For PJM Settlement, Inc., all members are also PJM Interconnection members and with few exceptions, credit must be established with PJM prior to participating in any of the PJM markets. The PJM credit application is part of the membership enrollment process. Prospective members can learn more about membership on PJM's website.

PJM Tariff Attachment Q
Attachment Q to the PJM Open Access Transmission Tariff contains the Federal Energy Regulatory Commission (FERC)-approved credit policy. This document is the governing document for all market-related credit requirements at PJM and is located on page 523 in the PJM Tariff. The Tariff can be found in the Library section of PJM’s website.

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

PJM Guaranty Standard Form (domestic guarantors only) (DOC)
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 (DOC)
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 (DOC)
Letters of credit are accepted only from A / A2 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 (DOC)
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 Letter of Credit for Designated Entity Agreements (DOC)
Letters of credit are accepted only from A / A2 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 Surety Bond (DOC)
Surety bonds are accepted only from A / A2 rated issuers. PJM recommends that all surety bonds be discussed with PJM’s credit group prior to issuance in order to confirm issuer eligibility and bond acceptability. Total surety bonds provided by an issuer cannot exceed $10 million for any Participant and $50 million for all PJM participants. 

RPM Planned Resource Milestone Certification Forms for Credit Reduction:
Officer Certification of Financial Close for Balance Sheet Financed Resources (DOC)
Independent Engineer Certification of Milestone (DOC)

Bank Reference (DOC)
Trade Reference (DOC)
PJM Manuals