On July 23, PJM filed tariff changes with the Federal Energy Regulatory Commission to address a FERC requirement regarding the timing of PJM’s day-ahead electric market. The market schedule changes become effective April 1, 2016.
The tariff changes better align the gas and electric industries. The timing of PJM’s day-ahead market adjusts so results are posted in advance of the revised Timely Nomination deadline for interstate pipelines.
PJM’s reliability unit-commitment process also changes so that generation needs are communicated in advance of the Evening Nomination deadline (as ordered by the FERC). Initial commitment needs will also be communicated in advance of the Intraday Two Nomination deadlines.
PJM’s new gas-electric market day schedule:
- Generator offers due at 10:30 a.m. (eastern)
- Results will be posted upon completion between noon and 1:30 p.m.
- Timely Nominations are due at 2:00 p.m. on interstate gas pipelines.
Rebid Period and Reliability Commitment
- New rebid period is from the posting of day-ahead results until 2:15 p.m.
- Initial reliability unit-commitment results will be communicated by 3 p.m.
- Intraday Two Nominations are due at 3:30 p.m., and Evening Nominations are due at 7:00 p.m. on the interstate gas pipelines.
This new timeframe condenses the Day-Ahead Market to three hours.
PJM will continue to study and implement changes to hardware, software, and processes to further reduce the timeframe required to clear the day-ahead market.