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

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XLS

Date
2018 XLS 5.4.2018
2017 XLS 10.17.2016
2016 XLS
10.26.2015
2015 XLS
10.8.2014
2014 XLS
10.15.2013

Annual Auction Revenue Rights (ARR) Allocation


Annual FTR Auction


Long-Term FTR Auction


Monthly FTR Auctions

Date
Valid Source/Sinks for Obligations: Prompt Month | Non Prompt Month CSV  
Valid Option Paths CSV  
FTR Participant List CSV
 
Monthly Auction Results (January 2006 to present)  

FTR Credit

Date
FTR Credit Example PDF
8.16.2013

FTR Portfolio Liquidation

Date
Default Allocation Assessment   
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
Default Allocation Assessment Timeline PDF   9.24.2018
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   9.13.2018
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

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

New to Financial Transmission Rights?

FTR Market FAQs

Training

How Financial Transmission Rights works in PJM
PJM ARR & FTR 2017/2018 PDF
Financial Transmission Rights (FTR) & Auction Revenue Rights (ARR): In Person | Virtual
Upcoming Training

FTR/ARR Senior Task Force (FTRSTF)

Upcoming Meetings | Past Meeting Materials
Issue Tracking: 
FTR & Auction Revenue Rights (ARR) Market Enhancements
FTR Forfeiture Rule Review

Tools

 
Overview

FTR Center

Learn More | Sign In

Manuals

 
M-6: Financial Transmission Rights
CurrentRedline PDF
All sections

Agreements

 
Operating Agreement PDF
Sections 5 & 7
Open Access Transmission Tariff PDF
Sections 9.2

Model Information

 

FTRs Affected by LMP Bus Model Updates

 
Date
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
5.20.2015 CSV
5.19.2015
3.11.2015 CSV
3.10.2015
12.18.2014 CSV
12.18.2014
9.26.2014 CSV
9.25.2014
5.29.2014 CSV
5.28.2014
4.10.2014 CSV
4.10.2014
1.10.2014 CSV
1.9.2014
10.23.2013 CSV
10.23.2013
5.22.2013 CSV
5.30.2013