PJM's Three-Way Proposal
A re-defined capacity product, revised parameters for generator performance, and a new role for demand response.
The proposal creates a new capacity product called the “Capacity Performance Resource.”
Tacitus
Playing Safe with Capacity Markets
PJM would minimize risk, but so did regulation.
Changes envisioned by PJM call for ever more structured markets, further reducing the scope of the competitive landscape from which RTOs arose. They may produce a system that is actually more costly and less innovative than regulation.