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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.

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
2021 XLS   10.9.2020
2020 XLS   4.16.2020
2019 XLS   10.22.2018
2018 XLS 10.10.2018
2017 XLS 10.17.2016
2016 XLS
10.26.2015

Annual Auction Revenue Rights (ARR) Allocation


Annual FTR Auction


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

2015/2018

Date
Valid Pricing Nodes CSV
11.26.2014
Outages XLS
11.24.2014

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 
6.4.2020
Example PDF
4.15.2019
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
2015/2016 XLS
3.23.2016

FTR Portfolio Liquidation

Date
Default Allocation Assessment   
Default Allocation Assessment Timeline PDF  11.10.2020
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  
Default Reference Points PDF 
10.12.2020
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
PJM Statement on Independent Review of Greenhat Energy Default PDF
10.16.2018
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

Member Community

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

New to Financial Transmission Rights?

FTR Market FAQs
FTRs: Protection Against Congestion Charges PDF

Training

How Financial Transmission Rights works in PJM
PJM ARR & FTR PDF 
Financial Transmission Rights (FTR) & Auction Revenue Rights (ARR): In Person | Virtual
Upcoming Training

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

 

FTRs Affected by LMP Bus Model Updates

 
Date
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
3.9.2017 CSV 3.8.2017
12.14.2016 CSV 12.13.2016
9.14.2016 CSV
9.13.2016
5.27.2016 CSV
6.8.2016
3.18.2016 CSV
3.17.2016
12.9.2015 CSV
12.8.2015
9.30.2015 CSV
10.2.2015

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
2020/2021 IARR Limiting Facilities CSV

IARR Network Model used in 2020/2021 Planning Period

 
Date
500 kV Mapping CSV   6.26.2020
Aggregate Def CSV  6.26.2020
B1-B2-B3-to-PSSE Mapping File CSV
 6.26.2020
Branch Mapping File CSV
 6.26.2020
Load Apportionment Zones Hubs CSV  6.26.2020
Par Data CSV  6.26.2020
Interface Definitions Limits CSV  6.26.2020
Uncompensated Parallel Flow CSV  6.26.2020

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)