Title :
PJM: a full service ISO market evolution (Panel on evolution of electricity market structures)
Abstract :
The purpose of the paper is to discuss the evolution of the PJM energy market (USA) from a cost-based power pool to the current bid-based PJM market that utilizes locational marginal pricing (nodal pricing) to manage transmission congestion. The paper presents a brief overview of PJM and the PJM market. PJM is a fully functional ISO whose functions include: security coordinator; MAAC regional reliability area of NERC; transmission service provider; power exchange; and regional transmission planning. PJM market statistics for the past year are presented. The paper continues with a discussion of the PJM market evolution to its present form, focusing on the basic characteristics of each stage of development. Future PJM market enhancements are also discussed
Keywords :
costing; electricity supply industry; power system interconnection; power transmission control; power transmission economics; tariffs; MAAC regional reliability area; PJM energy market; USA; bid-based PJM market; cost-based power pool; full service ISO market evolution; locational marginal pricing; market statistics; nodal pricing; power exchange; regional transmission planning; security coordinator; transmission congestion management; transmission service provider; Customer service; Electricity supply industry; Energy management; ISO; Maintenance; Power markets; Power system reliability; Power system security; Pricing; Statistics;
Conference_Titel :
Power Engineering Society Summer Meeting, 1999. IEEE
Conference_Location :
Edmonton, Alta.
Print_ISBN :
0-7803-5569-5
DOI :
10.1109/PESS.1999.787410
