Market Structure. Any PJM member can participate in the Long Term FTR Auction, the Annual FTR Auction and the Monthly Balance of Planning Period FTR Auctions. Supply and Demand PJM oversees the process of selling and buying FTRs through FTR Auctions. Market participants purchase FTRs by participating in Long Term, Annual and Monthly Balance of Planning Period FTR Auctions.5 FTRs can also be traded between market participants through bilateral transactions. ARRs may be self scheduled as FTRs for participation only in the Annual FTR Auction. Total FTR supply is limited by the capability of the transmission system to simultaneously accommodate the set of requested FTRs and the numerous combinations of FTRs that are feasible. For the Annual FTR Auction, known transmission outages that are expected to last for two months or more are included in the model, while known outages of five days or more are included in the model for the Monthly Balance of Planning Period FTR Auctions as well as any outages of a shorter duration that PJM determines would cause FTR revenue inadequacy if not modeled.6 But the auction process does not account for the fact that significant transmission outages, which have not been provided to PJM by transmission owners prior to the auction date, will occur during the periods covered by the auctions. Such transmission outages may or may not be planned in advance or may be emergency outages. In addition, it is difficult to model in an annual auction two outages of similar significance and similar duration in different areas which do not overlap in time. The choice of which to model may have significant distributional consequences. The fact that outages are modeled at significantly lower than historical levels results in selling too many FTRs which creates downward pressure on revenues paid to each FTR.
Market Structure. Supply and Demand PJM oversees the process of selling and buying FTRs through FTR Auctions. Market participants purchase FTRs by participating in Long Term, Annual and Monthly Balance of Planning Period FTR Auctions.23 FTRs can also be traded between market participants through bilateral transactions. ARRs may be self scheduled as FTRs in the Annual FTR Auction. Total annual FTR supply is limited by the capability of the transmission system, included in the PJM FTR market model as modified, for example, by PJM assumptions about outages. PJM assumptions are a key factor in determining the supply of ARRs and the related supply of FTRs. In general, the supply of FTRs is consistent with the supply of ARRs, for example in the annual auction. But there is a very significant exception and this exception is inconsistent with the basic logic of the ARR/FTR approach. There is transmission system capability made available in the Long Term FTR Auction to FTR buyers that is not available to ARR holders and ARR holders do not receive the proceeds for the sale of these rights. The result is that the revenues made available to load to offset congestion are understated. The supply of FTRs in the Long Term FTR Auction includes transmission system capability that is not available as ARRs. PJM expands the available transmission capacity for the Long Term FTR Auction above what can be allocated to ARRs by removing all the transmission outages included in the model when allocating ARRs and by including transmission upgrades not previously made available to ARR holders. In addition, the use of generation to load paths as the ARR allocation mechanism creates a gap between transmission system capability and ARR allocations of that capability. Total Monthly FTR Auction capacity is based on the residual capacity available after the long term and annual FTR auctions are conducted. The MMU recommends that the full transmission capacity of the system be reserved for ARRs prior to sale as FTRs.
Market Structure. 4. All areas of the telecommunicationssector areopen to competition. Until 1997, the Government has chosen to license two general carriers (to provide line links including satellite services) and three public mobile telecommunications carriers (to be the primary suppliers of cellular mobile services).
Market Structure. Supply. The principal binding constraints limiting the supply of FTRs in the 2013 to 2016 Long Term FTR Auction include the Gainesville Transformer, approximately 40 miles west of Washington, D.C., and the Monticello – East Winamac Flowgate, approximately 120 miles north of Indianapolis, IN. The principal binding constraints limiting the supply of FTRs in the Annual FTR Auction for the 2012 to 2013 planning period include the Cumberland Ave – Xxxx Flowgate, approximately 100 miles northwest of Indianapolis, IN and the Xxxxxxxxxx – Xxxxxxxxx Flowgate, approximately 100 miles northwest of Washington, D.C. The geographic location of these constraints is shown in Figure 12-1. Market participants can also sell FTRs. In the 2013 to 2016 Long Term FTR Auction, total participant FTR sell offers were 211,316 MW, down from 251,290 MW during the 2012 to 2015 Long Term FTR Auction. In the Annual FTR Auction for the 2012 to 2013 planning period, total participant FTR sell offers were 356,299 MW, up from 337,510 MW during the 2011 to 2012 Annual FTR Auction. In the Monthly Balance of Planning Period FTR Auctions for the first seven months (June through December 2012) of the 2012 to 2013 planning period, total participant FTR sell offers were 3,589,825 MW, down from 3,984,782 MW for the same period during the 2011 to 2012 planning period.
Market Structure. Supply. In the Monthly Balance of Planning Period FTR Auctions for the first four months of the 2016 to 2017 planning period, total participant FTR sell offers were 2,078,673 MW, up from 708,159 MW for the same period during the 2015 to 2016 planning period.
Market Structure. Supply. The principal binding constraints limiting the supply of FTRs in the 2017/2020 Long Term FTR Auction include the St. John’s Transformer in Dominion and the Xxxxxxx-Rosewood Line in AEP. The principal binding constraints limiting the supply of FTRs in the Annual FTR Auction for the 2017/2018 planning period include the Bunsonville Flowgate in MISO and the Silver Lake-Silver Lake Line in ComEd. Market participants can sell FTRs. In the 2017/2020 Long Term FTR Auction, total participant FTR sell offers were 208,405 MW, down from 327,980 in the 2016/2017 Long Term FTR Auction. In the 2017/2018 Annual FTR Auction, total participant sell offers were 276,844 MW, down from 378,431 MW in the 2016/2017 Annual FTR Auction. In the Monthly Balance of Planning Period FTR Auctions for the 2016/2017 planning period, total participant FTR sell offers were 4,342,320 MW, down from 4,891,443 MW for the same period during the 2015/2016 planning period.
Market Structure. Any PJM member can participate in the Long Term FTR Auction, the Annual FTR Auction and the Monthly Balance of Planning Period FTR Auctions.
Market Structure. Supply. The principal binding constraints limiting the supply of FTRs in the 2016 to 2019 Long Term FTR Auction include the Xxxxxx – Xxxxxxxx line in DPL and the Glenview – Xxxxxxx line in DEOK. The principal binding constraints limiting the supply of FTRs in the Annual FTR Auction for the 2015 to 2016 planning period include the Xxxx – Lafayette flowgate in MISO and the Oakgrove – Galesburg flowgate in MISO. Market participants can sell FTRs. In the 2016 to 2019 Long Term FTR Auction, total participant FTR sell offers were 327,980 MW, up from 240,748 in the 2015 to 2018 Long Term FTR Auction. In the 2015 to 2016 Annual FTR Auction, total participant sell offers were 378,744 MW, up from 271,368 MW in the 2014 to 2015 Annual FTR Auction. In the Monthly Balance of Planning Period FTR Auctions for the 2015 to 2016 planning period, total participant FTR sell offers were 3,495,474 MW, up from 2,424,369 MW for the same period during the 2014 to 2015 planning period.
Market Structure. Supply. In the Monthly Balance of Planning Period FTR Auctions for the first 10 months of the 16/17 planning period, total participant FTR sell offers were 3,965,903 MW, down from 4,500,555 MW for the same period during the 15/16 planning period. • Demand. The total FTR buy bids from the Monthly Balance of Planning Period FTR Auctions for the first 10 months of the 16/17 planning period decreased 19.8 percent from 23,243,499 MW for the same time period of the prior planning period, to 18,651,410 MW. • Patterns of Ownership. For the Monthly Balance of Planning Period Auctions, financial entities purchased 74.0 percent of prevailing flow and
Market Structure. In the event of any changes to any tariffs, rules, laws, regulations, changes in or increases in charges to Nordic, or procedures of Customer's Utility, or of the ISO‐NE and electric power transmission networks used by Nordic and/or Nordic’s suppliers to deliver electricity to Customer, or changes to the electric market structure, that increase Nordic’s cost of providing service hereunder and are implemented after the execution of this Agreement, regardless of when a change’s effective date was finalized (excluding from this analysis any credits back to Nordic, the benefits of which have already been taken into account by Nordic in determining the price), then Nordic may pass through such cost, or any increased cost, to Customer. All charges identified as "Included", other than the Energy Price, on any Exhibit B to this Agreement are subject to change in accordance with the foregoing. If Nordic determines, in its sole discretion, that such changes prevent Nordic from effectively or economically performing under this agreement, then Nordic may terminate this agreement upon 30 days written notice.
