News
November 6, 2024 CUB Blog: PJM broke the capacity auction–but here’s how they can fix it
The electricity price for Illinois’ largest power utility, Commonwealth Edison, will go up significantly next summer because of a recent auction to secure reserve power. Grid operator PJM announced that its recent “capacity” auction sent prices skyrocketing from $28.92 per Megawatt-day to a record $269.92 per MW-day.
Why are the prices so high?
The electricity price for Illinois’ largest power utility, Commonwealth Edison, will go up significantly next summer because of a recent auction to secure reserve power. Grid operator PJM announced that its recent “capacity” auction sent prices skyrocketing from $28.92 per Megawatt-day to a record $269.92 per MW-day.
Why are the prices so high?
October 23, 2024 Chicago Sun-Times: Renewable energy projects need push from Illinois lawmakers
Illinois needs to energize the modernizing of its power supply for two reasons: helping the environment and saving customers money.
The ComEd power bills showing up in people’s mailboxes are likely to take a jump next June because of a record price spike in a so-called “capacity auction” announced on July 30, according to the Citizens Utility Board.
Illinois needs to energize the modernizing of its power supply for two reasons: helping the environment and saving customers money.
The ComEd power bills showing up in people’s mailboxes are likely to take a jump next June because of a record price spike in a so-called “capacity auction” announced on July 30, according to the Citizens Utility Board.
October 15, 2024 E&E News: PJM delays capacity auction amid market price controversy
“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.”
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.”
August 19, 2024 States Newsroom: Market problems, poor planning causing price hikes in nation’s largest electric market, critics contend
“The tools to enhance reliability are in PJM’s hands,” said Clara Summers, campaign manager for Consumers for a Better Grid, a watchdog group that is part of the Citizens Utility Board of Illinois. “Instead PJM is dragging its feet on the clean energy transition and doing everything it can to keep fossil fuel plants online and ultimately ratepayers are the ones who suffer from this shortsightedness.”
After years of climbing electric prices nationwide, customers in the United States’ largest power market are about to get squeezed harder.
“The tools to enhance reliability are in PJM’s hands,” said Clara Summers, campaign manager for Consumers for a Better Grid, a watchdog group that is part of the Citizens Utility Board of Illinois. “Instead PJM is dragging its feet on the clean energy transition and doing everything it can to keep fossil fuel plants online and ultimately ratepayers are the ones who suffer from this shortsightedness.”
August 12, 2024 CUB Q&A: ‘Capacity’ price spike means ComEd supply price will shoot up June 2025
A record price spike in a recent electricity “capacity auction” means the supply price for Commonwealth Edison will likely increase significantly in June of 2025. Read CUB’s Q&A.
A record price spike in a recent electricity “capacity auction” means the supply price for Commonwealth Edison will likely increase significantly in June of 2025. Read CUB’s Q&A.