FERC Issues Order Accepting PJM Capacity Performance Proposal

FERC approves PJM’s significant capacity market changes in an effort to ensure reliability in the region.

On June 9, 2015, the Federal Energy Regulatory Commission (FERC or the Commission) issued an order (the CP Order)1 largely accepting proposed revisions (the CP Proposal) to enhance the reliability of the capacity market, known as the Reliability Pricing Model or RPM, operated by PJM Interconnection, L.L.C. (PJM). The CP Proposal was initially presented to FERC in filings PJM made in December 2014 in Docket Nos. ER15-623 and EL15-29 under Sections 205 and 206 of the Federal Power Act, respectively. The filings also included proposed changes to PJM’s rules relating to its energy markets and rules for force majeure relief in certain cases of non-performance. Some of PJM’s initially proposed revisions were modified in PJM’s subsequent filings made in February and May 2015 in response to numerous protests and comments as well as FERC staff’s questions raised in a deficiency letter issued in late March 2015. The Commission accepted most of PJM’s CP Proposal, as modified throughout the proceeding, however, the Commission rejected some aspects, and ordered PJM to modify other aspects, of the CP Proposal.

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