PJM Provides Update On Disposition Of Portfolio Of Energy Marketer Which Had Defaulted -- EnergyChoiceMatters.com

PJM Provides Update On Disposition Of Portfolio Of Energy Marketer Which Had Defaulted

March 10, 2022

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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PJM issued a market notice providing an update on the disposition of the portfolio of Hill Energy Resource & Services, LLC, which defaulted at PJM in January, as previously reported

PJM stated in the market notice that, "In the Long-Term FTR Auction that was cleared and posted today (March 10), PJM was able to liquidate all of the defaulted FTR positions, effective June 1, 2022, through May 31, 2025, that were part of the Hill Energy Resource & Services portfolio."

"The net cost of liquidating these positions was $1.81 million. When added to the settled losses on the Hill portfolio of $3.66 million through February, the total loss thus far on the Hill portfolio is $5.47 million. PJM is holding $6.1 million in collateral with which to cover this loss," PJM stated in the market notice

"The liquidation costs for each FTR path are available under the FTR Default section of the Financial Transmission Rights section of PJM.com, in the Excel file titled 'FTR Positions Resulting from Default,'" PJM stated in the market notice

PJM in the market notice stated that, "the March 2022 positions will go to settlement, and PJM will seek to liquidate the April and May 2022 positions in the upcoming monthly FTR auction later this month."

"PJM will continue to update stakeholders as we proceed to execute the plan to liquidate these positions. This Long-Term Auction result is a significant step toward successfully resolving this Hill default," PJM stated in the market notice

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