FERC has granted the PJM request to delay its annual Base Residual Auction to Aug. 14-28, 2019.

PJM asked FERC to delay next year’s Base Residual Auction to provide it more time to respond to the commission requiring changes to capacity market rules.

In his quarterly state of the market report, the PJM IMM said the results of the 2018 Base Residual Auction show the need to change its capacity offer cap.

PJM and the Monitor presented members with separate proposals to revise the long-term financial transmission rights market.

Capacity auction prices increased sharply in most of PJM for delivery year 2021/22, with demand response and energy efficiency making gains while cleared nuclear power capacity dropped.

FERC has signaled that it’s done dealing with PJM’s concerns about market participants selling “paper capacity” to arbitrage price differences between the Base Residual and Incremental auctions.

NRG earned $233 million in the first quarter, compared with a loss of $169 million in the same period last year.

PJM wants to take a more holistic look at how the grid’s supply chain works and factor the findings into its markets.

PJM members at last week’s MRC meeting endorsed revisions to an initiative examining the calculation of the balancing ratio used in setting capacity offer caps.

Stakeholders at the Markets and Reliability Committee meeting declined to endorse any proposals to revise PJM’s capacity model.