PJM Interconnection‘s recently-concluded 2019/2020 Base Residual Auction (BRA) results reflect a continuation of strong participation by new Generation Capacity Resources mostly in the form of new (or uprates to existing) gas-fired combustion turbine and combined cycle generation units.
PJM said in a breakdown of auction results released May 24 that the total quantity of new Generation Capacity Resources offered into the auction was 6,543.5 MW (UCAP), comprised of 6,330.1 MW of new generation units and 213.4 MW of uprates to existing generation units. The quantity of new Generation Capacity Resources cleared was 5,529.2 MW (UCAP), made up of 5,376.6 MW (UCAP) from new generation units, predominantly natural gas combined cycle and combustion turbines, and 155.6 MW from uprates to existing generation units.
Over the last several years, new generation cleared in Reliability Pricing Model (RPM) auctions has been very successful in meeting its committed in-service dates, PJM noted.
- For example, in the 2015/2016 Delivery Year, of the 4,575 MW of large, combined cycle units that cleared in RPM, all but 661 MW are in-service, and the remainder is expected to be in service by mid-2017.
- For the upcoming 2016/2017 Delivery Year, all 4,091 MW of new, large, combined cycle generation that cleared in RPM is or will be fully in-service by June 1st.
- For the 2017/2018 Delivery Year, 3,132 MW of the 4,825 MW of new, large, combined cycle units are on schedule to be fully in service before the Delivery Year.
In summary, over 80% of the new, large, combined cycle units that cleared in the RPM auctions for these three Delivery Years are either already in service or on schedule to be in service prior to the Delivery Year for which they initially committed.
Eighty-four percent of the new generation capacity that offered into the 2019/2020 BRA cleared the auction, PJM noted.
In terms of renewable energy participation:
- 969 MW of wind resources were offered into and cleared the 2019/2020 BRA as compared to 857.2 MW of wind resources that offered into and cleared the 2018/2019 BRA. The capacity factor applied to wind resources is 13%, meaning that for every 100 MW of wind energy, 13 MW are eligible to meet capacity requirements. The 969 MW of cleared wind capacity translates to 7,453.8 MW of wind energy nameplate capability that is expected to be available in the 2019/2020 Delivery Year. Of the 969 MW procured from wind resources in the 2019/2020 BRA, 89.4 MW cleared as Capacity Performance product type and 879.6 MW cleared as Base product type.
- 335 MW of solar resources were offered into and cleared the 2019/2020 BRA as compared to 183.7 MW of solar resources that offered into and cleared the 2018/2019 BRA. The capacity factor applied to solar is 38%, meaning that for every 100 MW of solar energy, 38 MW are eligible to meet capacity requirements. The 335 MW of cleared solar capacity translates to 881.6 MW of nameplate solar capability that is expected to be available in the 2019/2020 Delivery Year. Of the 335 MW procured from solar resources in the 2019/2020 BRA, 0.4 MW cleared as Capacity Performance product type and 334.6 MW cleared as Base product type.