PJM's proposal to change its capacity offer cap failed to win stakeholders' blessing, but the RTO may submit it anyway, seeking a FERC OK for its next auction.

At the first in-person MRC meeting since the pandemic, PJM faced opposition to proposals regarding FERC filings and a change to the capacity offer cap.

FERC ordered PJM to remove the 10% cost adder for the reference resource used to establish the VRR curve in the RTO’s capacity market.

PJM's year was punctuated by changes in the capacity market as votes by stakeholders led to the implementation of the RTO’s narrowed MOPR.

FERC approved PJM's request to delay the Base Residual Auction for the 2023/24 delivery year from Dec. 1 to Jan. 25, 2022.

PJM requested a rehearing and clarification of FERC’s order to replace its market seller offer cap, arguing that the new construct would prove burdensome.

PJM asked FERC to delay the Dec. 1 capacity auction by almost two months, citing the commission’s recent revision to auction rules.

FERC ordered PJM to revise its market seller offer cap to prevent sellers from exercising market power in the RTO’s capacity market.

PJM’s Monitor sounded alarms about market power in the energy and capacity markets and said it may intervene in the RTO’s next capacity auction.

FERC mostly accepted PJM’s tariff revisions accounting for when the default offer price floor exceeds the market seller offer cap under the expanded MOPR.