| Market Description |
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PJM Interconnection (PJM)
| Geography |
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States covered: All or most of Pennsylvania, New Jersey, Maryland, Delaware, District of Columbia, Virginia, West Virginia and Ohio. Parts of Illinois, Michigan, Indiana, Kentucky, North Carolina and Tennessee.
Reliability region: ReliabilityFirst Corporation (RFC) and SERC Reliability Corporation (SERC) [NERC regions map
] Balancing authority: PJM Interconnection (PJM)
Load zones: Allegheny Power Systems (APS), American Electric Power (AEP), Atlantic Electric Power Company, Inc. (AECO), Baltimore Gas and Electric Company (BGE), ComEd, Dayton Power and Light Company (DAY), Delmarva Power and Light Company (DPL), Dominion (DOM), Duquesne Light (DUQ), Jersey Central Power and Light Company (JCPL), Metropolitan Edison Company (METED), PPL Electric Utilities (PPL), PECO Energy (PECO), Pennsylvania Electric Company (PENELEC), Potomac Electric Power Company (PEPCO), Public Service Electric and Gas Company (PSEG), and Rockland Electric Company (RECO).
Hubs: AEP GEN, AEP-Dayton, Chicago GEN, Chicago, Dominion, Eastern, N. Illinois, New Jersey, Ohio, West INT, Western.
| RTO/ISO |
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PJM Interconnection (PJM) operates the region’s power grid and wholesale electric markets:
- Energy market: two-settlement (day ahead and real-time) spot market with locational marginal pricing (prices are calculated at each bus every five minutes),
- Capacity market,
- Ancillary services markets, and
- Financial transmission rights (FTR) market.
PJM 2007 State of the Markets Report
Market Monitor: Joseph E. Bowring – Internal Market Monitor
Energy and capacity in the region are also traded bilaterally through brokers and the Intercontinental Exchange (ICE).
| Generation/Supply |
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Marginal fuel type: Coal and natural gas
Generating capacity (summer 2006): 164,634 MW
Capacity reserve (summer 2006): 19,990 MW
Reserve margin (summer 2006): 14%
| Demand |
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All time peak demand: 144,644 MW (set August 2, 2006)
In summer of 2006, demand reached record levels on several occasions due to extremely hot weather.
Peak demand growth: 8.1 % (2006-2005)
| 2005 | 2006 | |
|---|---|---|
| Summer Peak Demand (MW) | 133,762 | 144,644 |
| Source: Derived from PJM Data | ||
| Prices |
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Annual Average Day-Ahead Price
PJM Western Hub (a basket of 109 buses stretching from Erie PA to Washington DC)
2004: $41.69/MWh
2005: $60.61/MWh
2006: $50.07/MWh
2007: $56.87/MWh