PJM issued a market notice regarding, "Important Information for LSEs of the ComEd Zone Regarding RPM Rebilling of the 2019/2020 Delivery Year and RPM Settlement Changes for the Upcoming 2020/2021 Delivery Year."

PJM explained that, on April 16, 2020, FERC issued an order in the Radford Run Incremental Capacity Transfer Rights (“ICTRs”) complaint paper hearing, Docket No. EL18-183, that requires PJM to award ICTRs for the Radford Upgrade that would have been assigned to Radford as of December 2015, when the System Impact Study was completed. As a result, PJM will award Radford 279 MWs of ICTRs (to the ComEd LDA). The order further requires Radford to receive payments relating to the Base Residual Auctions held in 2016, 2017 and 2018, which provide payments for the 2019/2020, 2020/2021 and 2021/2022 Delivery Years.

PJM said that the FERC order requires PJM to resettle payments for the ICTRs and to rebill affected entities for the nearly complete 2019/2020 Delivery Year. In this case, the affected entities are Load Serving Entities (“LSEs”) of the ComEd zone during the 2019/2020 Delivery Year that will realize a reduced CTR Credit Rate, PJM said. The payment for the ICTR and offsetting charges (reduced CTR credits) to ComEd LDA LSEs for the 2019/2020 Delivery Year will be reflected in the May monthly invoices PJM is scheduled to issue on June 5, 2020.

At the links provided below, PJM has posted updated files related to RPM settlements for the 2019/2020 and 2020/2021 Delivery Years that reflect payment to the ICTR and reduced CTR Credit Rates applicable to LSEs of the ComEd Zone. For the 2019/2020 Delivery Year, the Final Zonal Credit Rate for the ComEd Zone (in $/MW-Day per MW of UCAP Obligation) has been updated to $2.34/MW-Day (down from the initial rate of $3.43/MW-Day). For the 2020/2021 Delivery Year, the Final Zonal Credit Rate for the ComEd Zone (in $/MW-Day per MW of UCAP Obligation) has been updated to $0.00/MW-Day (down from the initial rate of $0.12/MW-Day).

2019/2020 3rd Incremental Auction Results: https://go.pjm.com/e/678183/tal-auction-results-ashx-la-en/3mvhr/120839916?h=t2xhuPZ2Yx85mPMagsPFDLo783ILpmJIVzrY8S4bC-I

2019/2020 Final Zonal UCAP Obligations, Capacity Prices & CTR Credit Rates: https://go.pjm.com/e/678183/es-ctr-credit-rates-ashx-la-en/3mvht/120839916?h=t2xhuPZ2Yx85mPMagsPFDLo783ILpmJIVzrY8S4bC-I

2020/2021 3rd Incremental Auction Results: https://go.pjm.com/e/678183/tal-auction-results-ashx-la-en/3mvhw/120839916?h=t2xhuPZ2Yx85mPMagsPFDLo783ILpmJIVzrY8S4bC-I

2020/2021 Final Zonal UCAP Obligations, Capacity Prices & CTR Credit Rates: https://go.pjm.com/e/678183/es-ctr-credit-rates-ashx-la-en/3mvhy/120839916?h=t2xhuPZ2Yx85mPMagsPFDLo783ILpmJIVzrY8S4bC-I

Tags:
PJM   Pricing   Capacity market   Wholesale  

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