PJM Interconnection and MISO are moving toward implementation of a joint and common wholesale energy market covering their regions. This single market would provide non-discriminatory access and “one-stop shopping” to meet the needs of all customers and stakeholders using the electric power grid in those regions. The joint and common market is being developed through an open stakeholder process. By promoting the more efficient use of the electric system in a wider area, it will serve consumers regardless of whether their states have implemented electric competition.

The joint and common market will harness the resources of the organizations to achieve the benefits of a single energy market. The organizations will administer the market, with certain functions undertaken jointly and others undertaken through common processes. Each will provide critical information that makes the marketplace operate effectively.

Critical elements of the market design will include:

• Maintenance and improvement of system reliability
• Customer-oriented focus
• Clarity of market rules and operations
• Price transparency
• One-stop shopping for transmission service and energy products
• Simplicity for the user
• Open network architecture that provides for growth, redundancy, security and flexibility for the future
• SAS 70 auditability and accountability to customers
• Consistent and well-understood models that are aligned with the Federal Energy Regulatory Commission's vision for large, standardized markets
• Added value associated with geographic, resource and weather diversity

The actual administration of the market will be undertaken by the organizations and will be designed to accommodate various business models, including independent transmission companies, public power, municipal utilities and joint-action agencies.The conceptual framework for the single market envisions that all market participants would conduct business through a Market Portal that would be accessed through the Internet or a virtual private network.

Information would flow back and forth between market participants and the portal. The portal organization would provide such services as security, customer relations and support, graphical display and messaging, Web content management and data manipulation.

The participating regional transmission organizations (RTOs) would operate the joint and common market, managing the Real-Time and Day-Ahead markets and handling such services as planning, scheduling, operations and settlements and billing. Data would flow back and forth between the RTOs and the Market Portal.