CEG · 10-Q · 2026Q2 · Full report

PJM Market Reform

Constellation Energy Corp · 2026-08-06 · Importance 53 · Surprise 60

In February 2026, PJM filed tariff revisions to extend its RPM capacity-market price collar, with an approximately $325/MW-day cap and $175/MW-day floor, through the 2028/2029 and 2029/2030 auctions. FERC accepted the revisions in April 2026, citing reliability concerns, extraordinary demand growth, and data-center load expansion. In July 2026, the 2028/2029 Base Residual Auction cleared the entire PJM RTO, including all submitted Constellation units, at the $325/MW-day price cap.