Overview
- The 2027/28 capacity auction cleared at $333.44 per megawatt‑day for a third consecutive record and procured 145,777 MW, leaving a roughly 6,625 MW gap and marking the first region‑wide miss of PJM’s reliability standard.
- PJM attributed nearly all of a 5,250 MW increase in its peak demand forecast to data centers, while only 774 MW of new capacity and uprates cleared.
- Capacity payments total about $16.4 billion, with cleared resources dominated by natural gas (43%), nuclear (21%) and coal (20%), and a small share from renewables and demand response.
- FERC commissioners called the shortfall unacceptable and directed PJM to file by Jan. 19 an informational report on stakeholder proposals and options to accelerate interconnection of new generation to serve large loads.
- PJM plans interconnection reforms and an Incremental Auction in February 2027; the current price cap—negotiated with Pennsylvania’s governor—held prices below an estimated ~$530/MW‑day, and Maryland’s governor issued an executive order to address bills and speed projects.