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. In the Annual FTR Auction for the 2014 to 2015 planning period, 365,843 MW (11.2 percent) of buy and self-schedule bids cleared. For the 2013 to 2014 planning period Monthly Balance of Planning Period FTR Auctions 3,414,500 MW (13.6 percent) of FTR buy bids and 1,153,835 MW (21.1 percent) of FTR sell offers cleared.
Market Performance. Volume. The 2017 to 2020 Long Term FTR Auction cleared 297,083 MW (13.6 percent) of demand of FTR buy bids, up 7.1 percent from 277,397 MW (11.3 percent) in the 2016 to 2019 Long Term FTR Auction. The Long Term FTR Auction also cleared 36,782 MW (17.6 percent) of FTR sell offers, compared to 61,210 (18.7 percent), a 40.0 percent decrease. In the Annual FTR Auction for the 2016 to 2017 planning period 420,198 MW (16.2 percent) of buy and self-schedule bids cleared, up 11.1 percent from 378,328 MW (15.4 percent) for the previous planning period. In the first seven months of the 2016 to 2017 planning period Monthly Balance of Planning Period FTR Auctions 1,642,735 MW (11.0 percent) of FTR buy bids and 707,646 MW (22.3 percent) of FTR sell offers cleared.
Market Performance. Volume. The 2018/2021 Long Term FTR Auction cleared 345,506 MW (16.8 percent) of FTR buy bids, up 16.3 percent from 297,083 MW (13.6 percent) in the 2017/2020 Long Term FTR Auction. The Long Term FTR Auction also cleared 42,555 MW (17.8 percent) of FTR sell offers, compared to 36,782 (17.6 percent), a 16.7 percent increase. In the Annual FTR Auction for the 2018/2019 planning period 615,254 MW (21.2 percent) of buy and self schedule bids cleared, up 19.9 percent from 615,254 MW (22.3 percent) for the previous planning period. In the first seven months of the 2018/2019 planning period Monthly Balance of Planning Period FTR Auctions cleared 2,039,265 MW (14.5 percent) of FTR buy bids and 1,181,126 MW (20.7 percent) of FTR sell offers.
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.27 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.28 In the 2017/2020 Long Term FTR Auction 133,153 MW (26.8 percent of demand; 44.8 percent of total FTR volume) of counter flow FTR buy bids cleared, an increase from 120,650 MW and 43.5 percent of total FTR volume. In the same auction, prevailing flow FTR buy bids cleared 163,931 MW (9.8 percent of demand; 55.2 percent of total FTR volume) an increase from 156,746 MW and 55.2 percent of total FTR volume. In the 2017/2020 Long Term FTR Auction, there were 12,853 MW (13.5 percent) of counter flow sell offers and 23,929 MW (21.1 percent) of prevailing flow sell offers cleared. Table 13-21 Long Term FTR Auction market volume: Planning period 2017/2020 Period Bid and Requested Bid and Requested Volume Cleared Volume Cleared Uncleared Volume Uncleared Trade Type FTR Direction Type Count (MW) (MW) Volume (MW) Volume Buy bids Counter Flow Year 1 71,013 188,872 48,984 25.9% 139,887 74.1% Year 2 55,813 167,917 47,150 28.1% 120,767 71.9% Year 3 49,332 137,540 36,330 26.4% 101,210 73.6% Year All 266 1,627 688 42.3% 938 57.7% Total 176,424 495,955 133,153 26.8% 362,802 73.2% Prevailing Flow Year 1 167,750 646,060 58,233 9.0% 587,826 91.0% Year 2 129,840 510,387 61,768 12.1% 448,618 87.9% Year 3 127,220 508,133 43,709 8.6% 464,425 91.4% Year All 2,760 16,336 220 1.3% 16,116 98.7% Total 427,570 1,680,916 163,931 9.8% 1,516,986 90.2% Total 603,994 2,176,871 297,083 13.6% 1,879,788 86.4% Sell offers Counter Flow Year 1 26,109 59,201 8,744 14.8% 50,457 85.2% Y...
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.
