NEPGA and Exelon (Petitioners) filed a Reply Brief in their joint appeal of several FERC orders approving the Forward Capacity Market treatment of newly cleared resources that elect the seven-year price lock (D.C. Cir. Nos. 15-1071 and 16-1042). Over several proceedings, NEPGA protested and Exelon and Calpine complained that pricing new entry (that elects the price lock-in) as a price-taker in capacity auctions during the resource’s price lock-in period is unjust and unreasonable, due in part to the price-suppressing effects on existing capacity resources. On appeal, NEPGA and Exelon ask the Court to reverse FERC’s decisions and order it to grant appropriate relief, or in the alternative remand the FERC decisions and require FERC to meaningfully address the Petitioners’ arguments.