As of July 14, 2026, PJM Interconnection announced that its capacity auction for the 2028–2029 delivery year cleared at the $325/MW-day price cap, reflecting continued tight electricity supply and demand across the region. [1] The auction resulted in a 6.8 GW shortfall below PJM's reserve margin target, slightly larger than the previous auction, while attracting only about 525 MW of new resources. PJM stated that a roughly 2 GW increase in forecast demand, driven largely by data center development, contributed to the outcome and said it is preparing market reforms, including a backstop capacity auction and a "connect and manage" framework for large new loads. Stakeholders expressed differing views on the results, with some arguing the current market design does not sufficiently encourage new generation or demand response, while others called for reforms to accelerate permitting, interconnection, transmission expansion, and cost allocation for large electricity users.
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