After a ninefold jump in PJM’s capacity prices last year, the clearing price for the just-concluded 2026/2027 delivery year Base Residual Auction (BRA) came in at the FERC-approved cap, $329.17/MW-day for the entire PJM footprint, securing 134,311 MW of unforced capacity generation and demand response. But there’s a lot more to this story than a marginal increase, at a particularly challenging time across all grid regions and power markets.