As of November 4, 2026, Exelon and Invenergy Transmission had filed separate complaints with the Federal Energy Regulatory Commission (FERC) seeking changes to the capacity markets operated by PJM and the Midcontinent Independent System Operator (MISO). [1] Exelon asked FERC to replace PJM's current three-year-ahead capacity auction schedule with a “prompt” auction held approximately two months before the delivery year, arguing that shorter lead times would allow procurement decisions to better reflect changing electricity demand forecasts and resource availability. [2] Separately, Invenergy argued that MISO counts the capacity provided by merchant high-voltage direct-current (HVDC) transmission lines when calculating its procurement needs but does not allow their owners to receive capacity payments. Invenergy contends that this limits the commercial viability of merchant transmission projects, including its proposed 5-GW Grain Belt Express, which could provide more than 1,800 MW of accredited capacity. Both complaints remain pending before FERC.
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