From Undersupply to Oversight: RMRs, ELCC, and the Evolution of PJM’s Capacity Market

Publish Date: July 16, 2025

Written by: John Keene, Chris Rice, Eric Pinsker-Smith, Maeve Hulsman-Wells

Estimated Reading Time: 1 Minute

In July 2024, PJM Interconnection’s Base Residual Auction (BRA) sent shockwaves through the power sector. After three consecutive years of sub-$100/MW-day clearing prices, the 2025/2026 auction soared to $269.92/MW-day across the region, with certain zones like BGE hitting their price caps. What happened, and what does it mean for the future of reliability, resource adequacy, and competition in PJM?

Sustainable Energy Advantage’s new white paper, From Undersupply to Oversight: RMRs, ELCC, and the Evolution of PJM’s Capacity Market, breaks it all down.

📘 Download the Full White Paper HERE.