Results of delayed PJM auction should clarify impact of new rule, Dominion exit

摘要

The results of the first PJM Interconnection capacity auction in three years are being released June 2 and will reveal the impact of a controversial new rule and whether a Virginia utility's contested exit will have far-reaching consequences. Morgan Stanley and Moody's forecast a drop in clearing prices for the June 2022 to May 2023 planning year, especially in the "unconstrained regional transmission organization," or RTO, region. "We forecast RTO clearing prices in the [$90/MW-day to $110/ MW-day] range, down from [$140/MW-day] in the 2021/2022 auction," Morgan Stanley analyst Stephen Byrd wrote in a May 26 research report.