PJM Interconnection. July 14, 2026
Grid operator
Official results of the 2028/29 auction, which again cleared at the price cap.
- Cleared at $325.00 per MW-day; without the cap it would have cleared at $554.72.
- Its Table 2 is the source of the site's auction price, cleared MW, and total cost series back to 2018/19.
Used on this site: Findings; Methods; fact pjm_capped_auctions (Data status); fact pjm_uncapped_2028_29_usd_mw_day (Data status)
Accessed October 8, 2026
Monitoring Analytics (PJM Independent Market Monitor). Monitoring Analytics, LLC. March 12, 2026
Market monitorConsistent with our findings
The market monitor's annual review of PJM's markets, including how much existing and forecast data center load added to capacity auction revenues.
- Data center load growth is the primary reason for recent capacity market conditions, including high prices.
- Data center load raised capacity revenues by about $9.3 billion in 2025/26, $7.3 billion in 2026/27, and $6.5 billion in 2027/28 (about $23.1 billion in total).
Compared with this site: The site's data center share of household capacity cost comes from these figures.
Draws on: IMM Analysis of the 2025/2026 RPM Base Residual Auction, Part G (revised) (Monitoring Analytics (PJM Independent Market Monitor), 2025); IMM Analysis of the 2026/2027 RPM Base Residual Auction, Part A (Monitoring Analytics (PJM Independent Market Monitor), 2025); IMM Analysis of the 2027/2028 RPM Base Residual Auction, Part A (Monitoring Analytics (PJM Independent Market Monitor), 2026)
Cited by: AI data centers: How much are ratepayers on the hook for? (Neuman, 2026)
Used on this site: Findings; Methods
Accessed October 8, 2026
Howland, Ethan. Utility Dive. January 7, 2026
NewsConsistent with our findings
Report on the market monitor's analysis of the 2027/28 auction.
- Data centers were $6.5 billion (40%) of the $16.4 billion auction, about $6.2 billion of it for facilities not yet built.
Draws on: IMM Analysis of the 2027/2028 RPM Base Residual Auction, Part A (Monitoring Analytics (PJM Independent Market Monitor), 2026)
Accessed October 8, 2026
Monitoring Analytics (PJM Independent Market Monitor). Monitoring Analytics, LLC. January 5, 2026
Market monitorConsistent with our findings
Market monitor's analysis of the 2027/28 auction.
- Data center load accounted for about $6.5 billion (40%) of the auction's $16.4 billion cost, mostly from data centers not yet built.
- Over the last three auctions, forecast data center load was about $21.3 billion (45%) of $47.2 billion.
Draws on: PJM Auction Procures 134,479 MW of Generation Resources (2027/2028 Base Residual Auction) (PJM Interconnection, 2025)
Cited by: 2025 State of the Market Report for PJM (Monitoring Analytics (PJM Independent Market Monitor), 2026); Data centers were 40% of PJM capacity costs in last auction: market monitor (Howland, 2026)
Accessed October 8, 2026
PJM Interconnection. December 17, 2025
Grid operatorConsistent with our findings
PJM's announcement of 2027/28 results, the first auction to fall short of its reliability requirement across the whole region.
- Cleared at the $333.44 per MW-day cap.
- Procured capacity, including self-supplied (FRR) areas, was 6,623 MW short of the reliability requirement.
Compared with this site: Source of the forward supply-risk figure cited in the site's reliability note.
Cited by: IMM Analysis of the 2027/2028 RPM Base Residual Auction, Part A (Monitoring Analytics (PJM Independent Market Monitor), 2026); Data center power demands again drive record power auction prices (Maryland Office of People's Counsel, 2025)
Used on this site: Findings; fact pjm_shortfall_2027_28_mw (Data status)
Accessed October 8, 2026
Maryland Office of People's Counsel. December 17, 2025
GovernmentConsistent with our findings
Maryland's consumer advocate on the 2027/28 auction.
- The auction fell about 6,600 MW short of PJM's reliability requirement.
Draws on: PJM Auction Procures 134,479 MW of Generation Resources (2027/2028 Base Residual Auction) (PJM Interconnection, 2025)
Accessed October 8, 2026
Howland, Ethan. Utility Dive. October 2, 2025
NewsConsistent with our findings
Report on the market monitor's analysis of the 2026/27 auction.
- Data center load added $7.3 billion (82%) to 2026/27 capacity revenues.
- Without the price cap, data center load would have added another $3.2 billion.
Draws on: IMM Analysis of the 2026/2027 RPM Base Residual Auction, Part A (Monitoring Analytics (PJM Independent Market Monitor), 2025); Connection Costs Loophole Costs Customers Over $4 Billion to Connect Data Centers to Power Grid (Jacobs, 2025)
Accessed October 8, 2026
Monitoring Analytics (PJM Independent Market Monitor). Monitoring Analytics, LLC. October 1, 2025
Market monitorConsistent with our findings
Market monitor's analysis of the 2026/27 auction, including the cost of data center load.
- Including existing and forecast data center load raised 2026/27 capacity revenues by about $7.3 billion (82%), to $16.1 billion.
- Across the 2025/26 and 2026/27 auctions, data center load accounted for about $16.6 billion of $30.8 billion.
Draws on: 2026/2027 Base Residual Auction Report (PJM Interconnection, 2025)
Cited by: 2025 State of the Market Report for PJM (Monitoring Analytics (PJM Independent Market Monitor), 2026); Data centers 'primary reason' for high PJM capacity prices: market monitor (Howland, 2025)
Accessed October 8, 2026
Kunkel, Cathy. Institute for Energy Economics and Financial Analysis (IEEFA). July 30, 2025
AdvocacyConsistent with our findings
Analysis of the 2026/27 auction that traces the price surge to forecast data center load.
- Capacity prices rose from $28.92 per MW-day (2024/25) to $329.17 (2026/27).
- Cites the market monitor's finding that data centers caused 63% of the 2025/26 increase, about $9.3 billion.
Draws on: IMM Analysis of the 2025/2026 RPM Base Residual Auction, Part G (revised) (Monitoring Analytics (PJM Independent Market Monitor), 2025); 2026/2027 Base Residual Auction Report (PJM Interconnection, 2025)
Used on this site: Findings; fact imm_dc_share_of_increase_2025_26 (Data status)
Accessed October 8, 2026
Maryland Office of People's Counsel. July 24, 2025
GovernmentConsistent with our findings
Maryland's consumer advocate on what the 2026/27 auction means for each Maryland utility's customers.
- Price rose to a record $329 per MW-day from $270, which itself was about nine times the prior year.
- For BGE customers the auction-related part of the bill falls about $3.36 a month (BGE's zone price dropped), but bills remain about $16 a month higher than two auctions earlier.
- Says data centers, mostly outside Maryland, drove more than 60% of the 2025/26 cost increase.
Compared with this site: Matches this site's Maryland case, where prices rose with little local data center load.
Draws on: 2026/2027 Base Residual Auction Report (PJM Interconnection, 2025); IMM Analysis of the 2025/2026 RPM Base Residual Auction, Part G (revised) (Monitoring Analytics (PJM Independent Market Monitor), 2025)
Cited by: How much have data centers increased electricity prices? (McCullough, 2026)
Used on this site: Findings; Methods
Accessed October 8, 2026
PJM Interconnection. July 22, 2025
Grid operator
Official results of the first auction to clear at the negotiated price cap across all of PJM.
- All zones cleared at the $329.17 per MW-day cap; 134,311 MW cleared.
- Total auction cost was $16.1 billion, up 9.5% from 2025/26.
Cited by: IMM Analysis of the 2026/2027 RPM Base Residual Auction, Part A (Monitoring Analytics (PJM Independent Market Monitor), 2025); Projected data center growth spurs PJM capacity prices by factor of 10 (Kunkel, 2025); Data center power demands drive record power auction prices with varying impacts on Maryland customers (Maryland Office of People's Counsel, 2025)
Used on this site: Methods
Accessed October 8, 2026
Monitoring Analytics (PJM Independent Market Monitor). Monitoring Analytics, LLC. June 3, 2025
Market monitorConsistent with our findings
Sensitivity analysis of the 2025/26 auction with and without existing and forecast data center load.
- Of 8,453 MW of large-load additions PJM forecast for 2026, data centers were 7,892 MW (93%).
- Removing forecast data center load would have sharply lowered 2025/26 prices and revenues; the monitor's estimate of the data center effect is about $9.3 billion.
Draws on: 2025/2026 Base Residual Auction Report (PJM Interconnection, 2024)
Cited by: 2025 State of the Market Report for PJM (Monitoring Analytics (PJM Independent Market Monitor), 2026); Projected data center growth spurs PJM capacity prices by factor of 10 (Kunkel, 2025); Data center power demands drive record power auction prices with varying impacts on Maryland customers (Maryland Office of People's Counsel, 2025); How much have data centers increased electricity prices? (McCullough, 2026)
Used on this site: Findings; fact imm_dc_share_of_increase_2025_26 (Data status)
Accessed October 8, 2026
Synapse Energy Economics for the DC Office of the People's Counsel. Synapse Energy Economics; DC Office of the People's Counsel. May 2025
ResearchConsistent with our findings
Breaks down the 2025/26 capacity price surge and its effect on DC customers' bills.
- Attributes the surge to higher forecast load, market rule changes that revalued supply, and plant retirements and reliability-must-run arrangements.
- Pepco customers faced roughly $20 more on the average monthly bill from June 2025.
Compared with this site: Similar order of magnitude to this site's capacity cost per home for restructured PJM states.
Draws on: 2025/2026 Base Residual Auction Report (PJM Interconnection, 2024)
Accessed October 8, 2026
PJM Interconnection. July 30, 2024
Grid operator
Official results of the auction in which PJM capacity prices rose ninefold.
- RTO clearing price rose from $28.92 to $269.92 per MW-day; BGE cleared at $466.35 and Dominion at $444.26.
- Total auction cost rose from about $2.2 billion to $14.7 billion.
Cited by: IMM Analysis of the 2025/2026 RPM Base Residual Auction, Part G (revised) (Monitoring Analytics (PJM Independent Market Monitor), 2025); Drivers of PJM's Capacity Market Price Surge and the Impact to DC Electric Customers (Synapse Energy Economics for the DC Office of the People's Counsel, 2025)
Used on this site: Methods; fact dominion_rpm_entry (Data status)
Accessed October 8, 2026