2.1 Day-Ahead Energy Market

Question 1

Markets Gateway is the system that is used to participate in which 3 markets?

Answer 1

Day-Ahead Energy
Synchronized Reserve
Regulation

Question 2

Any PJM generation capacity resource with an RPM resource commitment must submit an offer into the day ahead market even if it is _____ or _____.

Answer 2

• Self scheduled

- Unavailable due to outage

Question 3

Generation capacity resources shall submit: (2)

Answer 3

• A schedule of availability over next 7 days

- May submit non-binding offer prices for days beyond next operating day

Question 4

When are initial bids/offers due for next operating day?

Answer 4

11 AM

Question 5

When are are the day-ahead market results posted?

Answer 5

by 1330

Question 6

When is the end of the re-bid period?

Answer 6

1415

Question 7

What is the time window when generation offers can be updated?

Answer 7

After reliability run is complete, starting at 18:30 and up to 65 min prior to operating hour.

Question 8

What is the maximum offer cap?

Answer 8

$2,000 / MWh

Question 9

If a units cost offer is less than $1,000, what is the price offer cap?

Answer 9

$1,000

Question 10

If a unit’s cost offer is above $1,000, what is the price offer cap? For example if the cost offer is $1500, what is the price offer cap?

Answer 10

The lower of 2,000 or the cost base offer.

$1500

Question 11

If the cost offer is $2200, what is the price offer cap?

Answer 11

$2000

Question 12

What is the pricing equation for reserve shortage energy pricing? What does this yield for max energy price under shortage conditions?

Answer 12

Max Energy Price = Energy Offer Cap + 2 * Reserve Penalty Factor.

$3,700 / MWh

Question 13

What are the two options for start up costs for price-based units and how often can the selection be changed?

Answer 13

price-based or cost-based start up and no-load costs. This choice can be made 2x per year.