October 15, 2024 E&E News: PJM delays capacity auction amid market price controversy
The nation’s largest power market proposed to delay its planned December capacity market auction as it faces rising turmoil over the dramatic price spikes recorded at its last auction that critics contended were caused by skewed market rules.
“All signs indicate that if the December auction were to go forward as scheduled, ratepayers would pay astronomic prices for no benefit,” Clara Summers, who manages the Consumers for a Better Grid Campaign for the Citizens Utility Board of Illinois, said in an email. “We want to get back on schedule as soon as possible, but the market rules need to make sense first. PJM needs to fast-track reforms so price signals can reconnect with reality.”