Tuesday, 30 June 2026

PJM filed a proposal with the Federal Energy Regulatory Commission on May 27 to raise minimum capitalization thresholds for participation in its wholesale electricity markets, according to a PJM Inside Lines post.

The revisions are the first since 2011 and would begin taking effect on April 30, 2027, PJM said. A five-year ramping schedule is designed so that all PJM non-FTR market participants demonstrate USD 2 million in tangible net worth by 2032.

PJM also proposes a 3% annual increase to the thresholds to account for inflation, beginning five years after implementation.

"These changes strengthen PJM credit policy and ensure the thresholds remain current over time while providing flexibility for market participants," said Lisa Drauschak, PJM Sr. Vice President, Chief Financial Officer and Treasurer, in the Inside Lines post.

According to PJM, the proposed changes received near-unanimous support from the January Members Committee.

Total wholesale electricity costs in ISO New England reached USD 15 billion in 2025, a 48% jump from USD 10.2 billion the prior year, according to the grid operator's 2025 market monitor report. That works out to USD 127 per MWh of load served.

Day-ahead energy prices led the climb. The average Day-Ahead Energy Market price settled at USD 71.81/MWh, a 73% year-over-year increase, per the report. Real-time prices tracked the same direction, with the average Real-Time Energy Market price rising 67% from 2024 to USD 65.89/MWh.

The ISO-NE Internal Market Monitor said the markets remained competitive but pointed to more expensive natural gas, tighter supply conditions, and changes to the resource mix and market design as the drivers behind higher prices.

Imports also tightened. Net imports into New England declined further in 2025, reaching their lowest level in more than a decade, which the monitor attributed to reduced hydropower output and a prolonged nuclear plant outage in Canada.

Carbon pricing programs added an estimated USD 9/MWh to average load-weighted energy prices in 2025, up from USD 8/MWh in 2024, contributing about USD 1.1 billion to total energy costs, according to the report.

Wholesale power prices in New England averaged $45.71 per megawatt-hour in the Real-Time Energy Market in April 2026, up 16% year over year, even as the region's natural gas price fell sharply.

Day-Ahead Energy Market prices averaged $46.30/MWh during the month, up 12% from April 2025. The average natural gas price was $2.32 per million British thermal units, down 26% from the April 2025 average.

Total electricity use reached 8,287 GWh in April 2026, an increase of 0.4% over the same month a year earlier. Peak demand was 15,021 MW, down 2.0% from April 2025.

Regional power plants produced an estimated 1.91 million metric tons of CO2 during the month, approximately a 3% increase from the previous April. Natural-gas-fired plants accounted for 83% of the power system's total emissions, with emissions from those resources up 4% year over year.

Year-to-date estimated emissions through April 30 increased 11% year over year. The increase was largely driven by an early-year cold snap that raised gas prices and led many generators to burn oil as a more economical alternative. High demand coupled with limited pipeline availability into the region drove the higher gas prices behind the fuel switch.