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Frequently Asked Questions - Topics - Association and Confidential Information Rules

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Answers to Frequently Asked Questions are provided in this section. 

The first posting of FAQs will be in August.  The last posting of FAQs will be in the latter part of January, after bidders are registered to participate in the Auctions.   From that point, questions and answers are emailed directly to Registered Bidders and are not posted to the BGS Auction website.  Questions that are not from Registered Bidders or their advisors are answered strictly on a best efforts basis.

Your use of this page (site) constitutes an acceptance of the Terms as described in the disclaimer.

 
Pre-Auction Security (1)
SMA Section 15.9 (6)
Association and Confidential Information Rules (49)
Credit (4)
Application (9)
Supplier Master Agreement  (4)
General (25)
Auction Rules (1)
Rates (4)
Data (8)

Association and Confidential Information Rules

FAQ-94

Entity A is contemplating selling a hybrid swap/credit-support product to Entity B, akin to a contingent credit sleeve. Entity A and Entity B are each a BGS Supplier. It is possible that each intends to bid in the next auction; however, these entities have not and do not intend to discuss with each other participation in future auctions. Further, Entity A and Entity B are not related entities, always bid separately, and have no agreements related to bidding in the auctions in any way.

The transaction can be described as follows. Entity B would pay Entity A a premium in exchange for Entity A standing ready and posting cash or a letter of credit directly to the EDC (not Entity B) if the PJM forward energy price exceeded a particular threshold. This would assist Entity B to meet its credit obligations under an existing Supplier Master Agreement.

This "contingent credit sleeve" product is negotiated after the close and certification of the results of the last BGS Auctions, and before the beginning of the next BGS Auction cycle. This product is not for the purposes of bidding in future BGS Auctions. Are there any issues with such a transaction under the Association and Confidential Information Rules?


As we understand your inquiry, Entity A would sell to... Read Answer

11/21/2017.


FAQ-93

If two Qualified Bidders are associated, will these bidders be jointly subject to the load caps?


In general, Qualified Bidders that are associated with one... Read Answer

11/21/2017.


FAQ-92

Is it possible for two entities that are affiliated both to participate in the auction?


Two affiliated entities may each be considering bidding in... Read Answer

11/21/2017.


FAQ-91

FAQ-90 describes how entities that enter into a bidding agreement, joint venture for purposes of the auction, bidding consortium, or other arrangement pertaining to the auction (the “Arrangement” among Entities) participate in the Application Process and submit bids at the auction. The response assumes that it is known which of the Entities participating in the Arrangement would execute the Supplier Master Agreement (and thus would submit to the creditworthiness requirements) should the Entities win tranches at the auction.

How would this process be different if either: the Entities do not know which Entity will execute the Supplier Master Agreement; or: two or more of the Entities participating in the Arrangement intend to execute the Supplier Master Agreement for a portion of the tranches won should they be winners at the auction?


When Entities participate in an Arrangement, it is typical... Read Answer

11/21/2017.


FAQ-90

Two entities enter into a bidding agreement, joint venture for purposes of the auction, bidding consortium, or other arrangement pertaining to the auction. Can you please explain how these entities would typically proceed through the Application Process and how they would submit bids in the auction? Do both entities submit to the Application Process and submit bids separately?


Although such arrangements can take a variety of forms and... Read Answer

11/21/2017.


FAQ-89

Do the load caps apply jointly to entities that enter into bidding agreements, joint ventures for the purpose of bidding in the auction, bidding consortiums, or other arrangements pertaining to bidding in the auction?


Yes, all entities in any such arrangements together cannot... Read Answer

11/21/2017.


FAQ-88

An entity enters into a bidding agreement, joint venture for the purpose of bidding in the auction, bidding consortium, or other arrangement pertaining to bidding in an auction and the entity becomes a qualified bidder. If the bidding partner subsequently withdraws its support at a later time, would the entity still be a qualified bidder able to continue participation in the Auction Process?


Any bidding agreement, joint venture for the purpose of... Read Answer

11/21/2017.


FAQ-87

We understand that bidding agreements must be fully disclosed to the Auction Manager before the auctions start. Can a bidder enter into a bidding agreement with another entity at any point during the Auction Process as long as such disclosure is made?


No. Any bidding agreement, joint venture for the purpose of... Read Answer

11/21/2017.


FAQ-86

When do applicants disclose bidding agreements to the Auction Manager?


Bidding agreements are disclosed in the Part 1... Read Answer

11/21/2017.


FAQ-85

Entity A’s parent company has plans to merge or to combine with another company. We anticipate that the merger will receive all necessary regulatory approvals but only after bidders are qualified to participate in the auction pursuant to a successful Part 1 Application and potentially before Part 2 Applications are due. Can Entity A submit a Part 1 Application with its parent as Guarantor if it is anticipated that its parent will cease to exist as a result of the merger?


If it is possible that the parent and Guarantor of Entity A... Read Answer

11/21/2017.


FAQ-84

Entity A’s parent company has plans to merge or to combine with another company. This other company has a subsidiary, Entity B, which is also active in trading and marketing power in PJM. Suppose that:

a) Entities A and B become Qualified Bidders in the auction;

b) both Entities submit a Part 2 Application in which each certifies that it is not associated with the other; and

c) the merger closes after both Entities have submitted the Part 2 Application.

Would the Entities be able to submit supplemental information to the Auction Manager and possibly register to bid in the auction if the merger closes before the Part 2 Application deadline?


Yes. When the merger closes, the Entities will become... Read Answer

11/21/2017.


FAQ-83

Entity A’s parent company has plans to merge or to combine with another company. This other company has a subsidiary, Entity B, which is also active in trading and marketing power in PJM. Our understanding is that if:

a) Entities A and B become Qualified Bidders in the auction;

b) both Entities submit a Part 2 Application in which each certifies that it is not associated with the other; and

c) the merger closes after both Entities are notified that they are registered to bid in the auction pursuant to a successful Part 2 Application but before the auction starts;

then Entities A and B become associated in violation of their certifications in the Part 2 Application and Entities A and B would then be subject to sanctions, including forfeiting the right to any further participation in the auction. FAQ-77 mentions that Entities A and B may avoid such a situation by forming a bidding agreement and declaring such a bidding agreement (the “Arrangement”) in their Part 1 Application provided that each Entity continues to stand alone and conduct its business independently after the merger of their parents and until three days after the Board renders a decision on the auction results. Can you please elaborate?


We reiterate that it is assumed that neither Entity A nor... Read Answer

11/21/2017.


FAQ-82

Entity A’s parent company has plans to merge or to combine with another company. This other company has a subsidiary, Entity B, which is also active in trading and marketing power in PJM. Entity A does not know whether Entity B intends to submit a Part 1 Application to a BGS Auction. Entity A is concerned that complications may arise if both Entity A and Entity B participate in the auction and the merger closes before such time that three days have elapsed after the Board renders a decision on the auction results. Would it be possible for Entity A to declare in its Part 1 Application a “contingent” Bidding Agreement whereby the Bidding Agreement is NOT effective unless: (i) Entity A and Entity B both become Qualified Bidders in the auction and learn that the other is identified as such through the list of Qualified Bidders provided with the notification of qualification; and (ii) the merger closes prior to the start of the auction. The Bidding Agreement, should it become effective, would allow the Entities to bid jointly.


Although the Association and Confidential Information Rules... Read Answer

11/21/2017.


FAQ-81

For purposes of the Part 1 Application, an entity no longer remains the Same Entity if, during a period between the qualification of bidders and three business days after the Board renders a decision on the results of the BGS-RSCP Auction, the entity consolidates into, amalgamates into, or merges into another corporate entity, regardless of whether such an event leads to a change in the entity’s legal or trade name. Certifications required by the Part 1 Application ask the applicant to certify that it will remain the Same Entity.

Energy Marketer A’s parent (“Parent A”) has plans to acquire another entity (“Parent B”). Although timing is uncertain, these plans could receive all required regulatory approvals at some point between the qualification of bidders and three business days after the Board renders a decision on the results of the BGS-RSCP Auction. Parent B will initially be a wholly owned subsidiary of Parent A. Energy Marketer A will not be consolidated, amalgamated, or merged into another corporate entity as a result of the proposed merger. Energy Marketer A will remain a direct, wholly owned subsidiary of its parent.

Would Energy Marketer A remain the Same Entity for purposes of these certifications required by the Part 1 Application? Would Energy Marketer A be subject to additional requirements to participate in the BGS-RSCP Auction?


If Energy Marketer A continues to stand alone and conduct... Read Answer

11/21/2017.


FAQ-80

Energy marketer A is a Registered Bidder in a BGS Auction. If energy marketer A is acquired by energy marketer B, would energy marketer A be considered to have substituted, assigned or transferred its rights as a bidder or be unable to make and uphold the certifications of the Association and Confidential Information Rules? Energy marketer B is also active in PJM but is not a Qualified Bidder.


The requirement that a Qualified Bidder and a Registered... Read Answer

11/21/2017.


FAQ-79

Energy marketer A is a Qualified Bidder in a BGS Auction. If energy marketer A acquires energy marketer B, would energy marketer A be considered to have substituted, assigned or transferred its rights as a bidder or be unable to make or uphold any of the certifications of the Association and Confidential Information Rules? Energy marketer B is also active in PJM but has not applied to participate in the BGS Auctions.


By energy marketer A acquiring energy marketer B, we assume... Read Answer

11/21/2017.


FAQ-78

Energy marketer A is a Registered Bidder in BGS-RSCP Auction. Before the auction starts, its parent company merges or combines with another company that also has subsidiaries active in trading and marketing power in PJM. However, energy marketer A continues to stand alone and is not merged or otherwise combined with any of the subsidiaries of the company merging with its parent. Will energy marketer A be considered to have substituted, assigned or transferred its rights as a Qualified or Registered Bidder, or be considered to have failed to uphold any of the certifications of the Association and Confidential Information Rules?


If energy marketer A continues to stand alone and conduct... Read Answer

11/21/2017.


FAQ-77

A Qualified Bidder is asked to certify in the Part 2 Application and uphold that it is not associated with another Qualified Bidder. It seems possible that a situation would arise where a Qualified Bidder is not associated with another Qualified Bidder at the time it makes the certification in the Part 2 Application, but that an association arises between the two Qualified Bidders as a result of a merger or other combination that occurs after the Part 2 Application.

If the Qualified Bidder knows that this possibility exists, can the Qualified Bidder be registered to participate in a BGS Auction if it explains that it can certify that it is not associated with another Qualified Bidder at the time of the Part 2 Application but that its circumstances may change during the Auction Process?


With possible exceptions that will be discussed later in... Read Answer

11/21/2017.


FAQ-76

If a Qualified Bidder has an Advisor, should this Qualified Bidder put in place confidentiality agreements in advance of the Part 2 Application? Why are such confidentiality agreements necessary?


Confidentiality agreements are prudent in general given... Read Answer

11/20/2017.


FAQ-75

Please clarify the definition of an Advisor. Does legal counsel count as an Advisor?


An Advisor is an entity or person(s) that will be advising... Read Answer

11/20/2017.


FAQ-74

If an energy supplier that is not participating in the BGS Auctions makes an arrangement to sell either an amount of capacity or power to an entity that intends to become a Registered Bidder in the auctions, but the sale is contingent upon this entity winning at the auction, does this arrangement need to be disclosed in the Part 1 Application?


The arrangements that must be disclosed in the Part 1... Read Answer

11/20/2017.


FAQ-73

In FAQ-72, you state that a marketer who is a Qualified Bidder in the BGS-RSCP Auction must take all due care in obtaining quotes for energy blocks from the trading desk of another Qualified Bidder. Similarly, in FAQ-67 you discuss transactions for shaped energy. Must the same care be exercised by the marketer if the marketer instead goes to the broker market (using the inherent shield of anonymity) to obtain market price information for power products that may be used as components of BGS-RSCP supply (without making purchases through the broker in question)?


Yes. As explained in FAQ-72, care must be exercised so that... Read Answer

11/20/2017.


FAQ-72

A marketer is a Qualified Bidder in the BGS-RSCP Auction. Before submitting the Part 2 Application, can this marketer ask the trading desk of a wholesaler, who is also a Qualified Bidder in the BGS-RSCP Auction, for quotes on energy blocks to be delivered to a particular zone? Could these two Qualified Bidders, in good faith, make or uphold all the certifications in the Part 2 Application for the BGS-RSCP Auction?


It is possible for the marketer to ask for quotes in a way... Read Answer

11/20/2017.


FAQ-71

Can a Qualified Bidder enter into a unit-contingent or other generator-related transaction with another Qualified Bidder?


The Association and Confidential Information Rules and the... Read Answer

11/20/2017.


FAQ-70

Can a Qualified Bidder enter into a win-contingent transaction for a standard product during the auction and still uphold the certifications that it made in the Part 1 and Part 2 Applications?


No. Each Qualified Bidder in its Part 2 Application is... Read Answer

11/20/2017.


FAQ-69

Certification (4) in Insert #P2-1 required by the Part 2 Application reads: “PLEASE CERTIFY that you are not a party to any contract for the purchase of power that might be used as a source of supply for BGS-RSCP, and that (i) would require the disclosure of any Confidential Information (Confidential Information relative to the bidding strategy or Confidential Information regarding the Auction Process) to the counterparty under such a contract; or (ii) that would require the disclosure of any Confidential Information (Confidential Information relative to the bidding strategy or Confidential Information regarding the Auction Process) to any other party; or (iii) that would provide instructions, direct financial incentives, or other inducements for you to act in a way determined by the counterparty in the agreement and/or in concert with any other bidder in the BGS-RSCP Auction. Notwithstanding the above, you may, during negotiations prior to the BGS-RSCP Auction for contractual arrangements for power to serve BGS-RSCP load were you to be a winner at the BGS-RSCP Auction, discuss with the counterparty to such arrangements the nature of the products to be purchased, the volume, and the price at which you are willing to buy these products.” An analogous certification is found in Insert #P2-3 required by the Part 2 Application for the BGS-CIEP Auction.

We believe that the latter part of this certification, starting with “Notwithstanding the above…” may allow a Qualified Bidder to enter into some types of transaction with a party before the auction. Given the other certifications that a Qualified Bidder must make in the Part 2 Application, we assume that this party cannot be a Qualified Bidder. Can you please elaborate on this portion of the certification, including confirming that it applies only to transactions with a party that is not a Qualified Bidder, explaining the types of transactions that are envisioned, as well as providing the precautions that a Qualified Bidder should put in place to ensure that it upholds its certifications from the Part 1 and the Part 2 Applications.


You are correct in your interpretation that the portion of... Read Answer

11/20/2017.


FAQ-68

You have stated that the Association and Confidential Information Rules may constrain the transactions that a Qualified Bidder makes. Are the Association and Confidential Information Rules applicable to transactions before, during, and after the Auction Process?


It is clear that any type of transaction negotiated and... Read Answer

11/20/2017.


FAQ-67

Can a Qualified Bidder in the BGS-RSCP Auction sell to, or buy from another Qualified Bidder in the BGS-RSCP Auction shaped energy, load-following products and/or basis products? Is it correct to assume that, as long as neither Qualified Bidder is required to disclose confidential information (relative to its bidding strategy or regarding the Auction Process), and as long as neither Qualified Bidder provides inducements for the other Qualified Bidder to act in the BGS-RSCP Auction in a way that it has determined, these two Qualified Bidders will, in good faith, be able to make all the certifications required by the Part 2 Application for the auction in which they are participating?


Your question assumes that a sufficient test of whether a... Read Answer

11/20/2017.


FAQ-66

Suppose that a marketer has in the past purchased standard products from a generator/wholesaler. Suppose that both the marketer and the generator qualify in the same BGS Auction (either the BGS-RSCP or the BGS-CIEP Auction). Can the marketer continue purchasing standard products (e.g., 7x24 blocks of energy) from the generator after they have both qualified to bid in the same auction without contravening the applicable Association and Confidential Information Rules? Will these two Qualified Bidders, in good faith, be able to make all the certifications required by the Part 2 Application for the auction in which they are participating?


Two bidders that have qualified for the same auction and... Read Answer

11/20/2017.


FAQ-65

Can a marketer qualified for the BGS-CIEP Auction contract with a generator/wholesaler, who is also qualified for the BGS-CIEP Auction, for the generator/wholesaler to supply certain ancillary services (i.e., those that need not be purchased from PJM, such as ancillary services of schedule 3, voltage regulation) and Renewable Energy Credits (“RECs”) tied to the volume of BGS-CIEP load should the marketer win at the BGS-CIEP Auction? Is this permissible given that the marketer will not purchase capacity or energy from the generator in connection with BGS-CIEP supply? Could these two Qualified Bidders, in good faith, make all the certifications in the Part 2 Application for the BGS-CIEP Auction?


No, they could not. Any contractual arrangements for both... Read Answer

11/20/2017.


FAQ-64

Can a marketer, who becomes a Qualified Bidder in the BGS-RSCP Auction, purchase full-requirements supply to serve a particular zone should it win at the BGS-RSCP Auction from a generator/wholesaler, who is also a Qualified Bidder in the BGS-RSCP Auction? Could these two Qualified Bidders, in good faith, make all the certifications in the Part 2 Application for the BGS-RSCP Auction?


No, they could not. The contractual arrangements with the... Read Answer

11/20/2017.


FAQ-63

If two entities enter into a bidding agreement, joint venture for the purpose of bidding in the auction, bidding consortium, or other arrangement pertaining to bidding in the auction (an “Arrangement”), are these entities associated? If entities are associated with each other, are these entities automatically considered to be part of an Arrangement?


There is no necessary relationship between associations and... Read Answer

11/20/2017.


FAQ-62

Is it true that if two entities enter into a bidding agreement, joint venture for the purpose of bidding in the auction, bidding consortium, or other arrangement pertaining to bidding in an auction ("Arrangement"), if this Arrangement is disclosed in the Part 1 Application, and if the Auction Manager qualifies the entities under the Arrangement, then these entities can communicate freely regarding their bidding strategy as well as regarding any other matter related to that auction?


That is correct.  Read Answer

11/20/2017.


FAQ-61

Do the certifications of the Part 1 and Part 2 Applications that involve undertakings by bidders not to reveal confidential information when seeking quotes and making arrangements for BGS Supply cease to apply once the auction is completed?


No. The time period during which these certifications apply... Read Answer

11/20/2017.


FAQ-60

If a bidder must provide details on its sales as a BGS Supplier and on its offers as a Registered Bidder in the BGS Auctions to comply with a governmental requirement or inquiry, would this be considered a violation of the certifications made under the Association and Confidential Information Rules?


Once the auction has been concluded, if the Board approves... Read Answer

11/20/2017.


FAQ-59

We are a Registered Bidder in a BGS Auction. We are also a public company subject to the disclosure rules established by the Securities and Exchange Commission (“SEC”). We are concerned about what we can and cannot say regarding the BGS Auction for purposes of our SEC disclosures. Can you provide guidance regarding what can and cannot be said while still upholding our certifications from the Part 1 and Part 2 Application?


In your Part 1 Application, you agreed not to disclose that... Read Answer

11/20/2017.


FAQ-58

Does a Registered Bidder violate the certifications of the Association and Confidential Information Rules made in the Part 1 and the Part 2 Applications by revealing whether it has won in a BGS Auction (and if so, the number of tranches it has won) once the Board has approved the results?


No, this would not be a violation of those... Read Answer

11/20/2017.


FAQ-57

Can a Qualified Bidder publicly announce during the Auction Process that it is participating in one or both of the BGS Auctions? Can a Qualified Bidder discuss its participation in the Auction Process with anyone?


No, once an entity has completed the Part 1 Application for... Read Answer

11/20/2017.


FAQ-56

Is an entity that becomes a Registered Bidder for a BGS Auction but does not participate in that auction still bound by its certifications in the Part 1 and Part 2 Applications?


Yes. An entity that receives a Notification of... Read Answer

11/20/2017.


FAQ-55

Suppose that an entity submits a Part 1 Application for the BGS-RSCP Auction, qualifies as a bidder, and then changes its status to a supplier by not filing the Part 2 Application. Can you confirm that the entity in question is then no longer in the ambit of the Association and Confidential Information Rules, and that this scenario presents no issues of compliance with the Association and Confidential Information Rules?


No, your view is incorrect. This scenario presents... Read Answer

11/20/2017.


FAQ-54

The Part 2 Application states:

“Completion of the following certifications signifies:

• your agreement not to take any action during the period to which each certification applies that might affect the accuracy of the certifications; and

• your acknowledgement that you do not know of or cannot reasonably anticipate, at the time of this Part 2 Application, any event(s) that might cause these certifications to become untrue during the period to which each certification applies.”

What if a certification becomes untrue, but not as a direct consequence of an action taken by the applicant?


The applicant is subject to sanctions if a certification it... Read Answer

11/20/2017.


FAQ-53

What would happen to a bidder that had made all the certifications of the Association and Confidential Information Rules in the Part 1 and Part 2 Applications and that had been found subsequently to have violated one or more of these certifications?


Sanctions can be imposed for such a violation. These... Read Answer

11/20/2017.


FAQ-52

What would happen to a bidder if the bidder cannot make one or more of the certifications in the Part 2 Application?


It depends on the certification. Some certifications of the... Read Answer

11/20/2017.


FAQ-51

Are the Association and Confidential Information Rules evaluated on a separate and independent basis in the two auctions?


Yes. The BGS-RSCP and BGS-CIEP Auctions are separate in all... Read Answer

11/20/2017.


FAQ-50

Do the Association and Confidential Information Rules, through the certifications that the bidder must make in the Part 2 Application, de facto restrict the type of supply arrangements that bidders can make for the auction product or restrict their day-to-day market activities?


The objectives of the Association and Confidential... Read Answer

11/20/2017.


FAQ-49

Do the Association and Confidential Information Rules permit or prohibit specific types of transactions? If so, where can I find a list of such transactions?


The Association and Confidential Information Rules do not... Read Answer

11/20/2017.


FAQ-48

What is the intent of the Association and Confidential Information Rules?


The intent of the Association and Confidential Information... Read Answer

11/20/2017.


FAQ-47

Can a winning BGS Supplier use another entity as an agent for its dealings with PJM?


Yes.  Read Answer

11/20/2017.


FAQ-45

Are there specific rules that define what it means to be bidding independently?


Yes. Association and Confidential Information Rules are... Read Answer

11/7/2017.


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