PJM Interconnection, the largest grid operator in the United States, has suspended plans for a one-time backstop capacity auction intended to address a 6.8-gigawatt shortfall. The pause follows FERC (U.S. energy market regulator) action to review the proposal, which was designed to support rising data center demand in PJM’s region. The suspension is set to remain in place through February 28 while FERC conducts a paper hearing to resolve outstanding issues, reflecting regulatory caution over the procurement plan. Market activity also points to a potentially higher perceived likelihood of Texas adopting a data center moratorium, with current pricing reflecting that view. Observers are watching for the outcome of FERC’s review, revised filings from PJM, and possible effects on data center policy debates in other states. The Texas Legislature and Governor Greg Abbott could become important actors if a moratorium appears more likely, while ERCOT audits and legislative actions may also influence market expectations. Vera is promoting live prediction-market analysis related to these developments.