Intraday Offer Discussions Highlight MIC Agenda 

Wednesday was a big day for the PJM manual that deals with Energy and Ancillary Markets as the Market Implementation Committee spent most of its meeting discussing language that will change it in various fashions.

In a full day of active participation, stakeholders, PJM, and PJM’s independent market monitor Monitoring Analytics deliberated over the rules and language for intraday offers, where they agreed and where they didn’t.

PJM presented revisions to Manual 11: Energy & Ancillary Services, associated with the implementation of Intraday Offers.  Monitoring Analytics followed with its concerns related to the conforming Manual 11 revisions.

Stakeholders discussed defining the rules to submit offer updates intraday, as a continuation of discussion at the July MIC. They examined new manual language that defines business rules for market sellers who opt in to intraday offers, allowing offers to be updated following the close of the rebidding period.

PJM and the IMM disagree on the scope of the manual language. Lisa Morelli, manager – Real-time Market Operations, who led the discussion, pointed out that the disagreements between PJM and the IMM covered one piece of a much larger implementation and there is a need to discuss in further detail.

PJM deferred the vote for a month; stakeholders will have an opportunity to vote on Manual 11 language in September and review any proposed tariff revisions that result from further discussion between PJM and the IMM. PJM committed to posting the results of its continued discussions with the IMM 10 days before the September MIC meeting for stakeholders to study. Stakeholders will also discuss it at the August Markets and Reliability Meeting.

PJM is under a time constraint because manual language needs to be in place to support Nov. 1 implementation of intraday offers, per the Federal Energy Regulatory Commission. It can file changes to the tariff with the FERC later.

Other Manual 11 business:

Endorsements/Approvals  

Additional Updates

  • Morelli also answered stakeholder questions on shortage pricing data
  • 2017 Stakeholder Satisfaction Survey
  • Updates from PJM and Monitoring Analytics on fuel cost policies
  • Second quarter 2017 Net Energy Injections report
  • PJM encouraged participation in the August 11 Credit Subcommittee meeting;the meeting will include a presentation on the use of PROMOD simulations for certain financial transmission rights credit requirements and a discussion of whether to close out or continue discussion of the increment/decrement credit requirement problem statement and issue charge.
  • The committee approved closing out two active MIC issues on hold in Issue Tracking: Energy Scheduling and Financial Transmission Rights Forfeiture Rule Review. A third, Spot-in Transmission Service for Energy Imports from NYISO, was not closed at stakeholder request.