PJM presented an updated response to the January ruling by the Federal Energy Regulatory Commission on financial transmission rights forfeitures at the Feb. 21 Members Committee Webinar.
After presenting an overview of the forfeiture rules at the February Market Implementation Committee meeting, PJM determined the order clearly states the new rules would be effective on the date of the order (Jan. 19). PJM said the FERC’s order clearly articulated the various rule changes it expects to be included in the compliance filing.
The rule changes include changes to transaction reviews on a portfolio basis, references for the calculation of power flows and what triggers its use.
PJM is developing the new rules to identify which transactions are subject to the updated FTR forfeiture rules. Once those new rules are in place, PJM will review transactions back to January, as ordered by the FERC. PJM will not calculate forfeitures while it is developing the new rules.
Other Webinar business included:
- A report on interregional coordination
- Market Monitoring report
- Update on market operations
- Update on system operations
- Update on regulatory activities
Stakeholder group reports