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PJM Rest-of-RTO Capacity Prices Nearly Double; BGE, PSEG, ATSI Zones Separate

May 23, 2018

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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PJM's base residual auction for the 2021-22 delivery year saw Rest-of-RTO capacity prices nearly double versus 2020-2021, with the BGE, PSEG, and ATSI zones among those separating

Capacity clearing prices in the BRA for 2021-22 were as follows ($/MW-day)

2021-22 
        Capacity   
LDA    Performance   
RTO      $140.00
EMAAC    $165.73
PSEG     $204.29
BGE      $200.30
ATSI     $171.33
COMED    $195.55

For comparison, BRA capacity clearing prices for 2020-21 were as follows ($/MW-day)

2020-21
        Capacity   
LDA    Performance   
RTO       $76.53
MAAC      $86.04
EMAAC    $187.87
COMED    $188.12
DEOK     $130.00

Per PJM's auction report, the Preliminary Zonal Net Load Price ($/MW-day) resulting from the 2021-22 BRA is:

             2021-22
Zone     Preliminary Zonal 
          Net Load Price 
            ($/MW-day)
AE           $163.08
AEP *        $140.53
APS          $140.53
ATSI         $157.99
BGE          $161.62
COMED        $192.69
DAYTON       $140.53
DEOK *       $140.53
DLCO         $140.53
DOM          $140.53
DPL          $163.08
EKPC *       $140.53
JCPL         $163.08
METED        $140.53
PECO         $163.08
PENLC        $140.53
PEPCO        $140.53
PL           $140.53
PS           $184.03
RECO         $163.08

* Obligation affected by FRR quantities

Regarding the 2021-22 auction, PJM said that, "In general, offer prices from supply resources were higher in this auction compared to the prior auction, likely reflecting the continuing decrease in energy revenues and the associated impact on revenues required from the capacity market."

The total procured capacity in the auction represents a 21.5 percent reserve margin, compared to a 15.8 percent required reserve margin for the 2021–2022 delivery year.

See Also:

Auction Results

Pricing Points

Auction Narrative Report

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