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Markets & Operations

5-Minute Settlements

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 inter-tie transactions in the same time interval that inter-tie 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. PJM submitted a filing with FERC on December 8, 2017 informing FERC that PJM intends to move the implementation date to April 1, 2018.

Endorsed Manuals with Redline

Manual 11 – Energy & Ancillary Services Market Operations WEB |  PDF
Manual 18 – Capacity Market WEB |  PDF
Manual 27 – Open Access Transmission Tariff Accounting WEB |  PDF
Manual 28 – Operating Agreement Accounting WEB |  PDF
Manual 29 - Billing WEB |  PDF

Power Meter - documentation for 5-minute settlements

MSRS Reports Documentation

5-Minute Settlements Report Summary XLS
Highlighted reports have supporting documentation posted on the MSRS Reports Documentation page.