Overview
- The auction cleared at $333.44 per megawatt-day across PJM, matching the cap for a third straight auction and totaling roughly $16.4 billion.
- PJM secured 145,777 MW UCAP—about 6,623 MW below its reliability requirement—yielding a 14.8% reserve margin and triggering a required probe under its rules.
- PJM said a temporary cap negotiated with Pennsylvania held the price down from an estimated near $530 per megawatt-day, and the next auction is currently set to run without that cap.
- Demand growth tied largely to data centers lifted the forecast by 5,250 MW as limited new supply arrived, with cleared capacity led by gas (43%), nuclear (21%) and coal (20%).
- PJM plans a new load forecast next month and has tools such as an incremental auction, while analysts flag possible backstop procurement and consumer groups press for market reforms as major generators book sizable capacity revenues.