Key challenges in the review are tightening supply and demand, the uncertain cost of new capacity and accounting for changes PJM has made to how it identifies reliability risks and determines the capacity value for different resource types.

PJM heads into 2025 with several proposals before FERC seeking to rework its capacity market and generator interconnection queue, while stakeholders work on an expedited Quadrennial Review of the market and changes to resource accreditation.

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.

PJM presented how the planning parameters for the 2026/27 Base Residual Auction affected the variable resource rate curve, which intersects with supply and demand to determine auction clearing prices.

Consumers and electric distributors in PJM opposed a proposal to revise two financial parameters used to calculate the cost of new entry input to the 2027/28 Base Residual Auction.

PJM proposes tightening "know your customer" rules, which require members to provide information to facilitate the due diligence PJM conducts on key decision-making leadership.

PJM’s Market Implementation Committee endorsed by acclamation a proposal to revise two financial inputs to the quadrennial review to reflect changing market conditions, particularly increased interest rates.

PJM’s Market Implementation Committee endorsed by acclamation a proposal to add two energy market parameters for economic demand response.

The PJM Market Implementation Committee endorsed by acclamation a rewrite of Manual 18 to implement market redesigns drafted through the critical issue fast path process.

The PJM Markets and Reliability Committee overrode concerns from Illinois consumer advocates and regulators to create a fifth cost of new entry area for the Commonwealth Edison region.