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PJM capacity auction spikes spur urgent lawmaker, regulator scrutiny
Summary
Lawmakers from the New Jersey Senate and Assembly on March 28 pressed PJM Interconnection and state officials after a recent capacity auction produced a steep price increase that will raise customer bills this summer.
Lawmakers from New Jersey’s Senate and Assembly pressed PJM Interconnection and state energy officials on March 28 over a sharp increase in capacity-auction prices that will raise household electric bills this summer. PJM officials and independent witnesses said a mix of market-rule changes, unexpectedly large demand growth and delays in connecting new supply to the grid combined to push the most recent auction results sharply higher.
PJM senior vice president Asim Haq said the region’s long period of low demand and low prices left little “wiggle room” when forecasted demand jumped. He and other witnesses said the biggest recent demand drivers have been large data-center projects and faster-than-expected electrification. “When demand increases and supply decreases, not only does that mean…
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