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Parties working out the details of the relationship between PJM Interconnection and its market monitor have filed a settlement with the Federal Energy Regulatory Commission (FERC), according to PJM.

The agreement would result in market monitoring services provided by external firm Monitoring Analytics LLC, to be headed by Joseph Bowring, the current internal market monitor. The parties also agree on a means to provide confidential market information to state commissions and to protect such information from being inappropriately released.

Under this agreement, the marketing monitoring unit (MMU) will be an independent, external entity under contract with the PJM board and approved by FERC. The initial market-monitoring contract will be for six years beginning June 1, 2008, and the contract can only be terminated with FERC approval.

The settlement provides the MMU with direct access to PJM data and secures the MMU's ability to control its information technology and data. The market monitor's proposed annual budget for market monitoring services would be reviewed by the PJM finance committee, the PJM board and representatives of state regulators. Disputes over the proposed budget would be resolved by FERC.

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