{
  "$schema": "https://ps-wiki.github.io/schema/v1/term.schema.json",
  "id": "real-time-energy-market",
  "title": "Real Time Energy Market",
  "description": "Use dispatch run to determine the least cost solution to balance supply and demand.",
  "language": "en",
  "tags": [
    "system-operator",
    "market",
    "pjm"
  ],
  "related": [
    "market",
    "spot-market",
    "state-estimation"
  ],
  "breaking": false,
  "dates": {
    "created": "2025-03-15",
    "last_modified": "2025-12-02"
  },
  "authors": [
    {
      "name": "Jinning Wang",
      "url": "https://jinningwang.github.io"
    }
  ],
  "content": {
    "sections": [
      {
        "order": 1,
        "id": "definition-by-pjm",
        "title": "Definition by PJM",
        "type": "definition",
        "source_keys": [
          "pjm2024m11"
        ],
        "page": "p19, Revision 133",
        "body_md": "> The Real-time Energy Market uses the Real-time Security Constrained Economic Dispatch (RT SCED) program, known as the dispatch run, to determine the least cost solution to balance supply and demand.\n> The dispatch run considers resource offers, forecasted system conditions, and other inputs in its calculations.\n> For more information regarding the RT SCED program, please refer to Section 2.5 of this Manual.\n> Generators and Demand Resources may alter their bids for use in the Real-time Energy Market as defined in Section 9.1 of this Manual during the following periods:\n>\n> - During the Generation Rebidding Period which is defined from the time PJM posts the results of the Day-ahead Energy Market until 14:15.\n> - Starting at 18:30 (typically after the Reliability Assessment and Commitment (RAC) Run is completed) and up to sixty-five (65) minutes prior to the start of the operating hour.\n>\n> Real-time LMPs and Regulation and Reserve Clearing Prices are calculated every five (5) minutes by the Locational Price Calculator (LPC) program, in a process referred to as the pricing run, and are based on forecasted system conditions and the latest approved RT SCED program solution.\n> For more information regarding LPC, Real-time LMPs and Regulation and Reserve Clearing Prices, refer to Section 2.7 of this Manual.\n> The balancing settlement is calculated for each Real-time Settlement Interval (five (5) minute interval) based on actual five (5) minute Revenue Data for Settlement MW quantity deviations from Day-ahead scheduled quantities resulting from the dispatch run and on the applicable Real-time prices resulting from the pricing run.\n"
      }
    ]
  }
}