This one-day course will explore the mechanisms for creating internal bilateral transactions and discuss the implications of congestion and marginal losses. Also covered will be an overview of the processes for creating and managing external transactions and the associated requirements relating to ramp reservations and NERC Tagging. In addition, there will be an overview of the ARR/FTR process focusing on acquisition and trading processes. ARRs and FTRs provide LSEs the ability to hedge transmission congestion charges in the PJM Energy Market.