Jefferies: "The lack of DR is indeed an angle we had not anticipated. Yes, eventually peak shaving and other demand responses to higher capacity prices will motivate customers, but we appreciate that new load (Data Centers) appears to be quite price inelastic. This equally has implications across the grid elsewhere in the country, where we've been expecting some degree of increase in DR participation more broadly."
Shanu Mathew
Shanu Mathew23.7. klo 21.13
Prices cleared at $329/MW-day price cap across all of PJM. The capacity price comps above the 2025-26 auction of $270/MW-day (which had risen ~9x from $29 in the auction prior to that). Clear signal the RTO is going to see i) bill increases (est. 1-5%) and ii) shouldn't accelerate retirements.
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