![]() PJM requested the delay to allow it to implement anticipated capacity market reforms that and PJM are now developing through the Critical Issues Fast Path (CIFP) process. As a result, the auction previously scheduled to open on 6/14 will be delayed until June 2024, with auctions for subsequent delivery years held every six months until PJM gets back on the three-year forward schedule in May 2026 for the 2029/30 delivery year. FERC Approves PJM Capacity Auction Delay - On 6/9, FERC approved PJM’s request to delay its capacity auctions for the 2025/26 through 2028/29 delivery years.In West Hub, the average monthly settlement price month-to-date is $26.90/MWh or -11% lower than May’s average and -72% lower than June of 2022, while the settlement average price average in Eastern Hub thus far is $18.29/MWh or +3% higher m-o-m and -70% lower than in June of 2022. Index power prices remain soft with lower spot gas prices, but that could soon change over the next month. On a monthly basis, those same terms have declined by -7% and are currently -19% off the highs that were hit within the past year. ![]() Power forward prices in the Mid-Atlantic are +1% higher again this week for the 2024-2028 terms, on average. Prices have been declining due to a slow start to summer peak demand, but that seems to be changing as we roll into July. The Mid-Atlantic Region’s forward power prices were higher for the second straight week as natural gas prices have increased of late due to extremely hot temperatures in Texas along with declining gas rig counts according to the weekly Baker Hughes report.
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