Legalectric

Demand is down, down, down, though PJM is going to make us wait until March 11 to see the 2009 State of the Market Report for the full year… boooooooo-hisssssssssssssssssss.

But this little snippet did show up in a web update list:

Sent: Thur 02.04.2010 1:01 p.m.
Subject: 2011/2012 Second Incremental Auction Cancelled

Dear Members,

This is to inform PJM Market Participants that the RPM Second Incremental Auction for the 2011/2012 Delivery Year originally scheduled for July 12, 2010 has been cancelled. Through the 2011/2012 Delivery Year, Second Incremental Auctions are conducted only when there is an increase in the RTO’s unforced capacity obligation due to a load forecast increase. As the 2010 RTO peak load forecast for the 2011/2012 Delivery Year is lower than the peak load forecast used in the 2011/2012 Base Residual Auction, the 2011/2012 Second Incremental Auction is cancelled.

Please direct any questions to the RPM Hotline at rpm_hotline@pjm.com.

So the good news is that PJM is now admitting that “the 2010 RTP peak load forecast for the 2011/2012 Delivery Year is lower than the peak load forecast used in the 2011/2012 Base Residual Auction.” The bad news is that with the RPM auction canceled we will not have new numbers for energy efficiency and Semand Side Management, all those things that they are saying cannot possibly do the job that their planned pet transmission projects can.  Funny how that works.  And this is the kind of thing that needs to be very, very public — demand is so far down that it’s lower than their forecast used!  hee hee hee hee

I love it when the market decides!