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When PJM Interconnection released the results of its latest capacity auction on July 14, 2026, the headline number looked almost reassuring. At $325 per megawatt-day, the clearing price for the 2028/2029 delivery year came in a few dollars below the $329.17 that cleared the two prior auctions. For anyone reading only the top line, the market appeared to be cooling. It was not. The price landed where it did because a regulator-imposed ceiling stopped it from rising higher — for the third consecutive time. Strip away the cap and the same auction would have cleared at roughly $555 per megawatt-day across the footprint, and closer to $777 in the Chicago-area ComEd zone. The story of PJM’s 2026 capacity auction is not one of prices retreating. It is the story of a market pressed so firmly against its own guardrail that the guardrail has become the price.

Read the article at

https://vedeni.energy/pjms-capacity-cap-and-the-new-economics-of-grid-scarcity/