Locational Marginal Pricing (LMP) Overview PJM Member Training Dept. Generation 101
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1
PJM©2009
Objectives
Student will identify the components and uses of the pricing mechanism used by the PJM energy market.
Student will illustrate the associations between market sellers, market buyers and Locational Marginal Pricing.
Student will explain the calculation of LMP through the use of a 5 bus model diagram.
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PJM©2009
Agenda
Location Locational al Margin Marginal al Pricin Pricing g - LMP
Definition of LMP 5-bus Example LMP Verification & Posting process LMP Statistics
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PJM©2009
What is LMP?
Pricing method PJM uses to:
price energy purchases and sales in PJM Market
price transmission congestion costs to move energy within PJM RTO
Physical, flow-based pricing system: how energy actually flows, NOT contract
paths
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LMP Analogy
LMP is analogous to a taxi ride for MWs! Light traffic = Consistent, predictable fare
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LMP Analogy
LMP is analogous to a taxi ride for MWs! Heavy traffic = Higher fare
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How is LMP Used?
Generators get paid at generation bus LMP
Loads pay at load bus LMP
Typically at zone LMP
Option exists for nodal LMP
Transactions pay differential in source and sink LMP
Congestion
Losses
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Locational Marginal Price
Transmission Congestion Cost
System Energy Price
Cost of Marginal Losses
Cost to serve the next MW of load at a specific location, using the lowest production cost of all available generation, while observing all transmission limits www.pjm.com
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Locational Marginal Price
Transmission Congestion Cost
System Energy Price
Cost of Marginal Losses
System Energy Price
Represents optimal dispatch ignoring congestion and losses
Same price for every bus in PJM
Used to price Spot Market Interchange
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Spot Market buyer pays system energy price
Spot Market seller is paid system energy price
Calculated both in day ahead and real time
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Locational Marginal Price
Transmission Congestion Cost
System Energy Price
Cost of Marginal Losses
Congestion Price
Represents price of congestion for binding constraints
Will be zero if no constraints
Will vary by location if system is constrained
Used to price explicit and implicit congestion (Locational Net Congestion Bill)
Calculated using cost of marginal units controlling constraints and sensitivity factors on each bus No change in this calculation
Load pays Congestion Price Generation is paid Congestion Price Congestion revenues allocated as hourly credits to FTR holders
Calculated both in day ahead and real time
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Locational Marginal Price
Transmission Congestion Cost
System Energy Price
Cost of Marginal Losses
Loss Price
Represents price of marginal losses
Will vary by location Used to price explicit and implicit losses (Locational Net Loss Bill)
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Calculated using penalty factors as previously described
Load pays the Loss Price Generation is paid the Loss Price Loss revenues are allocated based on load + exports ratio share
Calculated both in day-ahead and real-time 11
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Transmission Losses Real Power (MW) Losses
– Power flow converted to heat in transmission equipment – Heat produced by current (I) flowing through resistance (R) – Losses equal to I2R – Heat loss sets the “thermal rating” of equipment
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Dispatch Rate
Definition: The Dispatch Rate is expressed in dollars per MWh, calculated and transmitted to each generator to direct the output level of all generation resources dispatched by PJM based on the incremental offer data which was previously received from the Generators.
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Dispatch Rate The Dispatch Rate is determined by the PJM economic dispatch solution as calculated by PJM’s Unit Dispatch System (UDS) $35 $30
Dispatch Rate = $25
Offer Price $25 $20 0
50
100
MW
150
200
Economic Basepoint
The Economic Basepoint is the MW value sent to the generating unit that indicates to what level the unit should be loaded based on the economic dispatch solution and the units incremental price curve www.pjm.com
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Penalty Factors Effect on Dispatch
The Incremental Loss for bus i is used to calculate a factor that can be used to include the effect of losses in the dispatch
This factor is called the Loss Penalty Factor, or Penalty Factor
Pf i
1
P L 1 Pi
Change in Losses Change in Unit’s MW Output
The Penalty Factors adjust the incremental cost of each generator so as to include the effects of losses Penalty factors applied to each and every location Including generation, load, virtual transaction
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Penalty Factors Effect on Dispatch
If an increase in generation results in an increase in system losses then: Penalty factor is greater than 1 Units offer curve is adjusted higher
Unit offer curve is multiplied by penalty factor
Unit looks less attractive to dispatch
P L 1 0 Pi www.pjm.com
Pf i
16
1
P L 1 Pi
1.0
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Penalty Factors Effect on Dispatch
If an increase in generation results in a decrease in system
losses then: Penalty factor is less than 1 Units offer curve is adjusted lower
Unit offer curve is multiplied by penalty factor
Unit looks more attractive to dispatch
Total LMP would still at least equal unit’s original offer
P L 1 0 Pi www.pjm.com
Pf i
17
1
P L 1 Pi
1.0
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Penalty Factors Effect on Dispatch - Example # 1
Generating Unit # 1
Generating Unit # 2
Offer Price = $ 10.00 ----- 200 MW $ 20.00 ----- 300 MW $ 30.00 ----- 400 MW $ 40.00 ----- 500 MW
Offer Price = $ 10.00 ----- 200 MW $ 20.00 ----- 300 MW $ 30.00 ----- 400 MW $ 40.00 ----- 500 MW
Generating 300 MW
Generating 300 MW
Penalty Factor = 1.00 $20 * 1.00 = $20.00 offer price stays the same)
Penalty Factor = .97 $20 * 0.97 = $19.60 (Unit offer price adjusted lower )
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(Unit
Penalty Factors Effect on Dispatch - Example # 2
Generating Unit # 1
Generating Unit # 2
Offer Price = $ 10.00 ----- 200 MW $ 20.00 ----- 300 MW $ 30.00 ----- 400 MW $ 40.00 ----- 500 MW $ 50.00 ----- 600 MW
Offer Price = $ 10.00 ----- 200 MW $ 20.00 ----- 300 MW $ 30.00 ----- 400 MW $ 40.00 ----- 500 MW $ 50.00 ----- 600 MW
Generating 500 MW
Generating 500 MW
Penalty Factor = 1.05 $40 * 1.05 = $42.00 (Unit offer price adjusted higher )
Penalty Factor = 1.00 $40 * 1.00 = $40.00 (Unit offer price stays the same)
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LMP & Economic Dispatch
Dispatch Rate
LMP
Directive
Where PJM wants The units to be loaded economically
Result
Based on actual loading of each unit
If unit’s don’t move to follow dispatch rate, LMP will not change!
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LMP Model
Generator Offers Dispatch Rates * Dispatchable Transactions
Real-Time Data (EMS)
Dispatcher * Input
Siemens State Estimator
LPA Preprocessor Flexible Generating Units & Offers
Energy Demand Generator MW System Topology
Unit Dispatch System (UDS)
LPA
LMP’s for
all locations
Binding Transmission Constraints
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*
Manual Dispatcher Input
LPA = Locational Pricing Algorithm
LMP Execution Steps
Determine current system conditions energy demand generator MW values system topology Process generat gene rator or offers & dispatch rates
to determine flexible generators Collect current system constraint data Execute Locational Price Algorithm
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High & Low LMPs
Thermal Limit
Receiving End
Sending End
Highest LMP at immediate receiving receiving end end of constr constraint aint
Lowest LMP at immediate sending sending end end of const constrain raintt
Two marginal units uni ts control one constraint; constraint; three marginal m arginal units two constraints, constraints, etc...
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Agenda
Location Locational al Margin Marginal al Pricin Pricing g - LMP
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Definition of LMP 5-bus Example LMP Verification and Posting process LMP Statistics
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PJM©2009
Example # 1 - 5 Bus Transmission Grid System Overview
E
X ED = 2.97%
230 MW Thermal Limit
D Sundance
Brighton X AD = 3.04% X EA = 0.64%
X CD = 2.97%
X BC = 1.08%
A
Alta
B
C
Solitude
Park City X AB = 2.81% Legend
Bus Transmission Line www pjm com
Impedances as shown – R = 0 for all lines
Load Generators
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Example # 1 - 5 Bus Transmission Grid Unconstrained System Loads = 669 230 MW Thermal Limit
E
Brighton
D
Sundance
Load = 223 MW
A Alta
B
C
Solitude
Park City
Loads = 223 MW each www.pjm.com
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Example # 1 - 5 Bus Transmission Grid Generator Offers 600 MW $10/MWh Brighton
Sundance 230 MW Thermal Limit
E
D
200 MW $40/MWh
223 MW
A Alta 110 MW $14/MWh www.pjm.com
Solitude 223 MW
B 223 MW C
Park City 100 MW $15/MWh 27
520 MW $30/MWh
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Example # 1 - 5 Bus Transmission Grid Dispatch & Energy Flow
Brighton
230 MW Thermal Limit
E
200 MW $40/MWh
147 1 7 3
A
293
3 5 1
70
69 MW 223 MW
Park City 110 MW $14/MWh
223 MW
Solitude
Alta
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Sundance
229
600 MW 600 MW $10/MWh
D
223 MW
B
100 MW $15/MWh
C
520 MW $30/MWh
Total Load 669 28
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Example # 1 - 5 Bus Transmission Grid
LMPs - No Loss Component Included $14 $14 230 MW Thermal Limit
E
Brighton
D
200 MW $40/MWh
229 147
600 MW 1 7 3
600 MW $10/MWh
$14 A Alta Alta
293 W M 9 6
223 MW
Solitude Park City
110 MW $14/MWh
3 5 1
70
223 MW
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Sundance
B
223 MW
$14
100 MW $15/MWh
C
$14
520 MW $30/MWh
Alta - Marginal Unit 29
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Example # 1 - 5 Bus Transmission Grid LMPs - Loss Component Included Area Load = 669 Area Losses = 17 MW Area Generation = 686 Brighton - 600 MW Alta - 86 MW
LMP = $13.83 PF = 1.0624
PF = 1.0247
230 MW Thermal Limit
E
Brighton
D
Sundance 200 MW $40/MWh
229
600 MW
147
1 7 3
Alta
3 5 1
70
293
A W
600 MW $10/MWh
LMP = $14.00
LMP = $14.33
Solitude
M 6 8
223 MW
Park City
PF = 1.0492 110 MW $14/MWh
223 MW
100 MW $15/MWh
B
223 MW
C
LMP = $14.61 PF = 1.0053
520 MW $30/MWh
LMP = $14.69 PF = 1.00
Marginal Unit Reference Bus
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Example # 1 - 5 Bus Transmission Grid
Unit
Penalty Factor (PF)
Total LMP
Solitude
1.00
14.69
Park City
1.0053
$14.61
A higher PF results in a lower LMP (LMP gets lower “Disincentive” to
Sundance
1.0247
$14.33
Alta
1.0492
$14.00
Brighton
1.0624
$13.83
generation since increased generation contributes to losses
Marginal Unit Reference Bus www.pjm.com
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Example # 1 - 5 Bus Transmission Grid Unit
Offer Price
Adjusted Offer
Total LMP
Alta
$14.00
$14.689
$14.00
Brighton
$10.00
$10.624
$13.83
Park City
$15.00
$15.738
$14.61 *Unit Not Running
Solitude
$30.00
$30.00
$14.69 *Unit Not Running
Sundance
$40.00
$40.988
$14.33 *Unit Not Running
Adjusted Offer = Offer X Penalty Factor Higher PF = Offer
Marginal Unit Reference Bus www.pjm.com
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Example # 2 - 5 Bus Transmission Grid Constrained System Loads = 900 230 MW Thermal Limit
E
D
200 MW $40/MWh
Brighton
Load = 300 MW
600 MW $10/MWh
A Solitude
Alta 110 MW $14/MWh
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Sundance
B
Park City
C Loads = 300 MW
100 MW $15/MWh 33
520 MW $30/MWh
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Example # 2 - 5 Bus Transmission Grid Dispatch Solution Ignoring Thermal Limit Dispatched at 600 MW
230 MW Thermal Limit
E
200 MW $40/MWh
253
Brighton
174
8 4 3
600 MW $10/MWh
D
A
384
Sundance 6 1 2
84
Dispatched at 110 MW www.pjm.com
Dispatched 90 MW
Solitude
Alta 110 MW $14/MWh
300 MW
300 MW
Park City 100 MW $15/MWh
Dispatched 100 MW 34
300 MW
B
C
520 MW $30/MWh
Total Dispatched 900 MW 10/22/2009
Example # 2 - 5 Bus Transmission Grid Actual Dispatched Generation Dispatched at 510 MW Brighton
230 MW Thermal Limit
E
D
Sundance 200 MW $40/MWh
300 MW 600 MW $10/MWh
A Alta
110 MW $14/MWh
Dispatched at 110 MW www.pjm.com
300 MW
300 MW
Park City 100 MW $15/MWh
Dispatched at 100 MW 35
B
C
Solitude Dispatched 520 MW at 180 MW $30/MWh
Total Dispatched 900 MW
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Example # 2 - 5 Bus Transmission Grid Energy Flow
200 MW $40/MWh 230 MW Thermal Limit
E 230
Brighton 510 MW
600 MW $10/MWh
280
A W Alta
110 MW $14/MWh
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D
M 0 1 1
9 7 2
Sundance
225 178 0 8 1
309
2 0 1
4
W M 0 0 1
101 195 MW 300 MW
Park City
B
300 MW
C
300 MW
Solitude 520 MW $30/MWh
100 MW $15/MWh 36
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Example # 2 - 5 Bus Transmission Grid
LMPs - No Loss Component Included E
$10.00
230 MW Thermal Limit
510 MW
178
280 0 8 1
9 7 2
$17.00 A W M 0 1 1
Alta 110 MW $14/MWh
Sundance
225
230
Brighton
600 MW $10/MWh
$40.00 D
200 MW $40/MWh
309
2 0 1
304
101 195 MW
W M 0 0 1
300 MW
Park City 100 MW $15/MWh
C
Solitude 520 MW $30/MWh
300 MW
B $26.40
300 MW
$30.00
Brighton & Solitude - Marginal Generators www.pjm.com
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Example # 2 - 5 Bus Transmission Grid LMPs - Loss Component Included Area Load = 900 Area Losses = 15 MW Area Generation = 915 Brighton - 510 MW Alta - 110 MW Park City - 100 MW Solitude - 195
LMP = $10.00 PF = 1.0555
E
510 MW
280
Alta
0 8 1
309
200 MW $40/MWh 300 MW
Solitude
195 MW
300 MW
Park City 110 MW $14/MWh
2 0 1
304
W M M 0 0 1 0 1 1
LMP = $16.76
D
Sundance
178
A W
600 MW $10/MWh
PF = 1.0450
9 7 2
PF = 1.0162
225
230
Brighton
LMP = $39.35
100 MW $15/MWh
B 300 MW C
LMP = $26.61
520 MW $30/MWh
LMP = $30.00 PF = 1.00 Marginal Unit
PF = 1.0024 Reference Bus
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LMP & Sensitivity Factors
Solitude & Brighton supply the next increment of load on the system (Marginal generators)
Attempt to serve an additional increment of load (1 MW)
Resulting Sensitivity Factors determine LMP
Least Cost Security Constrained Dispatch Algorithm
Calculates least expensive way to serve load while respecting transmission limit
Power flow analysis calculates Sensitivity Factors
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Sensitivity Factors
Sensitivity Factors calculate the price to deliver power to every location in PJM in the least expensive way
Based on System impedance “Big pipe” = lower impedance = more power flow
“Garden hose” = high impedance = less power flow
Based on impact of marginal generators on transmission constraint and generator price
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Example # 2 - LMP Calculations LMP Calculations - No Loss Component How would 1 MW of energy be supplied to each bus from the two “marginal” units without violating the transmission constraint? Sensitivity Factors (for 1 MWh of Load Supplied from)
Calculation (MWh) (Brighton Unit Price) + (MWh) (Solitude Unit Price) +
Brighton
Solitude
@ $10/MWh
@ $30/MWh
A
0.65 MWh
0.35 MWh
0.65 ($10) + 0.35 ($30)
$17.00
B
0.18 MWh
0.82 MWh
0.18 ($10) + 0.82 ($30)
$26.40
C
0.00 MWh
1.00 MWh
0.00 ($10) + .1.00 ($30)
$30.00
D
-0.50 MWh
1.50 MWh
-0.50 ($10) + 1.50 ($30)
$40.00
E
1.00 MWh
-0.00 MWh
1.00 ($10) + 0.00 ($30)
$10.00
Bus
LMP
The sensitivity factors reflect the amount of cost effective generation required to supply 1 MW of load at each bus, without increasing the flow on the contingency www.pjm.com
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Example # 2 - LMP Calculations
System Energy Price = LMP at the Reference Bus (where Congestion & Losses = 0)
Reference or “Slack” Bus is the “electrical load center” of the system
Losses are calculated using the System Energy Price & the Penalty Factor (Pf)
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Solitude Energy LMP = $ 30.00 Congestion LMP = $0.00 Losses LMP = $ 0.00
520 MW $30/MWh Total LMP = $30.00
PF = 1.00
System Energy Price
42
*
1 Pf
1 10/22/2009
System Energy Price
*
1 Pf
Bus
Penalty Factor
A
1.0450
B
1.0024
C
1.00
D
1.0162
E
1.0555
Example # 2 - Losses Calculation
1 Calculation
1 - 1 30.00 * 1.0450 1 30.00 * 1.0024- 1 1 - 1 30.00 * 1.00 1 - 1 30.00 * 1.0162 30.00 *
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1 - 1 1.0555 43
Total Losses $-1.29 $-0.07 $0.00
$-0.48 $-1.58
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Example # 2 - LMP Calculations LMP Calculations - Loss Component Included How would 1 MW of energy be supplied to each bus from the two “marginal” units without violating the transmission constraint?
3 LMP Components
Calculation
Bus
System Energy Price
Congestion
Losses
(Using Sensitivity Factors for 1 MW of Load Supplied From Marginal Generators: Brighton & Solitude)
LMP
A
$30.00
$ -11.95
$ -1.29
0.65 ($10) + 0.342 ($30)
$16.76
B
$30.00
$ -3.32
$ -0.07
0.171 ($10) + 0.83 ($30)
$26.61
C
$30.00
$ 0.00
$ 0.00
0.00 ($10) + 1.00 ($30)
$30.00
D
$30.00
$ 9.82
$ -0.48
-0.535 ($10) + 1.45 ($30)
$39.35
E
$30.00
$ -18.42
$ -1.58
1.00 ($10) + -0.00 ($30)
$10.00
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Agenda
Locational Marginal Pricing - LMP
Definition of LMP 5-bus Example LMP Verification & Posting process LMP Statistics
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PJM©2009
Real-Time LMPs
Calculated & posted on PJM website at 5-minute intervals
Based on actual operating conditions, as described by State Estimator
Integrated at end of each hour (five-minute real-time LMPs) & posted on PJM website
Market settlements performed based on hourly integrated LMPs (after LMP Verification Process!!!)
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Operational Data Page http://www.pjm.com/pub/account/lmpgen/lmppost.html
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Operational Data Page
Zonal LMPs are Load-weighted LMPs Correspond to PJM Transmission zones
Hub LMPs use equal weighting at each bus included in the Hub Western Hub most popular
Interface LMPs are dynamically weighted based on flow on each tie-line of the interface More accurately reflects physical flow
Aggregate LMPs can be generation or load weighted Can be requested by LSE or Generation owner
Detailed definitions of Zones, Hubs, Interfaces, and Aggregates can be found at pjm.com by accessing > Markets > Energy > LMP Model
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Daily LMP Verification Process
Reviews following logs: Dispatcher logs Program error logs LMP results for each interval
Recalculates or replaces LMPs, as required
Notifies Market Settlements LMPs are verified & ready to use in accounting
Posts verified hourly LMPs for previous operating day on PJM website
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LMP Summary
LMP is the pricing mechanism for wholesale power in the PJM energy market
LMPs components include System Energy Price, Congestion (if it exists) and Losses (when applicable)
Only units following PJM dispatch instructions can set LMP
Although all units get paid LMP for their MW output
Real-time LMPs are posted on the PJM home page and on internet tools such as eDATA
Verified hourly integrated LMPs are used for Market Settlements
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Questions?
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PJM©2009
Contact Information
PJM Customer Relations Telephone: (610) 666-8980 Toll Free Telephone: 866-400-8980 Fax: (610) 666-4379 World wide web: www.pjm.com email: http://www.pjm.com/about-pjm/who-we-are/contact-us.aspx Subscribe to PJM e-mail lists at: http://www.pjm.com/about-pjm/newsroom/newsletter-notices.aspx
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52
PJM©2009
Agenda
Locational Marginal Pricing - LMP
Definition of LMP 5-bus Example LMP Verification & Posting process LMP Statistics
www.pjm.com
53
PJM©2009
Summer Peak Load Comparison PJM summer peak-load comparison: Monday, June 9, 2008, and Wednesday, August 8, 2007 08-Aug-07 1600 EPT - PJM 139,428 MW 08-Aug-07 PJM load
09-Jun-08 1700 EPT - PJM 130,100 MW
150,000
09-Jun-08 PJM load
$1,000
140,000
08-Aug-07 PJM average real-time LMP
130,000
09-Jun-08 PJM average real-time LMP
$900 $800
120,000 $700
110,000 100,000
$600
90,000
$500
80,000
$400
) W M ( d n a m e D
70,000
$300
) h W M / $ ( P M L e m i t l a e R
60,000 $200
50,000 40,000
$100
30,000
$0 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Hour ending (EPT) www pjm com
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2008 LMP Update (Dollars MWH)
Day-Ahead
Real-Time
Simple Average LMP
$66.12
$66.40
Load-Weighted Average LMP
$70.25
$71.13
2006-2008 Real-time Simple Average LMP Components PJM real-time, simple average LMP components (Dollars per MWh): Calendar years 2006 to 2008
Real-Time LMP
2006 2007 2008
www.pjm.com
$49.27 $57.58 $66.40
Energy Component
$47.19 $56.56 $66.29
56
Congestion Component
$2.08 $1.00 $0.06
Loss Component
$0.00 $0.02 $0.04
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2004-2008 Real-time Monthly Load-Weighted Average LMP PJM real-time, monthly, load-weighted, average LMP: Calendar years 2004 to 2008 $120
2004 2005 2006 2007
$100
2008
$80
) h W M / $ ( P M L
$60
$40
$20
$0 Jan www.pjm.com
Feb
Mar
Apr
May
Jun
Jul 57
Aug
Sep
Oct
Nov
Dec 10/22/2009
Fuel-Cost Adjusted LMP
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1998-2008 PJM Real-time Simple Average LMP PJM real-time, simple average LMP (Dollars per MWh): Calendar years 1998 to 2008 Real-Time LMP
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
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Year-to-Year Change
Average
Median
Standard Deviation
$21.72 $28.32 $28.14 $32.38 $28.30 $38.28 $42.40 $58.08 $49.27 $57.58 $66.40
$16.60 $17.88 $19.11 $22.98 $21.08 $30.79 $38.30 $47.18 $41.45 $49.92 $55.53
$31.45 $72.42 $25.69 $45.03 $22.41 $24.71 $21.12 $35.91 $32.71 $34.60 $38.62
59
Average
Median
Standard Deviation
NA 30.4% (0.6%) 15.1% (12.6%) 35.3% 10.8% 37.0% (15.2%) 16.9% 15.3%
NA 7.7% 6.9% 20.3% (8.3%) 46.1% 24.4% 23.2% (12.1%) 20.4% 11.2%
NA 130.3% (64.5%) 75.3% (50.2%) 10.3% (14.5%) 70.0% (8.9%) 5.8% 11.6%
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1998-2008 PJM Real-time Load Weighted Average LMP PJM real-time, annual, load-weighted, average LMP (Dollars per MWh): Calendar years 1998 to 2008 Real-Time, Load-Weighted, Average LMP Standard Average Median Deviation
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
www pjm com
$24.16 $34.07 $30.72 $36.65 $31.60 $41.23 $44.34 $63.46 $53.35 $61.66 $71.13
$17.60 $19.02 $20.51 $25.08 $23.40 $34.96 $40.16 $52.93 $44.40 $54.66 $59.54
$39.29 $91.49 $28.38 $57.26 $26.75 $25.40 $21.25 $38.10 $37.81 $36.94 $40.97
60
Year-to-Year Change Average
Median
Standard Deviation
NA 41.0% (9.8%) 19.3% (13.8%) 30.5% 7.5% 43.1% (15.9%) 15.6% 15.4%
NA 8.1% 7.8% 22.3% (6.7%) 49.4% 14.9% 31.8% (16.1%) 23.1% 8.9%
NA 132.9% (69.0%) 101.8% (53.3%) (5.0%) (16.3%) 79.3% (0.8%) (2.3%) 10.9%
10/22/2009
2004-2008 PJM Day-ahead Simple Average LMP PJM day-ahead, simple average LMP (Dollars per MWh): Calendar years 2004 to 2008 Day-Ahead LMP
2004 2005 2006 2007 2008
www pjm com
Year-to-Year Change
Average
Median
Standard Deviation
$41.43 $57.89 $48.10 $54.67 $66.12
$40.36 $50.08 $44.21 $52.34 $58.93
$16.60 $30.04 $23.42 $23.99 $30.87
61
Average
Median
Standard Deviation
NA 39.7% (16.9%) 13.7% 20.9%
NA 24.1% (11.7%) 18.4% 12.6%
NA 81.0% (22.0%) 2.4% 28.7%
10/22/2009
