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Shadow Price ($/MWh)

Relief Requested (MW)

Since the market-to-market process plays such an important role in the pricing and management of congestion in both areas, we continue to evaluate its effectiveness and recommend improvements. To this end, Figure 70 and Figure 71 examine the five most frequently activated market-to-market constraints on the PJM and Midwest ISO systems. The analysis is intended to show the extent to which the shadow prices on coordinated constraints converge between the two RTOs. We calculate average shadow prices and the amount of relief requested during market-to- market events, including:

An initial shadow price as the average shadow price of the monitoring RTO that was logged prior to the first response from the reciprocating RTO.

Post-activation shadow prices for both the monitoring RTO and the reciprocating RTO. The post shadow price is the average price in each RTO after the requested relief associated with the market-to-market process is provided.

The share of hours the constraint was activated and relief was being provided by the reciprocating RTO.24

2009 State of the Market Report

Transmission Congestion

150

135

120

105

90

75

60

45

30

15

$1,000

$900

$800

$700

$600

$500

$400

$300

$200

$100

Figure 70: PJM Market-to-Market Constraints Relief Requested and Shadow Prices, 2009

MISO Shadow Price PJM Shadow Price Relief Requested

$0

0

Initial Post 58% Kammer XFMR

Initial

Post 50%

Initial

Post 52%

East Frankfort- Mareng-Pleasant

Crete

Valley

Initial

Post 33%

Initial

Post 53%

Nelson-

Pruntytown-

Electric Junction

Mt.Storm

Share of Active Hours Coordinated

24

The statistics for the post-initialization period exclude the periods when the reciprocating RTO was not actively responding.

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