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April 23, 2025

Base Residual Auction (BRA)

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FERC Approves PJM-Pa. Agreement on Capacity Price Cap, Floor
FERC approved a PJM proposal to limit capacity prices to between $175 and $325/MW-day for the next two Base Residual Auctions, resolving a complaint from Pennsylvania Gov. Josh Shapiro.
FERC
N.J. Gov. Urges FERC to Investigate PJM; Christie and Phillips Defend PJM
Gov. Phil Murphy called for PJM to be investigated by FERC with regard to the Base Residual Auction, while FERC Commissioner Christie says PJM staff is "deserving of praise."
PJM
Md. Consumer Advocate Seeks Price Cut in PJM 2024 Capacity Auction
The Maryland Office of People’s Counsel filed a complaint alleging the rules used in PJM's 2025/26 Base Residual Auction would require consumers to pay twice for capacity provided by generators operating on RMR agreements.
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PJM Stakeholders Endorse More Detailed Demand Response Modeling
The PJM Markets and Reliability Committee endorsed a proposal to rework how demand response resources are modeled in the effective load carrying capability framework.
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FERC OKs Changes to PJM Capacity Market to Cushion Consumer Impacts
FERC approved a suite of changes to PJM's next couple of capacity auctions, which are meant to mitigate billing impacts as the supply-demand dynamic in the region tightens and longer-term reforms are pursued.
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PJM Presents Capacity Price Cap and Floor to Members Committee
The Members Committee was sharply divided on an agreement in principle between PJM and Pennsylvania Gov. Josh Shapiro to institute a cap and floor on capacity prices for the 2026/27 Base Residual Auction and the following auction.
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PJM, Shapiro Reach Agreement on Capacity Price Cap and Floor
PJM announced it will seek to establish a $325/MW-day price cap on capacity prices and a $175/MW-day floor for the 2026/27 and 2027/28 Base Residual Auctions following discussions with Pennsylvania Gov. Josh Shapiro to resolve a complaint he filed over increased capacity costs.
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PJM in Discussions with Gov. Shapiro on Capacity Price Cap
PJM is in discussions with Pennsylvania Gov. Josh Shapiro to work toward a resolution on his complaint to FERC asking it to lower the price cap of the RTO’s capacity market.
Commonwealth of Pennsylvania
Shapiro Warns of ‘Reevaluation’ of PJM if Capacity Prices not Addressed
Pennsylvania Gov. Josh Shapiro urged PJM Chair Mark Takahashi to “intervene with” RTO leadership to revise the design of the capacity market before conducting the 2026/27 BRA to avoid an “unacceptable” increase in capacity market prices.
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Pennsylvania Seeks Lower PJM Capacity Price Cap in FERC Complaint
Pennsylvania Gov. Josh Shapiro filed a complaint with FERC on behalf of the state asking the commission to revise how the maximum clearing price in PJM's capacity auction is determined.

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