Auction Period and Scope of Auctions. The period covered by an auction shall be the one-month period next following the date that the auction is conducted. The Office of the Interconnection shall offer for sale in the auction any remaining Fixed Transmission Rights capability for the month after taking into account all of the Fixed Transmission Rights already outstanding at the time of the auction. In addition, any holder of a Fixed Transmission Right for the period covered by an auction may offer such Fixed Transmission Right for sale in such auction. Each monthly auction will consist of a separate auction for on-peak Fixed Transmission Rights and a separate auction for off-peak Fixed Transmission Rights. Market Participants may bid for and acquire any number of Fixed Transmission Rights, provided that all Fixed Transmission Rights awarded are simultaneously feasible with each other and with all Fixed Transmission Rights outstanding at the time of the auction and not sold into the auction.
Auction Period and Scope of Auctions. (a) The periods covered by auctions shall be: (1) the one-year period beginning the month after the final round of an annual auction; (2) any single calendar month period remaining in the Planning Period that is within the three, or less, month period immediately following the month that the monthly auction is conducted; (3) any Planning Period Quarter remaining in the Planning Period following the month that the monthly auction is conducted that does not overlap three available month periods; and (4) the Planning Period Balance. In addition to the period defined in (2) of this subsection, only one of the periods defined in (3) or (4) of this subsection will be included in the monthly auction clearing until the Office of the Interconnection determines that both of the periods defined in (3) and (4) can be solved simultaneously in the same monthly auction process within the timeframe specified in Section 7.3.7.
Auction Period and Scope of Auctions. (a) The periods covered by auctions shall be: (1) the one-year period beginning the month after the final round of an annual auction; and (2) any single calendar month period remaining in the Planning Period. With the exception of FTRs allocated pursuant to Operating Agreement, Schedule 1, section 5.2.2 (e) and the Financial Transmission Rights awarded as a result of the exercise of the conversion option pursuant to Operating Agreement, Schedule 1, section 7.1.1(b), in the annual auction, the Office of the Interconnection, on behalf of PJMSettlement, shall offer for sale the entire Financial Transmission Rights capability for the year in four rounds with 25 percent of the capability offered in each round. In the monthly auction, the Office of the Interconnection, on behalf of PJMSettlement, shall offer for sale in the auction any remaining Financial Transmission Rights capability for the months remaining in the Planning Period after taking into account all of the Financial Transmission Rights already outstanding at the time of the auction. In addition, any holder of a Financial Transmission Right for the period covered by an auction may offer such Financial Transmission Right for sale in such auction. Weekend on- peak, weekday oOn-peak, off-peak and 24-hour Financial Transmission Rights, as those products are described in Tariff, Attachment K-Appendix, section 7.3.4, FTRs will be offered in the annual and monthly auctions. FTRs will be offered as Financial Transmission Right Obligations and Financial Transmission Right Options, provided that such Financial Transmission Right Obligations and Financial Transmission Right Options shall be awarded based only on the residual system capability that remains after the allocation of Financial Transmission Rights pursuant to Operating Agreement, Schedule 1, section 5.2.2(e) and the award of Financial Transmission Rights pursuant to Operating Agreement, Schedule 1, section 7.1.1(b). Market Participants may bid for and acquire any number of Financial Transmission Rights, provided that all Financial Transmission Rights awarded are simultaneously feasible with each other and with all Financial Transmission Rights outstanding at the time of the auction and not sold into the auction. An ARR holder may self-schedule an FTR on the same path in the Annual FTR auction according to the rules described in the PJM Manuals.
