Market Performance. Volume. In the first four months of the 2017/2018 planning period Monthly Balance of Planning Period FTR Auctions cleared 1,232,334 MW (14.3 percent) of FTR buy bids and 478,581 MW (23.0 percent) of FTR sell offers cleared.
Market Performance. Volume. The 2013 to 2016 Long Term FTR Auction cleared 290,700 MW (10.5 percent of demand) of FTR buy bids, compared to 259,885 MW (10.8 percent) in the 2012 to 2015 Long Term FTR Auction. The 2013 to 2016 Long Term FTR Auction also cleared 56,692 MW (26.8 percent) of FTR sell offers, up from 31,288 MW (12.5 percent) in the 2012 to 2015 Long Term FTR Auction. For the 2012 to 2013 planning period, the Annual FTR Auction cleared 371,295 MW (14.5 percent) of FTR buy bids, compared to 387,743 MW (11.9 percent) for the 2011 to 2012 planning period. The 2012 to 2013 Annual FTR Auction also cleared 35,275 MW (9.9 percent) of FTR sell offers for the 2012 to 2013 planning period, up from 24,960 MW
Market Performance. Volume. In the Annual FTR Auction for the 2013 to 2014 planning period 420,489 MW (12.8 percent) of buy and self-schedule bids cleared. For the 2012 to 2013 planning period, the Monthly Balance of Planning Period FTR Auctions cleared 2,246,640 MW (11.4 percent) of FTR buy bids and 737,111 MW (14.7 percent) of FTR sell offers.
Market Performance. Volume. The 2016 to 2019 Long Term FTR Auction cleared 277,397 MW (11.3 percent) of demand of FTR buy bids, down 0.2 percent from 277,865 MW (8.9 percent) in the 2015 to 2018 Long Term FTR Auction. The Long Term FTR Auction also cleared 61,210 MW (18.7 percent) of FTR sell offers, compared to 34,629 (14.4 percent), a 76.8 percent increase. In the Annual FTR Auction for the 2015 to 2016 planning period 378,328 MW (15.4 percent) of buy and self-schedule bids cleared, up 3.4 percent from 365,843 MW (10.4 percent) for the previous planning period. In the 2015 to 2016 planning period Monthly Balance of Planning Period FTR Auctions 1,466,985 MW (9.3 percent) of FTR buy bids and 803,463 MW (23.0 percent) of FTR sell offers cleared.
Market Performance. Volume In an effort to address reduced FTR payout ratios, PJM may use normal transmission limits in the FTR auction model. These capability limits may be reduced if ARR funding is not impacted, all requested self-scheduled FTRs clear and net FTR Auction revenue is positive. If the normal capability limit cannot be reached due to infeasibilities then FTR Auction capability reductions are undertaken pro rata based on the MW of Stage 1A infeasibility and the availability of appropriate auction bids for counter flow FTRs.11 In another effort to reduce FTR funding issues, PJM implemented a new rule stating that PJM may model normal capability limits on facilities which are infeasible due to modeled transmission outages in Monthly Balance of Planning Period FTR Auctions. The capability of these facilities may be reduced if ARR target allocations are fully funded and net auction revenues are greater than zero. This reduction may only take place when there are counter flow auction bids available to reduce the infeasibilities.12 Table 13-5 provides the Monthly Balance of Planning Period FTR Auction market volume for the entire 2014 to 2015 planning period and the first four months of the 2015 to 2016 planning period. There were 7,791,851 MW of FTR obligation buy bids and 659,093 MW of FTR obligation sell offers for all bidding periods in the first four months of the 2015 to 2016 planning period. The monthly balance of planning period auction cleared 820,458 MW (10.5 percent) of FTR obligation buy bids and 393,207 MW (20.1 percent) of FTR obligation sell offers. There were 55,395 MW of FTR option buy bids and 49,066 MW of FTR option sell offers for all bidding periods in the Monthly Balance of Planning Period FTR Auctions for the first four months of the 2015 to 2016 planning period. The monthly auctions cleared 35,241 (2.2 percent) of FTR option buy bids, and 56,152 MW (27.5 percent) of FTR option sell offers.
Market Performance. Volume In an effort to address reduced FTR payout ratios caused by forced Stage 1A infeasibilities, PJM may use reduced capability limits instead of the increased Stage 1A capability limits in FTR auctions. These capability limits may be reduced if ARR funding is not impacted, all requested self-scheduled FTRs clear and net FTR Auction revenue is positive. If the normal capability limit cannot be reached due to infeasibilities then FTR Auction capability reductions are undertaken pro-rata based on the MW of Stage 1A infeasibility and the availability of appropriate auction bids. Reducing capability limits will reduce the number of oversold FTR facilities due to forced Stage 1A infeasibilities and reduce the FTR funding issues caused by these ARR infeasibilities. The downside to this strategy is that there will be fewer FTRs for sale in the FTR Auctions, and, potentially less auction revenue collected to pay ARR holders. Also in an effort to reduce FTR funding issues, PJM implemented a new rule stating that PJM may model normal capability limits on facilities which are infeasible due to modeled transmission outages in Monthly Balance of Planning Period FTR Auctions. The capability of these facilities may be reduced if ARR target allocations are fully funded and net auction revenues are greater than zero. This reduction may only take place when there are auction bids available to reduce the infeasibilities. The results of this action should be an increased feasibility of the FTR model, but a possible reduction in FTR Auction revenue due to a lower capability. Table 13-4 provides the Monthly Balance of Planning Period FTR Auction market volume for the entire 2013 to 2014 planning period and the first four months of the 2014 to 2015 planning period. There were 9,531,039 MW of FTR obligation buy bids and 1,354,922 MW of FTR obligation sell offers for all bidding periods in the first four months of the 2014 to 2015 planning period. The monthly balance of planning period auctions cleared 875,501 MW (9.2 percent) of FTR obligation buy bids and 284,590 MW (21.0 percent) of FTR obligation sell offer. There were 1,565,015 MW of FTR option buy bids and 76,180 MW of FTR option sell offers for all bidding periods in the Monthly Balance of Planning Period FTR Auctions for the first four months of the 2014 to 2015 planning period. The monthly auctions cleared 18,561 (1.2 percent) of FTR option buy bids, and 22,891 MW (30.0 percent) of FTR option sell offers. 8 See Default...
Market Performance. 5.2.1. By entering this Agreement, the Client confirms and agrees: He is fully aware that the value of investments may go up or down and UAB SC will not be held responsible for the same, and shall have no liability whatsoever to the Client for any losses which may be incurred as a result of the performance of any securities.
Market Performance. Volume In the Annual FTR Auction for the 2012 to 2013 planning period, total participant FTR sell offers were 356,299 MW, up 5.6 percent from the 2011 to 2012 planning period, and total FTR buy bids were 2,561,835 MW, down
Market Performance. Volume Table 12-26 shows the volume of ARR allocations for each round for the 2012 to 2013 planning period. Table 12‑26 Annual ARR allocation volume: Planning periods 2011 to 2012 and 2012 to 2013 (See 2011 SOM, Table 12‑30) Planning Period Stage Round Requested Count Requested Volume (MW) Cleared Volume (MW) Cleared Volume Uncleared Volume (MW) Uncleared Volume 2011/2012 1A 0 12,654 64,160 64,160 100.0% 0 0.0% 1B 1 7,660 27,325 22,208 81.3% 5,117 18.7% 2 2 3,498 20,321 3,072 15.1% 17,249 84.9% 3 2,593 18,538 6,653 35.9% 11,885 64.1% 4 2,080 18,194 6,383 35.1% 11,811 64.9% Total 8,171 57,053 16,108 28.2% 40,945 71.8% Total 28,485 148,538 102,476 69.0% 46,062 31.0% 2012/2013 1A 0 16,069 67,302 67,300 100.0% 2 0.0% 1B 1 11,487 30,013 18,432 61.4% 11,581 38.6% 2 2 4,887 22,597 2,701 12.0% 19,896 88.0% 3 3,682 22,496 3,334 14.8% 19,162 85.2% 4 3,023 22,362 6,219 27.8% 16,143 72.2% Total 11,592 67,455 12,254 18.2% 55,201 81.8% Total 39,148 164,770 97,986 59.5% 66,784 40.5% Revenue As ARRs are allocated to qualifying customers rather than sold, there is no ARR revenue comparable to the revenue that results from the FTR auctions.
Market Performance. Volume. The 2012 to 2015 Long Term FTR Auction cleared 259,885 MW (10.8 percent of demand) of FTR buy bids, compared to 238,681 MW (12.0 percent) in the 2011 to 2014 Long Term FTR Auction. The 2012 to 2015 Long Term FTR Auction also cleared 31,288 MW (12.5 percent) of FTR sell offers, up from 12,501 MW (7.0 percent) in the 2011 to 2012 Long Term FTR Auction. For the 2011 to 2012 planning period, the Annual FTR Auction cleared 341,726 MW (10.6 percent) of FTR buy bids, compared to 231,663 MW (13.6 percent) for the 2010 to 2011 planning period. The 2011 to 2012 Annual FTR Auction also cleared 24,960 MW (7.4 percent) of FTR sell offers for the 2011 to 2012 planning period, up from 10,315 MW (5.8 percent) for the 2010 to 2011 planning period. For the first seven months of the 2011 to 2012 planning period, the Monthly Balance of Planning Period FTR Auctions cleared 1,589,990 MW (12.5 percent) of FTR buy bids and 427,443 MW (10.7 percent) of FTR sell offers.
