The Impact of FERC Orders on the Value of Bidders in PJM

Lon L. Peters

The Electricity Journal, 2010, vol. 22, issue 7, 48-54

Abstract: A study of the responses of share prices of major bidders in the PJM auctions from the mid-1990s through 2006 finds statistically significant effects for some FERC decisions for a portfolio of bidders. In contrast to publicly stated policy objectives, the analysis shows that some FERC decisions significantly raised market expectations regarding the future profitability of bidders.

Date: 2010
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