PJM©2014www.pjm.com Winter 2014 Overview & Recent and Upcoming Market Rule Changes Adam Keech Director, Market Operations.

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Presentation transcript:

PJM©2014www.pjm.com Winter 2014 Overview & Recent and Upcoming Market Rule Changes Adam Keech Director, Market Operations

PJM© Who Are We? 6/03/20142 PJM© States + DC Over 60 Million People Served 158,448 MW Peak Load 158,448 MW Peak Load 185,600 MW Installed Capacity

PJM©2014www.pjm.com Winter 2014

PJM© Polar Vortex Source: University of Illinois at Urbana-Champaign

PJM© Maximum Winter Peak Demands

PJM© January 7 Load Compared to Typical January Day

PJM© Interchange – January 7

PJM© Real-Time and Day-Ahead Prices – January 7

PJM© Minimum Temperatures – January 2014 Columbus, Philadelphia, Chicago and Richmond

PJM© Timeline – Operations

PJM© Holiday Considerations

PJM© Extraordinary Fuel Price Relationships

PJM© Gas Prices (Market East) – January 2014

PJM© PJM Load-Weighted LMPs – January 2014

PJM© Improve generator availability and performance during extreme weather events, Implement performance verification or testing of generation in advance of winter operations, Continue to engage in discussions with industry and regulators to improve natural gas and electricity market alignment, Key Recommendations

PJM© Key Recommendations (cont.) Implement market mechanisms that encourage better generator availability, such as incentives for ensuring fuel availability or dual-fuel capability, and Review the cost allocation for uplift charges and investigate a mechanism to allocate uplift costs during emergency operations that minimizes volatility.

PJM©2014www.pjm.com Recent and Upcoming Market Rule Changes

PJM© Prior to Winter 2014 Uplift cost allocation –Energy Market Uplift Senior Task Force –Stemming from Winter 2013 Reserve Pricing and Interchange Volatility –Energy and Reserve Pricing and Interchange Volatility Stakeholder Group PJM proposing: –30 minute reserve market –Economic clearing of interchnage –Stemming from Summer 2013

PJM© Prior to Winter Capacity Market Capacity Import Limits –Filed and approved –Implemented for 2017/2018 BRA Operational DR Filing –Filed and approved by the FERC –Most components effective for Summer 2014 Replacement Capacity Filing –Filed and rejected by FERC FERC acknowledges existence of problem –Set for technical conferences

PJM© From Winter 2014 Offer cap review –Currently $1,000/MWh which was exceeded during Winter 2014 –Cap Review Senior Task Force Gas Scheduling –Currently at the Operating Committee Energy and Capacity Market Offer Flexibility –Intra-day offers –Capacity Senior Task Force

PJM© Questions Cold Weather Report: operational-events-and-market-impacts-during-the-jan-2014-cold-weather- events.ashx