Annual FTR Auctions. Figure 12-1 shows the geographic location of the top ten binding constraints from the 2013 to 2014 Annual FTR Auction and the 2013 to 2014 Annual ARR allocation. Many of the top binding constraints are flowgates and the binding constraints are primarily concentrated near the PJM-MISO border. Figure 12‑1 Geographic location of top five binding constraints for the Annual FTR Auction and Annual ARR Allocation: Planning period 2013 to 2014 Table 12-2 shows the top 10 binding constraints for the 2013 to 2014 Annual FTR Auction based on the marginal value of on peak hours. The severity ranking is based on the marginal value of the constraint in the simultaneous feasibility test. Table 12‑2 Top 10 principal binding transmission constraints limiting the Annual FTR Auction: Planning period 2013 to 2014 Severity Ranking by Auction Round Constraint Type Control Zone 1 2 3 4 Cumberland Ave - Xxxx Flowgate MISO 1 1 1 1 Beaver Channel - Albany Flowgate MISO 2 3 2 3 Monticello - East Winamac Flowgate MISO 3 2 3 2 Rising Flowgate MISO NA NA NA 4 Xxxxxx - Mount Olive Line DPL 7 NA 4 5 Roxbury - Shade Gap Line PENELEC 4 8 8 10 Prairie State - W. Mt. Xxxxxx Flowgate MISO 5 5 10 NA Xxxxxx - Xxxxxxxx Line DPL NA 4 NA NA Pana North Flowgate MISO 8 6 6 NA Monthly Balance of Planning Period FTR Auctions The residual capability of the PJM transmission system, after the Long Term and Annual FTR Auctions are concluded, is offered in the Monthly Balance of Planning Period FTR Auctions. Existing FTRs are modeled as fixed injections and withdrawals. Outages expected to last five or more days are included in the determination of the simultaneous feasibility test for the Monthly Balance of Planning Period FTR Auction. These are single-round monthly auctions that allow any transmission service customer or PJM member to bid for any FTR or to offer for sale any FTR that they currently hold. Market participants can bid for or offer monthly FTRs for any of the next three months remaining in the planning period, or quarterly FTRs for any of the quarters remaining in the planning period. FTRs in the auctions include obligations and options and 24-hour, on peak and off peak products.7 Secondary Bilateral Market Market participants can buy and sell existing FTRs through the PJM administered, bilateral market, or market participants can trade FTRs among themselves without PJM involvement. Bilateral transactions that are not done 7 See PJM. “Manual 6: Financial Transmission Rights,” Revision 13 (Ju...
Annual FTR Auctions. Annual FTRs are effective beginning June 1 of the planning period through May 31. Outages expected to last two or more months are included in the determination of the simultaneous feasibility for the Annual FTR Auction. ARR holders who wish to self schedule must inform PJM prior to round one of this auction. Any self scheduled ARR requests clear 25 percent of the requested volume in each round of the Annual FTR Auction as price takers. This auction consists of four rounds that allow any transmission service customers or PJM members to bid for any FTR or to offer for sale any FTR that they currently hold. FTRs in this auction can be obligations or options for peak, off peak or 24 hour periods. FTRs purchased in one round of the Annual FTR Auction can be sold in later rounds or in the Monthly Balance of Planning Period FTR Auctions. The FTRs sold in the Long Term FTR Auction for a future delivery year may conflict with the ARRs assigned to load in the ARR allocation process when that delivery year is the next one if the ARRs are self scheduled.
Annual FTR Auctions. Annual FTRs are effective beginning June 1 of the planning period through May 31. Outages expected to last two or more months, as well as any outages of a shorter duration that PJM determines would cause FTR revenue inadequacy if not modeled, are included in the determination of the simultaneous feasibility for the Annual FTR Auction.33 While the full list of outages selected is publicly posted, PJM exercises significant discretion in selecting outages to accomplish FTR revenue adequacy goals and the process by which these outages are selected is not fully explained. ARR holders who wish to self schedule must inform PJM prior to round one of this auction. Any self scheduled ARR requests clear 25 percent of the requested volume in each round of the Annual FTR Auction as price takers. This auction consists of four rounds that allow any transmission service customers or PJM members to bid for any FTR or to offer for sale any FTR that they currently hold. FTRs in this auction can be obligations or options for peak, off peak or 24 hour periods. FTRs purchased in one round of the Annual FTR Auction can be sold in later rounds or in the Monthly Balance of Planning Period FTR Auctions. The FTRs sold in the Long Term FTR Auction for a future delivery year may conflict with the ARRs assigned to load in the ARR allocation process when that delivery year is the next one if the ARRs are self scheduled.
Annual FTR Auctions. After the Long Term FTR Auction, residual capability on the PJM transmission system is auctioned in the Annual FTR Auction. Annual FTRs are effective beginning June 1 of the planning period through May 31. Outages expected to last two or more months are included in the determination of the simultaneous feasibility for the Annual FTR Auction. ARR holders who wish to self schedule must inform PJM prior to round one of this auction. Any self-scheduled ARR requests clear 25 percent of the requested volume in each round of the Annual FTR Auction as price takers. This auction consists of four rounds that allow any transmission service customers or PJM members to bid for any FTR or to
