FERC ordered PJM to begin billing up-to-congestion transactions for uplift, calling the RTO’s current rules unjust and unreasonable.

PJM must provide FERC with a refreshed briefing on whether the RTO still wants to charge uplift on all virtual trades in light of recent market changes.

FERC rejected requests for rehearing of its ruling reducing the number of bidding nodes for virtual transactions in PJM, and upheld its rejection of the RTO’s proposal to allocate uplift to UTCs.

FERC approved the PJM proposal to reduce by almost 90% the number of bidding locations for virtual transactions.

Members strongly endorsed the third phase of PJM’s plan to address uplift, despite opposition from financial stakeholders.

The PJM MRC was largely unconvinced when financial traders wanted to defer a vote on a set of rule changes on virtual transactions.

FERC rejected the PJM proposal for revising how it implements its FTR forfeiture rule, ordering the RTO to instead adopt an approach suggested by the IMM.

Fighting a PJM proposal to impose uplift costs on UTC trades, the Financial Marketers Coalition enlisted one of the intellectual pioneers of electricity markets in its defense.

PJM recommended three market rule changes regarding virtual trading in a report requested by stakeholders.

PJM's Market Monitor told FERC that proposals by the RTO and a marketer to change the FTR forfeiture rule would weaken protections against market manipulation.