Base Residual Auction (BRA)
PJM
PJM capacity prices increased nearly tenfold in the 2025/26 Base Residual Auction as a trifecta of load growth, generation deactivations and changes to risk modeling shrank reserve margins.
© RTO Insider LLC
PJM stakeholders presented several proposals to revise how energy efficiency resources are measured and verified to the Market Implementation Committee.
Dominion Energy
FERC granted a complaint from Dominion Energy to allow planned capacity resources to shift their participation from the Fixed Resource Requirement alternative to the Reliability Pricing Model capacity market.
© RTO Insider LLC
PJM's Independent Market Monitor filed a complaint asking FERC to reject all energy efficiency offers into the RTO's capacity market, alleging none of them meet the Base Residual Auction participation requirements.
PJM
FERC partially reversed a 2023 order allowing PJM to modify a parameter for the 2024/25 Base Residual Auction to avoid a substantial increase in capacity prices in the DPL South transmission zone.
PJM Interconnection
Stakeholders filed comments debating PJM’s request that FERC direct it to recalculate the results of the 2024/25 Base Residual Auction and rerun the third Incremental Auction.
© RTO Insider LLC
PJM updated stakeholders on how it will proceed in the wake of a 3rd Circuit ruling vacating a FERC order allowing the RTO to revise a parameter after bids had been received for the 2024/25 Base Residual Auction.
© RTO Insider LLC
The 3rd Circuit vacated FERC’s order allowing PJM to revise a capacity market parameter for the DPL South zone after the 2024/25 auction had been conducted but prior to the publication of its results, ruling that it constituted retroactive ratemaking.
© RTO Insider LLC
FERC accepted PJM’s request to delay the 2025/26 Base Residual Auction from June 12 to July 17 to give stakeholders time to understand new capacity auction rules.
© RTO Insider LLC
PJM submitted a waiver request asking FERC to delay the 2025/26 Base Residual Auction by 35 days, which would bump the commencement to July 17.
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