Tonight, PJM Interconnection (PJM) released the results of its annual capacity auction, breaking yet another record for high electricity prices for consumers across the Mid-Atlantic. The clearing price surged to $329.17 per megawatt-day, a 22 percent increase above last year’s record $269.92. These sky-high prices highlight PJM’s ongoing failure to clear its backlog of clean energy projects and to make meaningful headway on long-overdue transmission planning. In response, Evergreen Action Deputy State Policy Director Julia Kortrey released the following statement:
“This is not the kind of record you want to break. Yet again, PJM’s capacity auction delivered sky-high prices that working families and businesses simply can’t afford. Despite repeated warnings from governors, advocates, and industry leaders, PJM continues to slow-walk clean, low-cost energy while doubling down on expensive, unreliable fossil fuels. This year’s auction is a historic and costly reminder for 65 million consumers that PJM’s system is broken.
“These unacceptably high prices aren’t a fluke—they’re the direct result of PJM’s failure to clear its clogged interconnection queue and adequately plan the grid for the future. PJM has failed to incorporate clean energy into the grid while its fossil fuel, utility, and transmission members are making record profits off the lack of competition and customers pay more for less. Thousands of low-cost clean energy projects remain stuck in limbo because of PJM’s broken queue, and consumers continue to foot the bill. PJM needs to stop dragging its feet and implement real queue reforms and proactive transmission planning that aligns with FERC’s orders and reflects today’s energy reality.
“The grid doesn’t need more excuses—it needs reform, transparency, and competition. Ratepayers can’t afford to keep paying record-high prices because of PJM’s mismanagement.”