The PJM Operating Agreement (PDF)  outlines the rights and responsibilities of PJM members. Section 11 of the agreement also describes the requirements a party must meet to qualify for membership. They include:

• Meet the definition of a transmission owner, generation owner, other supplier, electric distributor or end-use customer, as described in the agreement;
• Submit the necessary documents and application and membership fees via overnight mail addressed to:
  
  Terry Boston, President & CEO
  PJM Interconnection, L.L.C.
  Valley Forge Corporate Center
  955 Jefferson Avenue
  Norristown, PA 19403
  
  
• Share in the costs of PJM’s operations;
• Comply with any orders needed to deal with emergency conditions on the grid;
• Plan and operate its facilities in cooperation with other PJM members to ensure reliability;
• Participate in the Regional Transmission Expansion Planning (RTEP) process.

PJM has a credit policy that applies to all new applicants, members, market participants and transmission service customers who use services or participate in the PJM markets. The policy may be viewed in attachment Q of the PJM Tariff (PDF).

The Overview of PJM Credit Policy and Credit Requirements (PDF) provides a summary of the policy and related procedures.