FERC ordered RTOs and ISOs to file reports detailing their current practices and planned changes on five price formation issues.

PJM, MISO and ISO-NE would be forced to switch to 5-minute settlements under a draft rule announced Thursday.

FERC Commissioner Tony Clark said that the commission has “a sense of urgency” to take action on price formation issues after initiating an inquiry into the subject more than a year ago.

FERC will accept comments until Feb. 19 on price formation in RTO and ISO energy and ancillary services markets.

FERC staff will hold workshops beginning this fall to consider rule changes regarding uplift, price caps and other issues affecting price formation in PJM and other RTOs.