With few exceptions, credit must be established with PJM prior to participating in any of the PJM markets. Attachment Q to the PJM Open Access Transmission Tariff (PDF) contains the Federal Energy Regulatory Commission (FERC)-approved credit policy. Additional detail is provided in a separate Credit Overview document.

Prospective members can learn more.

Highlights 

PJM Tariff Attachment Q (PDF)
This document, the PJM “Credit Policy” is the governing document for all market-related credit requirements at PJM. The document is located on page 523 in the PJM Tariff.

PJM Credit Overview (PDF)
This document contains some background detail on implementation procedures for the Credit Policy. 

PJM Credit Application (PDF)
This form must be completed by all parties applying either for PJM membership or to be a PJM transmission customer.

PJM Guaranty Standard Form (domestic guarantors only)
This form is to be used only for participants wishing to utilize credit strength from a domestic third party to support their activity at PJM.

PJM Foreign Guaranty Standard Form (PDF)
This form is to be used only for participants wishing to utilize credit strength from an affiliated foreign party to support their activity at PJM.

PJM Letter of Credit for Market Activity (PDF)
Letters of credit are accepted only from solid “A”-rated banks. PJM recommends that all letters of credit be discussed with PJM’s credit group prior to issuance in order to confirm bank eligibility and L/C acceptability. 

PJM Letter of Credit for Interconnection Service Agreements (PDF)
Letters of credit are accepted only from solid “A”-rated banks. PJM recommends that all letters of credit be discussed with PJM’s credit group prior to issuance in order to confirm bank eligibility and L/C acceptability. 

PJM Third Party Confirming Letter of Credit Support Letter (PDF)
This document may be used by a third-party bank that has an acceptable credit rating in order to support a letter of credit by a lower-rated bank. Prospective users should contact PJM’s credit group prior to using this form. 

PJM Wire Transfer Form/Authorization (PDF)
All members should have an up-to-date form on file with PJM in order to receive payments from PJM.