Rest of RTO Capacity Prices Spike 10x In PJM 2025/2026 Capacity Auction, Exceed $250/MW-day

July 30, 2024

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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Rest-of-RTO capacity prices jumped by nearly 10 times in PJM's base residual auction for capacity for the 2025-26 delivery year, while fewer zones experienced price separation when compared to the 2024-25 delivery year

PJM's BRA for 2025/2026 produced a Rest of RTO clearing price of $269.92/MW-day, spiking from the 2024-25 Rest of RTO clearing price of $28.92/MW-day

For the 2025/2026 BRA, the BGE zone saw a clearing price of $466.35/MW-day, spiking from $73.00/MW-day a year ago

As noted in the table below, the only zones which had separate prices for 2025/2026 where BGE and DOM

In the BRA for the 2025-26 delivery year, clearing prices were as follows ($/MW-day):

2025/2026 BRA 
RTO               $269.92
MAAC              $269.92
EMAAC             $269.92
SWMAAC            $269.92
PS                $269.92
PSNORTH           $269.92
DPLSOUTH          $269.92
PEPCO             $269.92
ATSI              $269.92
ATSI-CLEVELAND    $269.92
COMED             $269.92
BGE               $466.35
PL                $269.92
DAYTON            $269.92
DEOK              $269.92
DOM               $444.26

Per PJM's auction report, the Adjusted Preliminary Zonal Capacity Price [$/MW-day] resulting from the 2025-26 BRA is:

AE        $270.35
AEP *     $270.35
APS       $270.35
ATSI      $270.35
BGE       $471.20
COMED     $270.35
DAYTON    $270.35
DEOK *    $270.35
DLCO      $270.35
DOM       $444.69
DPL       $270.35
EKPC *	    $270.35
JCPL      $270.35
METED     $270.35
OVEC      $270.35
PECO      $270.35
PENLC     $270.35
PEPCO     $270.35
PL        $270.35
PS        $270.35
RECO      $270.35


Notes:
*Obligation affected by FRR quantities

**Adjusted Preliminary Zonal Capacity 
Price includes adjustment to cover 
funding of PRD Credits

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