Last winter’s cold raised concerns about economic withholding, the PJM Independent Market Monitor said in its annual State of the Market report.

PJM’s request to raise the cost-based energy offer cap to $1,800/MWh through March drew a flurry of comments and protests in the days before Christmas.

UTCs in PJM have dropped by about 85% since September, after the FERC said it might make the transactions liable for uplift assessments.

A round-up of news from the PJM Market Implementation Committee (MIC) on Oct. 8, 2014.

The PJM MRC heard first read Thursday on proposed rule changes to day-ahead resource commitment and scheduling reserve requirements.

At FERC's uplift hearing, PJM was a target for criticism from market participants smarting over the $600 million uplift bill from January’s polar vortex.

PJM has consistently had among the highest uplift rates among RTOs and ISOs, according to a Federal Energy Regulatory Commission report released last week.

FERC staff will hold workshops beginning this fall to consider rule changes regarding uplift, price caps and other issues affecting price formation in PJM and other RTOs.

Acknowledging they were taking “a leap of faith,” stakeholders last week endorsed PJM’s plan for cutting uplift and capturing reserve costs in energy prices.

Stakeholders split last week over a PJM proposal to change how the RTO captures the cost of deploying additional reserves during extreme weather.