HARRISBURG — Pennsylvania Gov. Josh Shapiro on Tuesday announced he’s reached an agreement with the regional grid operator PJM Interconnection that he said will blunt the expected sharp rise in the cost of electricity later this year.
Shapiro had in December 2024 filed a complaint with the Federal Energy Regulatory Commission to stop what he and experts say would have been a large price hike in the upcoming capacity auction not only in Pennsylvania but the other 12 states that are served by PJM. The capacity auction is a complex process where power generators like natural gas and coal-fired nuclear power plants as well as renewable sources bid for a commitment to provide a percentage of the regional grid’s power needs at a particular price.
Shapiro had warned that PJM’s capacity auction price cap of $500 megawatt/day for the July 2024 capacity would have ended up requiring consumers to pay much more for electricity. That was atop of a July 2024 auction that cost $14.7 billion, up 800% from the previous one and has led to higher utility bills.
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