NRG · 10-Q · 2026Q2 · Full report
PJM Capacity Auction Economics
NRG ENERGY, INC. · 2026-08-04 · Importance 75 · Surprise 60 · In source text
PJM’s 2028/2029 Base Residual Auction cleared at the FERC-approved cap of $325/MW-day across the PJM footprint. NRG cleared approximately 6,839 MW from its PJM generation fleet. The company expects approximately $811 million of capacity revenue from its PJM fleet for the 2028/2029 delivery year. PJM also identified an approximately 6,800 MW shortfall and plans a central procurement window from September 30 through October 21, 2026, which could materially affect the PJM market.
Key facts
- NRG’s expected capacity revenues from its PJM generation fleet for the 2028/2029 delivery year is approximately $811 million. source
- PJM announced results of its BRA for the 2028/2029 delivery year on July 14, 2026 with the price at the FERC-approved cap of $325/MW-day for the entire PJM footprint. source
- NRG cleared approximately 6,839 MWs from the Company’s PJM generation fleet in the 2028/2029 BRA. source
- On April 14, 2025, various state consumer advocates filed a complaint with FERC asking FERC to reprice the 2025/2026 PJM capacity auction results; the complaint is pending at FERC. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | probable | +5.5% | NRG’s expected capacity revenues from its PJM generation fleet for the 2028/2029 delivery year is approximately $811 million. |
| revenue | positive | probable | — | PJM announced results of its BRA for the 2028/2029 delivery year on July 14, 2026 with the price at the FERC-approved cap of $325/MW-day… |