PJM already publishes the readiness-deposit LOC template, project-identifier requirement, one-instrument-per-application rule, issuer threshold, submission workflow and standard amendment forms. Those checks are product hygiene and contribute $0 to measured buyer value.
| Public / zero-value control | Private / unproven potential value |
|---|---|
| Deposit arithmetic; project-ID rule; standard LOC form; issuer threshold; standard amendment form | Which executed instrument maps to the financed project/facility; current amount/reference; amendment and PJM acceptance chain; release/replacement evidence; bounded facility-document requirements |
The future shadow experiment is a kill-test of the right-hand column. If the buyer already maintains that state cleanly and downstream reviewers reuse it cheaply, the PJM borrower-preflight wedge should be killed.
No legal validity, issuer acceptability, collateral eligibility, advance rate, funding or credit conclusion is provided.