We entered the PJM power market in May 2000 by purchasing 21 generating plants from Sithe Energies, Inc. Since that time, we have expanded our presence in the market to a combined power generation capability of more than 7,000 MW.
We sell the power generated by our facilities to customers located in the area and to buyers in adjacent electricity markets.
The PJM market encompasses a region in the northeast part of the United States that includes all or a portion of the states of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia and contains approximately 16 percent of the U.S. population.
In the PJM market, buyers and sellers "clear" their transactions through an hourly auction process. In addition, buyers and sellers can negotiate their own contracts outside of the auction process. We sell power in this market both through the hourly auction process and under negotiated contracts.
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We entered the PJM power market in May 2000 by purchasing 21 generating plants from Sithe Energies, Inc. Since that time, we have expanded our presence in the market to a combined power generation capability of more than 7,000 MW.
