Intraday Offers Manual 11 Revisions

Transcription

1 Intraday Offers Manual 11 Revisions Lisa Morelli Manager, Real-time Market Operations Market Implementation Committee July 12, 2017

2 Revisions Made Subsequent to 1 st Read Sections 2.1, 2.3 & 9.1 minor clarifications based on IMM review Section 2.5 clarified that RT SCED uses data that is effective for the lookahead solution interval rather than the case execution time Section 9.1 removed Notification Time parameter s mistaken exception to the T-65 minutes update deadline Section clarified that intraday opt out election must be consistent with resource s fuel cost policy in response to IMM feedback 2

3 Manual Revision Approval Path Conforming manual revisions are needed to document and implement the business rules accepted by FERC M11 (Energy & Ancillary Services Market Operations) June 7 MIC First Read July 12 MIC Vote July 27 MRC First Read Aug 9 MIC First Read Aug 24 MRC Vote First Read Sep 13 MIC Vote Sep 28 MRC Vote M28 (Operating Agreement Accounting) 3

4 Appendix Revision Details 4

5 M11 - Section 2.1 Revision Summary Section 2.1: Overview of PJM Energy Markets Defines periods following the close of the Day-Ahead Market when offers can be updated for use in real-time Generation Rebidding Period (DA market close through 14:15) 18:30 day-ahead through 65 min prior to operating hour 5

6 M11 - Section 2.3 Revision Summary Section 2.3: Energy Market Business Rules Rules outlining the interaction between daily and hourly updates in the Markets Gateway system and which data is automatically carried forward to subsequent operating days Rules for switching from price schedule to cost schedule following close of day-ahead market (replacement for existing GUCC functionality) Section 2.3.7: Mechanical / Technical Rules Consolidated existing language for clarity and specified whether each offer parameter must have the same value for all 24 hours of the day or can have hourly differentiated values 6

7 M11 - Section 2.3 Revision Summary (Continued) New Section : Market Power Mitigation Includes previously existing language on market power mitigation applied to offline resources with modifications: Clarifies offer capping treatment for CTs committed in the Day-Ahead Market but not expected to run in real-time unless notified by dispatch Specifies duration of offer capping for units offer capped in real-time Introduces new language implementing the application of market power mitigation for online resources and self-scheduled resources Online resources are eligible for offer capping after DA commitment or once min run time is exhausted Self-scheduled resources are now subject to offer capping per FERC order 7

8 M11 Section 2.5 Revision Summary Section 2.5: Real-Time Market Applications (edits added subsequent to 1 st read) Clarified that RT SCED uses data that is effective for the look-ahead solution interval rather than the case execution time Based on a 15 minute look-ahead time, cases executing at 10:45 for the 11:00 solution interval will use data effective for 11:00 Not a change from current practice 8

9 M11 - Sections 3, 4 & 6 Revision Summary Sections 3, 4 & 6: Updates for Regulation and Synchronized Reserve Markets Updated timelines for submitting regulation and synchronized reserve offer data Daily offers due by close of Rebid Period day-ahead (no change) Hourly updates allowed through 65 min prior to start of operating hour Specified hourly offer granularity 9

10 M11 Section 9 Revision Summary Section 9: Hourly Scheduling New section 9.1: Hourly Schedule Adjustments Defines the parameters that may be updated following the close of the Day-Ahead Market Defines exceptions that apply to each parameter, for example: Rules governing increases and decreases to incremental offer prices, startup and no load costs Parameter updates which are restricted to uncommitted hours only Parameters that may continue to be updated beyond 65 minutes prior to the operating hour 10

11 M11 Section 9 Revision Summary Section 9: Hourly Scheduling New section 9.1.1: Opting Out of Intraday Offers Defines business rules for opting out of the ability to update offers following the close of the Generation Rebidding Period. Opt out is elected on a per unit basis and applies for the entire month Hourly differentiated offers may still be submitted into the day-ahead market and during the Generation Rebidding Period Limited updates are allowed following the close of the Generation Rebidding Period 11

12 M11 Section 10 Revision Summary Section 10.3: Economic Energy Market Participation (Demand Resources) Defines hourly or daily granularity for demand resource offer parameters 12

13 Schedule ID Change Public Service Announcement 13

14 Change to Allowable Schedule IDs The implementation of Intraday Offers will limit the schedule IDs that can be created and offered This impacts all Generation resources, not just those that plan to update schedules hourly Schedules using IDs not in the new list cannot be made available in Markets Gateway starting on the November 1 market day Members should begin using the limited Intraday Offers schedule IDs at their earliest convenience to minimize the implementation impact 14

15 Schedule IDs Currently Allowed Cost Based Schedules: 1-69, Price Based PLS Schedules: Price Based Schedules: Schedule IDs Allowed in Intraday Offers Cost Based Schedules: 1-9 Price Based PLS Schedule: 79 Price Based Schedule: 99 Converting Schedule IDs PJM will post a step by step guide with instructions to: Create new schedules with the accepted IDs Download existing schedule details to copy to the new accepted IDs See Intraday Offers section of the Markets Gateway Tools Page Will require Market Seller action by October 31 in order to offer into the Day-Ahead Market on November 1 15

16 Questions Questions? Intraday Offers section of the Tech Change Forum Community Member Support Hotline at or , or at 16