PJM Issues Market Notice Concerning Alleged Error By Market Participant In Third Incremental Auction
PJM said in a March 14 market notice that, "A Market Participant has informed PJM of an alleged error in the initial posting of auction results for the Third Incremental Reliability Pricing Model Auction for the 2019/2020 Delivery Year. Specifically, the Market Participant has informed PJM that it cleared more than 2,000 MW of buy bids in excess of its intended quantity without the legal authority to execute such transactions. While this does not constitute an error in the clearing of the auction pursuant to Tariff, Attachment DD, section 5.11(e), given the unique circumstances of this case, PJM is providing this notice given the potential for Governmental Authority intervention."
PJM issued a further notice on March 15 stating, "Several stakeholders have contacted PJM requesting additional information related to the below notice. PJM provided notice along the timeline specified in the Tariff, even though (as we indicated) the situation does not involve a PJM error in clearing the auction. We will post further information along the Tariff specified timeline, which is the 7th business day after the auction clearing, or Tuesday, March 19th. We cannot specify the Governmental Authority reference due to confidentiality concerns."