David Mills

PJM Interconnection's electricity price cap of $325 per megawatt-day for 2028-2029 was reached due to rising demand from electrification and data centers, with the auction falling short of capacity goals. The cap was extended by PJM at the request of a coalition of governors and the Trump administration.

PJM Interconnection's electricity price for 2028 and 2029 reached the $325-per-megawatt-day cap set by the Shapiro administration. The auction fell 6,831 megawatts short of capacity goals, exacerbating concerns about grid reliability and rising consumer costs due to retiring plants and increased demand from data centers.