On July 22nd, PJM published the results of the latest capacity auction for the 2026/27 delivery year, resulting in a historically high price of $329.17/MW-day, a substantial increase from the 2025/26 auction of $269.92/MW-day, and hitting the maximum of a newly established cap. The cap will remain in place for the next auction before expiring. The auction will cost customers in PJM a total of $16.1B in the 2026/27 delivery year, up from $2.2B in the 2024/25 delivery year.

In a letter to grid operator PJM Interconnection’s leadership last week, the OMA expressed concern that poor oversight and a lack of transparency at PJM are driving up electricity costs for Ohio customers without improving reliability. Given the recent auction results, capacity charges paid for by customers will now total nearly $31 billion over the next two years—more than the previous 6 years combined. Yet, the interconnection backlog and capacity auction delays by PJM persist.

The OMA released a statement following the results of the auction urging PJM to implement faster connection of generation, resume regular three-year auctions, and utilize transparent load forecasting. 7/23/2025