filing by the Board of Managers revising the RTO’s proposed price formation rules.

PJM CEO Andy Ott responded to concerns about the Board of Managers’ recent ultimatum around price formation, and stakeholders offered additional ones.

The PJM Board of Managers asked stakeholders for patience with the board’s ongoing investigation into the default of GreenHat Energy’s FTR portfolio.

PJM staff moved briskly through a dense agenda of the Energy Price Formation Senior Task Force in hopes of wrapping up the initiative by a Jan. 31 deadline.

PJM’s Board of Managers signaled it is done waiting for stakeholders to make progress on a nearly yearlong initiative to improve energy price formation.

Months past the deadline requested by PJM’s Board of Managers, details of potential changes to the RTO’s energy market remain anyone’s guess.

The PJM initiative to revise how its energy market is constructed continued down the rabbit hole with a discussion about the timing of procuring reserves.