Relatively High Capacity Prices To Persist in PJM For 2019-20 Despite Receding From Near Record Prices From 2018-19 Auction

Despite declines versus the near-record prices seen in the PJM 2018-19 Base Residual Auction, the 2019-20 Base Residual Auction will still burden load with capacity prices at or in excess of $100/MW-day

Capacity clearing prices for 2019-20 base capacity and the capacity performance products were as follows ($/MW-day)

        Capacity       Base        Base
LDA    Performance   Capacity      DR/EE 
RTO       $100.00      $80.00      $80.00
EMAAC     $119.77      $99.77      $99.77
PEPCO     $100.00      $80.00       $0.01
BGE       $100.30      $80.30      $80.30
COMED     $202.77     $182.77     $182.77

For comparison, the Rest of RTO price from 2016-17 BRA was about $60/MW-day.

Per PJM's auction report, the Preliminary Zonal Net Load Price ($/MW-day) resulting from the 2019-20 BRA is:

Zone     Preliminary Zonal 
          Net Load Price 
            ($/MW-day)
AE        $114.21
AEP **     $96.77
APS        $96.77
ATSI       $96.77
BGE        $96.89
COMED **  $189.99
DAYTON     $96.77
DEOK **    $96.77
DLCO       $96.77
DOM        $96.77
DPL       $114.21
EKPC **    $96.77
JCPL      $114.21
METED      $96.77
PECO      $114.21
PENLC      $96.77
PEPCO      $91.64
PL         $96.77
PS        $114.46
RECO      $114.21

** Obligation affected by FRR quantities