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PJM 2025/2026 capacity auction: A new baseline?
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Report summary
PJM’s 2025/2026 Base Residual Auction (BRA) results provided some fireworks, with prices jumping 9.3x from $28.92/MW-day to $269.92/MW-day. This report dives into the causes of the price spike and potential market implications of the surprising results. Read the report to learn more about: - Supply and demand changes that created a tight balance - The impact of PJM’s shift to marginal capacity accreditation - Potential implications for both generation and demand interests
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