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ARTICLE · 07 JUNE 2016

PJM Capacity Auction Results Trending Lower

Duane Morris LLP
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The region's wholesale market operator, PJM Interconnection, has announced the results of its May 2016 capacity auction for Delivery Year 2019/2020.

United StatesEnergy and Natural Resources
Duane Morris
Duane Morris
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Wholesale capacity prices are trending down in the mid-Atlantic region. The region's wholesale market operator, PJM Interconnection ("PJM"), has announced the results of its May 2016 capacity auction for Delivery Year 2019/2020, which are down from the August 2015 auction for Delivery Year 2018/2019. The May 2016 auction cleared 167,305.9 MW and set the price for Capacity Performance Resources in non-constrained areas at $100/MW-day. By comparison, the August 2015 auction cleared 166,836.9 MW and set the price for Capacity Performance Resources in non-constrained areas at $164.77/MW-day. These results are important because they follow the implementation of PJM's Capacity Performance program, which is intended to ensure resource performance characterized by sustained and predictable operation when needed. The Federal Energy Regulatory Commission ("FERC") accepted PJM's proposal in June 2015. In addition to Capacity Performance Resources, the auction includes Base

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