The MISO Market Subcommittee meeting ran the gamut of storage participation, discovery of a longstanding energy pricing error and FTR underfunding.

FERC on Thursday rejected the financial transmission rights forfeiture rule PJM has been using for more than four  years, saying it was overly broad and could discourage legitimate hedging activity. The commission also dismissed FTR trader XO Energy’s complaint challenging the rule, saying its case is now moot (ER17-1433, EL20-41-001).

FERC threatened GreenHat Energy and its owners with $229 million in civil penalties Thursday over the company’s 890 million MWh default of its financial transmission rights portfolio in PJM in 2018. In a report released as part of a commission Order to Show Cause, FERC Office of Enforcement staff alleged...

FERC on Thursday rejected GreenHat Energy’s contention that the commission erred in its November ruling in a dispute between the company and Shell Energy North America following GreenHat’s 2018 default (EL20-49). The November order partially granted Shell’s petition for declaratory order, finding that, under the PJM tariff, entry of data...

FERC’s technical conference Thursday on RTO/ISO credit practices was prompted by the 2018 GreenHat Energy default in PJM. But many of the speakers found a more recent reason for concern: last week’s crisis in ERCOT, where widespread generation outages during subfreezing conditions pushed prices to the $9,000/MWh cap, prompting collateral...

PJM’s Market Implementation Committee advanced manual language to the Markets and Reliability Committee regarding a stability limits capacity constraint proposal despite the objections of stakeholders who attempted to overturn the decision. Joe Ciabattoni, PJM | © RTO Insider Joe Ciabattoni, PJM manager of interregional market operations, reviewed proposed updates to...

The NYISO Business Issues Committee on Wednesday approved rule changes regarding transmission congestion contracts (TCCs), hybrid storage facilities, and pricing of fast-start resources and ancillary services, along with six manual changes. Reserving Capacity for TCC BoP Auctions The BIC approved the proposed market design for a project to reserve a...

FERC announced Wednesday it will hold a staff-led technical conference Feb. 25-26 on best practices for managing credit risks in organized wholesale electricity markets, an effort to prevent a repeat of PJM’s GreenHat Energy default (AD21-6, AD20-6). The conference, which was requested by the Energy Trading Institute (ETI) last December,...

Markets and Reliability Committee Liquidation Process Endorsed The Markets and Reliability Committee endorsed revisions to PJM’s rules for liquidating defaulted financial transmission rights positions by a sector-weighted vote of 4.59 (92%), easily surpassing the 66% threshold. In December 2018, PJM implemented changes to its Tariff and Operating Agreement ending the...