The world's biggest power market has a problem. For over a decade, PJM – the wholesale electricity market that serves 13 eastern US states and the District of Columbia – has allowed market participants to trade financial transmission rights (FTRs), instruments that allow companies to hedge against the costs of congestion on the PJM grid. But in recent years, PJM's mechanism for funding payments to FTR holders has broken down, and that has many market participants upset, including both hedgers