Historical clearing prices for the PJM Base Residual Auction (BRA). Understand the market cycles and the unprecedented volatility of the 2026/2027 delivery year.
Prices jumped 833% from $28.92 to $269.92 due to significant retirements of coal generation and a sharp increase in forecasted load from data centers. PJM's new risk modeling also de-rated the capacity value of intermittent resources.
Analysts project capacity prices to remain elevated near $150-$200/MW-day for the 2027/2028 auction. The structural supply-demand tightness will take years to resolve through new transmission and generation build-out.
| Delivery Year | RTO Price ($/MW-day) | YoY Change | Status |
|---|---|---|---|
| 2026/2027 | $269.92 | +833% | Record High |
| 2025/2026 | $28.92 | -15% | Delayed Auction |
| 2024/2025 | $28.92 | -15% | Historic Low |
| 2023/2024 | $34.13 | -32% | Low Volatility |
| 2022/2023 | $50.00 | -64% | Price Correction |
High capacity prices mean high Demand Response payments. Participating businesses earn the clearing price for every MW curtailed.