U.S. Governors Demand Power Price Overhaul As Costs Balloon 10 Fold

Five U.S. governors have demanded PJM Interconnection, the largest power grid operator in the U.S., revise its pricing system after its recent capacity auction delivered a staggering increase in power plant costs—up nearly 10-fold from last year—but PJM says the green transition is to blame. The auction, meant to secure enough electricity supply for 65 million people across 13 states, sent shockwaves through the market as PJM revealed the steep price tag for meeting rising demand amid dwindling supply. Households and businesses in the...