PJM Files Tariff Changes To Incorporate FTR Mark-to-Auction Provisions
PJM Interconnection, L.L.C. filed at FERC revisions to the PJM Open Access Transmission Tariff (“Tariff”) to incorporate Financial Transmission Rights (“FTR”) mark-to-auction provisions, revise or clarify certain FTR credit provisions as needed to facilitate the incorporation of the mark-to-auction provisions, eliminate FTR credit provisions that were only needed for the 2018 FTR Historical Value updates, and incorporate two new defined terms.
The proposed revisions allow for PJM to make a collateral call if a Member’s FTR portfolio is declining in value based on the most recent FTR auction prices, including FTR auction prices provisionally calculated in the process of clearing an open FTR auction. This proposal was endorsed by PJM members by acclamation, with one objection and no abstentions at the January 24, 2019 Members Committee Meeting. PJM requests that the Commission issue its order accepting the enclosed revisions by no later than April 1, 2019, which is sixty (60) days from the date of this filing, with an effective date of April 4, 2019.