Smith and Goss emphasized throughout the call that this period's general lack of importance — the year's major
auctions occur in the
second and fourth quarters, when Sotheby's holds its
auctions in New York — makes any anecdotal bad news relatively insignificant in the context of the sales calendar.
AEMA, which has other objections to PJM's plan, told regulators that for PJM to need to rerun its base residual
auction, several events would need to
occur, including: the Supreme Court declining to consider EPSA; the court deciding a
second case to preclude FERC's exercise of jurisdiction over demand response participation in the capacity market; and FERC would need to rule on both the EPSA remand and other complaints.