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capacity markets in pjm - power systems engineering ：pjm容量市场电力系统工程.docx

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辑 Capacity Markets in FJM JOSEPH BOWRIN。 ABSTRACT The PJM capacity ma rket evolved from a mechanism to support fair and efficientretail competition, to 幻 core market design component implemented to provideadequate revenue to 口 ttract sufficient supply and demand side resources to meet巧M’s administrative reliability criteria. The lessons learned in the evolution of the巧M capacity market illustrate issues that are shared across all wholesale powermarkets. An exogenously imposed administrative reliability requirement has gen-erally been interpreted to require the ownership of，or contracts far, capacity inexcess of expected peak loads by a reserve margin. In PJM, the reserve marginrequirement resulted in a level of capacity greater than would have been the resultof the operation of an ^energy only market without such a requirement. The resultwas lower e灼ergy prices for all units and a shortfall of net revenues compared tothe annualized costs of building a new generating unit. The early wholesale powermarket designs, including PJM, replicated the efficient dispatch of a tight power pool, but did not address the sources of revenues to cover the cos技 of investmentin new and existing generating capa city and thus did not address the endogenoussustainability of the market design consistent with 口dministrative reliability crite- ria. The introduction and redesign of a capacity market b幻s largely solved thisresource adequacy”problem. But the PJM capacity market design continues to beimperfect and the resolution of the remaining design issues is critical to the contin-ued success of the PJM market 口5 demand increases and generating units retire. Keywords: Capacity Market,巧M Interconnection, RPM, Minimum Offer Price Rulehrtp：///10.5547/2160-58 X 1. INTRODUCTION OF A CAPACITY MARKET X The original PJM market design, which became effective April 1, 1999, did not include aformal capacity market. But the PJM operating agreement among PJM members did definecapaci