©2004 PJM 1 STATE OF THE MARKET REPORT 2003 Joseph E. Bowring Manager PJM Market Monitoring Unit FERC Briefing Washington, D.C. April 14, 2004
©2004 PJM 2 State of the Market Conclusions Energy market results were competitive Capacity market results in PJM Mid-Atlantic Region were competitive Capacity market in PJM Western Region – no functioning competitive market Regulation market results were competitive Spinning market results were competitive FTR market results were competitive
©2004 PJM PJM Average Hourly Load and Spot Market Volume
©2004 PJM 4 Average PJM Aggregate Supply Curves: June to September 2002 and 2003
©2004 PJM 5 PJM Peak Load Comparison: Friday, August 22, 2003, and Wednesday, August 14, 2002
©2004 PJM 6 PJM Average Hourly Locational Marginal Prices (in Dollars per MWh)
©2004 PJM 7 PJM Load-Weighted, Average LMP (in Dollars per MWh)
©2004 PJM 8 PJM Load-Weighted, Fuel-Cost-Adjusted LMP (in Dollars per MWh)
©2004 PJM 9 Load-Weighted Average Monthly LMP: Real-Time Market
©2004 PJM 10 Natural Gas Cash Prices
©2004 PJM 11 Type of Fuel Used by Marginal Units
©2004 PJM 12 PJM Average Monthly Load
©2004 PJM 13 Price Duration Curve Hours Above the 95 th Percentile
©2004 PJM ©2003 PJM Load Duration Curve
©2004 PJM 15 Average All-In Market Price
©2004 PJM 16 PJM Average Hourly System LMP
©2004 PJM 17 PJM Hourly Energy Market HHI: 2003
©2004 PJM 18 PJM RSI Index Duration Curve:
©2004 PJM 19 Average Monthly Load-Weighted Markup Indices
©2004 PJM 20 PJM Mid-Atlantic Region’s Capacity Obligations: January through May 2003
©2004 PJM 21 PJM Capacity Obligations: June through December 2003
©2004 PJM 22 PJM Daily and Monthly Capacity Credit Market Performance: January 2000 through December 2003
©2004 PJM 23 Estimated Net Revenue Combustion Turbine
©2004 PJM 24 Equivalent Forced Outage Rates
©2004 PJM 25 Queued Capacity by In-Service Date
©2004 PJM 26 Average Real-Time Offer-Capped Units (by Month)
©2004 PJM 27 Percent of Real-Time Offer-Capped MW (by Month)
©2004 PJM 28 PJM Real-Time Imports and Exports: 2003
©2004 PJM 29 Annual Zonal LMP Differences: Reference to Western Hub
©2004 PJM 30 ARR and FTR Congestion Hedging