Markets & Operations

Financial Transmission Rights

Financial Transmission Rights or FTRs allow market participants to offset potential losses (hedge) related to the price risk of delivering energy to the grid. FTRs are a financial contract entitling the FTR holder to a stream of revenues (or charges) based on the day-ahead hourly congestion price difference across an energy path. Learn more about financial transmission rights at the Learning Center.

FTR Default

Date
Hill Energy Resource and Services default information 
 
FTR Positions Resulting from Default XLS
3.24.2022
Billed and Unbilled Results - Hill Portfolio as of 3.7.2022 XLS
3.11.2022
Collateral Summary Requested during 2.2.2022 Special MC PDF
2.15.2022
Example PJM Default Allocation Calculation PDF 1.25.2022
Members Committee Update PDF
1.24.2022
Email FTR Questions 
 

Revenue Adequacy

Percent FTR Credit By Month XLS  

Auction User Information

 

Opening, Closing and Clearing Dates for the FTR Auctions & Annual ARR Allocation

Web Calendar | Add to your calendar


Date
2024 XLS   9.29.2023
2023 XLS   10.10.2022
2022 XLS   10.12.2021
2021 XLS   10.9.2020
2020 XLS   4.16.2020
2019 XLS   10.22.2018
2018 XLS 10.10.2018
2016 XLS
10.26.2015

Annual Auction Revenue Rights (ARR) Allocation


Annual FTR Auction

2016/2017


Date

Long-Term FTR Auction

2020/2023


Date
Results Round 3 XLS   12.11.2019
Results Round 2 XLS   9.12.2019
Results Round 1 XLS
6.12.2019
Valid Pricing Nodes CSV
11.25.2019
Outages XLS
12.11.2019

2019/2022


Date
Results Round 3 XLS   12.12.2018
Results Round 2 XLS   9.13.2018
Results Round 1 XLS
6.13.2018
Outages XLS
12.12.2018
Valid Pricing Nodes CSV
11.29.2018

Monthly FTR Auctions

 
Valid Source/Sinks for Obligations: Prompt Month | Non Prompt Month CSV  
Valid Pricing Nodes Limited to Sell Offers XLS  
Valid Option Paths CSV  
Contingencies Modeled CSV   
FTR Participant List CSV
 
Monthly Auction Results (January 2006 to present)  

FTR Credit

Date
Class Period Hours XLS 
5.24.2024
Sample of Monthly Algorithm Run XLS 
5.13.2024
IM-H Historical Data ZIP 
5.23.2024
IM-H Unwind Schedule for Long Term XLS
3.29.2024
Sample of Long-Term Algorithm Run XLS 
1.18.2024
IM-H Cushion for Standard Deviation to Percentile XLS 
9.8.2022
Pre-HSIM Example PDF
4.15.2019
Pre-HSIM FTR Center Credit Study Overview PDF 
3.18.2020

Credit Requirements Calculators

Excel Credit Requirements Calculators have been retired. See FTR Center Credit Study Overview for calculating credit requirements for 2020/2021 and beyond. 

Date
2019/2020 XLS   12.11.2019
2018/2019 (XLS)
2.7.2019
2017/2018 XLS  1.10.2018
2016/2017 XLS
3.10.2017

FTR Portfolio Liquidation

Date
Default Allocation Assessment   
Default Allocation Assessment Timeline PDF  6.15.2021
August 2018 Estimated Net Profit / (Loss) had Positions not been Liquidated XLS    9.12.2018
FTR Positions for Liquidation Resulting From Member Default XLS   8.27.2018
Example PJM Default Allocation Calculation PDF  8.21.2018
August 2018 Liquidated Auction Position Results XLS   7.27.2018
Member Communications  
Instructions Regarding Payee Fund Under FTR Waiver Settlement PDF
1.3.2020
Report of the Independent Consultants on the Greenhat Default | Letter from the PJM Board Special Committee PDF
3.26.2019
Liaison Committee Letter Regarding Greenhat Energy Default PDF
10.16.2018
FTR Liquidation Problem Statement and Issue Charge PDF
8.27.2018
Potential FTR Liquidation Process Alternatives Presentation - 8.23.2018 MRC Meeting PDF  8.23.2018
FTR Default Credit Enhancements Liquidation Process - 8.8.2018 MIC Meeting PDF     8.8.2018
Notification of Greenhat Energy, LLC Payment Default - 6.22.2018 PDF  7.25.2018
FTR Default Liquidation Update - 7.26.2018 MRC Meeting PDF  7.26.2018
FERC Filings   
Docket No. ER18-x-000 FTR Liquidation Revisions Transmittal with Attachments PDF   8.24.2018
Docket No. ER18-2068-000 Clarification Letter - FTR Liquidation Waiver Request PDF   8.24.2018
Docket No. ER18-2068-000 - Waiver Request PDF   7.26.2018

FTR Auction Bids

Annual - 4-month delay
Long Term - 4-month delay
Monthly - 4-month delay

Contact PJM


(866) 400-8980
(610) 666-8980
Member Relations

New to Financial Transmission Rights?

FTR Market FAQs
FTRs: Protection Against Congestion Charges PDF
FTR Auction Results Example XLS
contains sample WkndOnPeak and DailyOffPeak data for file format purposes, data is fabricated and not meaningful
Q&A for New FTR Class Types PDF
Q&A for Historical Simulation Initial Margining (HSIM) Implementation PDF

Training

Upcoming Training | Resources

Task Forces

ARR FTR Market Task Force (AFMTF)
Upcoming Meetings / Past Meeting Materials
FTR/ARR Senior Task Force (FTRSTF)
Past Meeting Materials 
Issue Tracking
ARR/FTR Market Review

Tools

 
Overview

FTR Center

Learn More | Sign In

Manuals

 
M-6: Financial Transmission Rights
WEBCurrentRedline PDF
All sections

Agreements

 
Operating Agreement WEB | PDF
Sections 5 & 7
Open Access Transmission Tariff WEB | PDF - Schedule 9.2
Sections 9.2

Model Information

 
Network Model User Guide PDF 
5.10.2023

Annual FTR & ARR Process Details on the Network Model Used in the 2024/2025 Auction

500kV Mapping CSV  
Aggregate Definitions CSV  
B1 - B2 - B3 Power System Simulator for Engineering (PSSE) Mapping File CSV  
Load Apportionment Zones Hubs CSV  
Phase Angle Regulator (PAR) Data CSV  
PJM Interface Definitions Limits CSV  
Power System Simulator for Engineering (PSSE) Branch Mapping File CSV  
Uncompensated Parallel Flow CSV  

Model CEII Data This is Critical Energy Infrastructure Information (CEII) material that requires an access approval. – requires additional access to view the following content:  

  • Contingency Flowgate List (XLS)
  • Contingency List Power System Simulator for Engineering (PSSE) Compatible (TXT)
  • PJM Network Model (RAW)
  • Network Model Saved Case (SAV)
  • FTR Auction Sensitivities (CSV)
 

FTRs Affected by LMP Bus Model Updates

 
Date
3.13.2024 CSV 3.7.2024
12.13.2023 CSV 12.7.2023
9.20.2023 CSV 9.13.2023
6.7.2023 CSV 5.31.2023
3.15.2023 CSV 3.14.2023
12.7.2022 CSV 12.1.2022
9.14.2022 CSV 9.7.2022
5.20.2022 CSV 5.13.2022
3.11.2022 CSV 3.7.2022
12.8.2021 CSV 12.1.2021
9.17.2021 CSV 9.13.2021
6.1.2021 CSV 5.25.2021
5.19.2021 CSV   5.12.2021
3.10.2021 CSV   3.3.2021
12.9.2020 CSV   12.2.2020
10.1.2020 CSV   9.15.2020
9.16.2020 CSV   9.9.2020
6.1.2020 CSV   6.3.2020
5.28.2020 CSV   5.28.2020
3.11.2020 CSV   3.4.2020
12.11.2019 CSV   12.4.2019
9.25.2019 CSV   9.18.2019
5.22.2019 CSV   5.16.2019
3.13.2019 CSV   3.12.2019
12.12.2018 CSV   12.12.2018
12.1.2018 CSV 11.28.2018
9.21.2018 CSV   9.20.2018
5.23.2018 CSV 5.22.2018
3.14.2018 CSV
3.13.2018
12.20.2017 CSV
12.19.2017
9.13.2017 CSV 9.12.2017
5.24.2017 CSV 5.24.2017
12.14.2016 CSV 12.13.2016
9.14.2016 CSV
9.13.2016

Incremental Auction Revenue Rights (IARR) 



Historical IARR requests can be found on the New Services Queue page by filtering Project Types as Upgrade Requests.

PJM IARR Model Development & Analysis PDF
2023/2024 IARR Limiting Facilities-Preliminary List CSV

IARR Network Model used in 2023/2024 Planning Period

 
Date
500 kV Mapping CSV   11.21.2023
Aggregate Def CSV  11.21.2023
B1-B2-B3-to-PSSE Mapping File CSV
 11.21.2023
Branch Mapping File CSV
 11.21.2023
Load Apportionment Zones Hubs CSV  11.21.2023
Par Data CSV  11.21.2023
Interface Definitions Limits CSV  11.21.2023
Uncompensated Parallel Flow CSV  11.21.2023

Model Critical Energy Infrastructure Information Data - This is Critical Energy Infrastructure Information (CEII) material that requires an access approval. - requires additional access to view the following content:

  • Contingency Flowgate List (XLS)
  • Contingency List PSSE Compatible (TXT)
  • IARR Model (SAV)
  • IARR Model (RAW)