PJM’s concerns over FTR underfunding on projects with incremental auction revenue rights won’t be addressed through any Operating Agreement revisions.

FERC denied a rehearing request of PJM’s mark-to-auction provision, which gives PJM leverage to secure collateral for declining portfolios in its FTR market.

FERC ordered Vitol and a senior trader to show cause why they should not be fined for manipulating CAISO’s market to limit losses on the company’s CRRs,