Talen Energy said it cleared 10,180 MW in the PJM auction at $325 per MW-day, implying about $1.208 billion in capacity revenue for the June 2028-May 2029 planning year.
PJM Interconnection said its 2028/2029 Base Residual Auction cleared at the FERC-approved cap of $325/MW-day, down 2.5% from the 2027/2028 cap of $333.44/MW-day, as supply lagged electricity demand growth. The auction secured 138,318 MW of unforced capacity generation and demand response, with Fixed Resource Requirement areas adding 10,864 MW for a total of 149,182 MW available to serve forecast peak demand and reserves across 13 states and the District of Columbia. Even so, PJM said committed supply was 6,831 MW short of the level needed to meet its one-event-in-10-year reliability standard, marking a continuation of tight conditions after an approximately 6,500 MW shortfall in the previous auction. PJM said it plans to seek FERC approval for a September Backstop Procurement to address the near-term gap, while also advancing interconnection reforms, flexible large-load arrangements for data centers, a temporary expedited track for certain state-sponsored generation projects and new bilateral contracting options. Talen Energy said it cleared 10,180 megawatts in the auction at the same $325 per MW-day clearing price, equating to approximately $1,208 million in capacity revenue for the 2028/2029 planning year, which runs from June 1, 2028 through May 31, 2029.