Insight
PJM's 2024/25 Base Residual Auction results: Has the market bottomed out?
Report summary
PJM recently posted results of the delayed 2024/25 delivery year Base Residual Auction (BRA). While RTO prices declined in this auction, our view is that capacity prices in PJM may be bottoming out and an increasing price trend may be forthcoming. In this insight, we lay out three reasons for this view: - Lower expected energy and ancillary services (E&AS) offset values in upcoming auctions - A tightening supply and demand balance across PJM in the near-term - Uncertain future bidding behavior as generators react to underperformance risk exposed by Winter Storm Elliott
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