NRG · 10-Q · 2026Q3 · Full report

PJM Capacity Auction Outlook

NRG ENERGY, INC. · 2026-11-09 · Importance 50 · Surprise 24 · Contradicted

PJM announced the 2028/2029 Base Residual Auction results on July 14, 2026, with the price at the FERC-approved cap of $325 per MW-day across the PJM footprint. NRG cleared approximately 6,839 MW from its PJM generation fleet and expects approximately $811 million in capacity revenues for that delivery year. The capacity outlook is subject to potential market-structure changes: FERC suspended PJM’s proposed backstop procurement tariff revisions for five months, and Exelon’s November 3, 2026, complaint seeks to replace the three-year-forward auction schedule with auctions two months before each delivery year beginning in 2030/2031.

Key facts

• NRG expected approximately $811 million in capacity revenues from its PJM generation fleet for the 2028/2029 delivery year. source
• NRG cleared approximately 6,839 MW from its PJM generation fleet in the 2028/2029 BRA at the FERC-approved $325/MW-day cap across the PJM footprint. source

Impact estimates