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Rest of RTO Capacity Prices Spike 10x In PJM 2025/2026 Capacity Auction -Exceed $250/MW-day
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 $73.00/MW-day a year ago.
The only zones which had separate prices for 2025/2026 were BGE and DOM.
In the BRA for the 2025-26 delivery year, clearing prices were as follows ($/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
