FERC Order 825 focused on standardizing some of the market designs associated with market settlements and shortage pricing. The final rule requires each ISO/RTO to align settlement and dispatch intervals by:
- Settling energy transactions in the real-time markets at the same time interval it dispatches energy
- Settling operating reserves transactions in the real-time markets at the same time interval it prices operating reserves
- Settling intertie transactions in the same time interval that intertie transactions are scheduled
The final rule issued June 16, 2016. PJM’s compliance filing was submitted Jan. 11, 2017, with a proposed implementation on Feb. 1, 2018.