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 2025 XLS 9.30.2024 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 2024/2025 Date Residual ARR Outages & Market Names XLS 11.4.2024 Bids XLS 6.3.2024 Facilities Loaded > 95% after Stage 1 XLS 3.11.2024 Valid Stage 2 Sources and Sinks XLS 3.8.2024 Stage 1A Over Allocation Notice PDF 3.4.2024 Stage 1A Over Allocation XLS 3.4.2024 Valid Stage 1B Hub, Interface and Zone Sources XLS 2.28.2024 Contingencies Modeled XLS 2.22.2024 Interface Contingencies Modeled XLS 2.21.2024 Uncompensated Flow Modeled on Historically Congested Facilities XLS 2.21.2024 MISO Market-to-Market Firm Flow Entitlements Utilized for the Planning Period XLS 2.20.2024 Key System Upgrades Scheduled XLS 2.20.2024 Transmission Outages XLS | Modeling PDF 2.20.2024 IARRs for RTEP Upgrades Allocated PDF 2.20.2024 Point-to-Point ARR Nomination Form XLS 2.14.2024 Stage 1 Resources by Zone XLS 2.6.2024 Stage 1A MW & NSPL XLS 1.23.2024 Stage 1 Retired & Initial Qualified Replacement Resources by Zone XLS 12.8.2023 2023/2024 Date Residual ARR Outages & Market Names XLS 4.30.2024 Interface Contingencies Modeled XLS 9.27.2023 Bids XLS 6.1.2023 Facilities Loaded > 95% after Stage 1 XLS 3.13.2023 Valid Stage 2 Sources and Sinks XLS 3.9.2023 Stage 1A Over Allocation Notice PDF 3.6.2023 Stage 1A Over Allocation XLS 3.6.2023 Uncompensated Flow Modeled on Historically Congested Facilities XLS 2.28.2023 Valid Stage 1B Hub, Interface and Zone Sources XLS 2.27.2023 Contingencies Modeled XLS 2.23.2023 Transmission Outages XLS | Modeling PDF 2.21.2023 MISO Market-to-Market Firm Flow Entitlements Utilized for the Planning Period XLS 2.21.2023 Key System Upgrades Scheduled XLS 2.21.2023 IARRs for RTEP Upgrades Allocated PDF 2.15.2023 Point-to-Point ARR Nomination Form XLS 2.13.2023 Stage 1 Resources by Zone XLS 2.7.2023 Stage 1A MW & NSPL XLS 1.31.2023 Stage 1 Retired & Initial Qualified Replacement Resources by Zone XLS 12.7.2022 2022/2023 Date Residual ARR Outages & Market Names XLS 4.26.2023 Bids XLS 6.1.2022 Facilities Loaded > 95% after Stage 1 XLS 3.10.2022 Valid Stage 2 Sources XLS 3.9.2022 Stage 1A Over Allocation Notice PDF 3.3.2022 Stage 1A Over Allocation XLS 3.3.2022 Uncompensated Flow Modeled Historically Congested Facilities XLS 2.25.2022 Contingencies Modeled XLS 2.25.2022 MISO Market-to-Market Firm Flow Entitlements Utilized for the Planning Period XLS 2.18.2022 Key System Upgrades Scheduled XLS 2.17.2022 Transmission Outages XLS | Modeling PDF 2.17.2022 Stage 1 Resources by Zone XLS 2.8.2022 IARRs for RTEP Upgrades Allocated PDF 2.8.2022 Point-to-Point ARR Nomination Form XLS 2.4.2022 Zonal Base Load XLS 1.26.2022 Stage 1 Retired & Initial Qualified Replacement Resources Zone XLS 12.2.2021 2021/2022 Date Residual ARR Outages & Market Names XLS 4.29.2022 Bids XLS 6.1.2021 Facilities at the Limit after Stage 2 XLS 5.17.2021 Facilities Loaded > 95% after Stage 1 XLS 3.11.2021 Valid Stage 2 Sources XLS 3.8.2021 Stage 1A Over Allocation Notice PDF 3.4.2021 Stage 1A Over Allocation XLS 3.4.2021 Contingencies Modeled XLS 2.24.2021 Uncompensated Flow Modeled Historically Congested Facilities XLS 2.23.2021 MISO Market-to-Market Firm Flow Entitlements Utilized for the Planning Period XLS 2.18.2021 Transmission Outages XLS | Modeling PDF 2.17.2021 Key System Upgrades Scheduled XLS 2.17.2021 IARRs for RTEP Upgrades Allocated PDF 2.5.2021 Stage 1 Resources by Zone XLS 2.23.2021 Point-to-Point ARR Nomination Form XLS 2.4.2021 Zonal Base Load XLS 1.19.2021 Stage 1 Retired & Initial Qualified Replacement Resources by Zone XLS 12.1.2020 2020/2021 Date Residual ARR Outages & Market Names XLS 4.29.2021 Bids XLS 6.2.2020 Facilities at the Limit after Stage 2 XLS 5.19.2020 Valid Stage 2 Sources XLS 3.13.2020 Facilities Loaded > 95% after Stage 1 XLS 3.12.2020 Stage 1A Over Allocation XLS 3.12.2020 Stage 1A Over Allocation Notice PDF 3.5.2020 Contingencies Modeled XLS 2.28.2020 MISO Market-to-Market Firm Flow Entitlements Utilized for the Planning Period XLS 2.28.2020 Uncompensated Flow Modeled Historically Congested Facilities XLS 2.21.2020 Transmission Outages XLS | Modeling PDF 2.20.2020 Key System Upgrades Scheduled XLS 2.14.2020 IARRs for RTEP Upgrades Allocated PDF 5.29.2020 Point-to-Point ARR Nomination Form XLS 2.10.2020 Stage 1 Resources by Zone XLS 2.4.2020 Zonal Base Load XLS 1.27.2020 Stage 1 Retired & Initial Qualified Replacement Resources by Zone XLS 12.2.2019 2019/2020 Date Bids XLS 5.31.2019 Residual ARR Outages & Market Names XLS 4.30.2020 Facilities at the Limit after Stage 2 XLS 5.8.2019 Facilities Loaded > 95% after Stage 1 XLS 3.14.2019 Valid Stage 2 Sources XLS 3.13.2019 Stage 1A Over Allocation Notice PDF 3.7.2019 MISO Market-to-Market Firm Flow Entitlements Utilized for the Planning Period XLS 2.22.2019 Transmission Outages XLS | Modeling PDF 2.19.2019 Uncompensated Flow Modeled Historically Congested Facilities XLS 2.19.2019 Key Systems Upgrades Scheduled XLS 2.15.2019 IARRs for RTEP Upgrades Allocated PDF 2.11.2019 Stage 1 Resources by Zone XLS 2.22.2019 Point-to-Point ARR Nomination Form XLS 2.11.2019 Zonal Base Load XLS 1.30.2019 Stage 1 Retired & Initial Qualified Replacement Resourced by Zone XLS 12.21.2018 2018/2019 Date Bids XLS 12.3.2018 Facilities at the Limit after Stage 2 XLS 6.14.2018 Residual ARR Outages & Market Names XLS 4.29.2019 Facilities Loaded > 95% after Stage 1 XLS 3.15.2018 Valid Stage 2 Sources XLS 3.15.2018 Stage 1A Over Allocation Notice PDF 3.13.2018 Transmission Outages XLS | Modeling PDF 2.27.2018 Uncompensated Flow Modeled Historically Congested Facilities XLS 2.22.2018 Stage 1 Resources by Zone XLS 2.21.2018 MISO Market-to-Market Firm Flow Entitlements Utilized for the Planning Period XLS 2.20.2018 Key System Upgrades Scheduled XLS 2.20.2018 Point-to-Point ARR Nomination Form XLS 2.13.2018 IARRs for RTEP Upgrades Allocated PDF 2.8.2018 Zonal Base Load XLS 1.22.2018 Stage 1 Retired & Initial Qualified Replacement Resources by Zone XLS 12.26.2017 2017/2018 Date Residual ARR Outages & Market Names XLS 4.17.2018 Bids XLS 11.30.2017 2016/2017 Date Annual FTR Auction 2024/2025 Date NSPL ARR Credits Zonal XLS 5.14.2024 Round 4 Results XLS 4.30.2024 Round 3 Results XLS 4.23.2024 Round 2 Results XLS 4.16.2024 Round 1 Results XLS 4.10.2024 Valid Option Paths XLS 4.8.2024 Valid Source/Sinks for Obligations XLS 3.28.2024 Contingencies Modeled XLS 3.28.2024 Transmission Outages XLS | Modeling PDF 3.28.2024 2023/2024 Date NSPL ARR Credits Zonal XLS 5.12.2023 Round 4 Results XLS 5.1.2023 Contingencies Modeled XLS 4.24.2023 Round 3 Results XLS 4.24.2023 Round 2 Results XLS 4.17.2023 Round 1 Results XLS 4.10.2023 Valid Option Paths XLS 3.30.2023 Transmission Outages XLS | Modeling PDF 3.29.2023 Valid Source/Sinks for Obligations XLS 3.29.2023 2022/2023 Date NSPL ARR Credits Zonal XLS 5.24.2022 Round 4 Results XLS 5.2.2022 Round 3 Results XLS 4.25.2022 Round 2 Results XLS 4.18.2022 Round 1 Results XLS 4.11.2022 Contingencies Modeled XLS 4.19.2022 Transmission Outages XLS | Modeling PDF 3.29.2022 Valid Source/Sinks for Obligations XLS 3.29.2022 Valid Option Paths XLS 3.29.2022 2021/2022 Date NSPL ARR Credits Zonal XLS 5.25.2021 Round 4 Results XLS 5.3.2021 Round 3 Results XLS 4.26.2021 Round 2 Results XLS 4.19.2021 Round 1 Results XLS 4.12.2021 Contingencies Modeled XLS 4.2.2021 Transmission Outages XLS | Modeling PDF 3.30.2021 Valid Source/Sinks for Obligations XLS 3.30.2021 Valid Option Paths CSV 3.30.2021 2020/2021 Date NSPL ARR Credits Zonal XLS 5.29.2020 Round 4 Results XLS 5.4.2020 Round 3 Results XLS 4.27.2020 Round 2 Results XLS 4.20.2020 Round 1 Results XLS 4.13.2020 Contingencies Modeled XLS 4.6.2020 Transmission Outages XLS | Modeling PDF 4.1.2020 Valid Source/Sinks for Obligations XLS 4.1.2020 Valid Option Paths CSV 4.6.2020 2019/2020 Date NSPL ARR Credits Zonal XLS 5.14.2019 Round 4 Results XLS 5.6.2019 Round 3 Results XLS 4.29.2019 Round 2 Results XLS 4.22.2019 Round 1 Results XLS 4.15.2019 Valid Source/Sinks for Obligations CSV 4.19.2019 Valid Option Paths CSV 4.19.2019 Transmission Outages XLS | Modeling PDF 4.5.2019 2018/2019 Date NSPL ARR Credits Zonal XLS 5.10.2018 Round 4 Results XLS 5.7.2018 Round 3 Results XLS 4.30.2018 Round 2 Results XLS 4.23.2018 Round 1 Results XLS 4.16.2018 Valid Option Paths CSV 4.6.2018 Valid Source/Sinks for Obligations CSV 4.6.2018 Transmission Outages XLS | Modeling PDF 4.5.2018 2017/2018 Date Valid Source/Sinks for Obligations CSV 4.10.2017 2016/2017 Date 2015/2016 Date Valid Source/Sinks for Obligations CSV 3.24.2015 Long-Term FTR Auction 2025/2028 Date Results Round 3 XLS 10.10.2024 Outages XLS 10.10.2024 Results Round 2 XLS 8.12.2024 Contingencies Modeled CSV 9.26.2024 Valid Pricing Nodes XLS 9.26.2024 Upgrades Modeled XLS 9.26.2024 Results Round 1 CSV 6.12.2024 2024/2027 Date Results Round 5 XLS 3.12.2024 Outages XLS 3.12.2024 MISO Market-to-Market Firm Flow Entitlements Utilized for the Long-Term Auction Round 5 XLS 2.27.2024 Contingencies Modeled CSV 2.27.2024 Valid Pricing Nodes XLS 2.27.2024 Results Round 4 XLS 12.11.2023 Results Round 3 XLS 10.11.2023 Results Round 2 XLS 8.10.2023 Results Round 1 XLS 6.12.2023 2023/2026 Date Results Round 5 XLS 3.10.2023 Outages XLS 3.10.2023 Contingencies Modeled CSV 2.28.2023 MISO Market-to-Market Firm Flow Entitlements Utilized for the Long-Term Auction Round 5 XLS 2.28.2023 Valid Pricing Nodes CSV 2.27.2023 Results Round 4 XLS 12.12.2022 Results Round 3 XLS 10.12.2022 Results Round 2 XLS 8.10.2022 Results Round 1 XLS 6.13.2022 2022/2025 Date Results Round Five CSV 3.10.2022 Outages XLS 3.10.2022 MISO Market-to-Market Firm Flow Entitlements Utilized for the Long-Term Auction Round 5 XLS 2.28.2022 Contingencies Modeled CSV 2.25.2022 Valid Pricing Nodes CSV 2.25.2022 Results Round Four CSV 12.10.2021 Results Round Three CSV 10.13.2021 Results Round Two CSV 8.11.2021 Results Round One CSV 6.10.2021 2021/2024 Date Results Round 5 XLS 3.10.2021 MISO Market-to-Market Firm Flow Entitlements Utilized for the Long-Term Auction Round 5 XLS 2.24.2021 Results Round 4 XLS 12.10.2020 Results Round 3 XLS 10.13.2020 Results Round 2 XLS 8.12.2020 Outages XLS 3.10.2021 Results Round 1 XLS 6.11.2020 Valid Pricing Nodes CSV 2.24.2021 Contingencies Modeled CSV 2.25.2021 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 2018/2021 Date Results Round 3 XLS 12.12.2017 Outages XLS 12.12.2017 Valid Pricing Nodes CSV 11.28.2017 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 Outage & Interface Modeling Date 2015/2016 Monthly Transmission Outages That May Cause Infeasibilities PDF 12.9.2015 Monthly Auctions 2024: Outages XLS | Interface Ratings XLS 2023: Outages XLS | Interface Ratings XLS 2022: Outages XLS | Interface Ratings XLS 2021: Outages XLS | Interface Ratings XLS 2020: Outages XLS | Interface Ratings XLS 2019: Outages XLS | Interface Ratings XLS 2018: Outages XLS | Interface Ratings XLS 2017: Outages XLS | Interface Ratings XLS 2016: Outages XLS | Interface Ratings XLS 2015: Outages XLS | Interface Ratings XLS 2014: Outages XLS | Interface Ratings XLS 2013: Outages XLS | Interface Ratings XLS 2012: Outages XLS | Interface Ratings XLS 2011: Outages XLS | Interface Ratings XLS 2010: Outages XLS 2009: Outages XLS Monthly Auction Results (January 2006 to present) FTR Credit Date IM-H Historical Data ZIP 10.10.2024 Class Period Hours XLS 5.24.2024 Sample of Monthly Algorithm Run XLS 5.13.2024 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 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 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 WEB | Current | Redline 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 6.4.2024 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 – 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) Long-Term & Monthly FTR Auction Process Details on the Network Model Used 500kV Mapping CSV Aggregate Definitions CSV Aggregate Definitions - Long-Term Round 5 CSV B1 - B2 - B3 Power System Simulator for Engineering (PSSE) Mapping File CSV Load Apportionment Zones Hubs CSV Load Apportionment Zones Hubs - Long-Term Round 5 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 – 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 9.18.2024 CSV 9.17.2024 6.12.2024 CSV 6.10.2024 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 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 Member RelationsNew Services Queue page by filtering Project Types as Upgrade Requests. PJM IARR Model Development & Analysis PDF 2024/2025 IARR Limiting Facilities-Preliminary List CSV IARR Network Model used in 2024/2025 Planning Period Date 500 kV Mapping CSV 9.9.2024 Aggregate Def CSV 9.9.2024 B1-B2-B3-to-PSSE Mapping File CSV 9.9.2024 Branch Mapping File CSV 9.9.2024 Load Apportionment Zones Hubs CSV 9.9.2024 Par Data CSV 9.9.2024 Interface Definitions Limits CSV 9.9.2024 Uncompensated Parallel Flow CSV 9.9.2024 Model Critical Energy Infrastructure Information Data - - requires additional access to view the following content: Contingency Flowgate List (XLS) Contingency List PSSE Compatible (TXT) IARR Model (SAV) IARR Model (RAW)