The PJM BRA for delivery year 2026/27 will take place in a few weeks. PJM is scheduled to open the offer window for the 2026/27 BRA on July 9th, 2025 for market participants. The Capacity auction window will close on July 16th, and PJM plans to post the auction results on July 22nd.
The subsequent PJM Capacity Auction is scheduled in December. PJM is scheduled to open the offer window for 2027/28 BRA on December 4th for market participants. The auction window closes on December 10th, and PJM will post auction results on December 17th, 2025.
The PJM RPM Capacity market has undergone a major redesign effort with new rules implemented in the previous BRA for the 2025/26 Delivery Year. New Capacity accreditation rules based on the Effective Load Carrying Capacity (ELCC) of each resource significantly changed the mechanics of the BRA and the qualified Unforced Capacity (UCAP) for individual resources.
Supply and Demand Update
On the demand side, PJM’s projections for load growth have increased mainly due to data center load, artificial intelligence, and the increased adoption of electric vehicles. On the supply side, a significant amount of capacity is scheduled to retire over the next several years.
PJM Capacity Auctions Scheduled for 2026
PJM also has two BRAs scheduled for 2026. The BRA for Delivery Year 2028/29 is currently scheduled for May, 2026 and the BRA for Delivery Year 2029/30 is scheduled in December, 2026.
Staying Informed
Understanding the PJM auction schedule and Capacity auction coverage is vital for stakeholders in the PJM market.
- For an overview of dates, please visit our PJM Capacity Auction Calendar.
- To confirm specific auction dates and details, consult the PJM Auction Schedule.
- For frequently asked questions about Incremental Auctions, visit PJM’s Incremental Auction FAQ page.
- To learn more about ESAI Power’s PJM Capacity Market coverage, please Contact ESAI
ESAI Power is a market research and consulting firm that delivers focused analysis of the wholesale power markets: PJM, NYISO, ISO-NE and MISO. To become a client, click here.
Learn About Capacity
PJM’s capacity market, called the Reliability Pricing Model, ensures long-term grid reliability by securing the appropriate amount of power supply resources needed to meet predicted energy demand in the future. PJM Capacity Market Auctions include both Incremental Auctions (IA) and Base Residual Auctions (BRA). Visit our PJM Capacity Auction page to see the calendar of upcoming capacity market auctions.
Learn About Capacity
ESAI Power continuously monitors and conducts analysis of the Capacity Markets in New York, New England, PJM & MISO. Capacity market projections incorporate detailed assessments of all market drivers including load projections, demand curve parameters, new capacity and retirements, and transmission constraints that impact locational delivery and pricing. Coverage includes full pre- and post-Capacity Auction forecasts for NY ICAP Summer Strip and Winter Strip auctions, for each PJM Base Residual Auction, ISO-NE Forward Capacity Auction, and MISO Planning Resource Auction.
Learn About Capacity Watch
** Capacity Watch** provides a quarterly analysis of capacity markets and policy issues that impact capacity price outcomes over a 10-year forecast horizon. Also provided is an evaluation of the outlook for the construction of each generation project in PJM, NYISO, ISO-NE and MISO. Every project is assigned a “probability of completion” factor in percentage terms which is then applied to develop a forward assessment of likely capacity additions within a particular pool. The impacts of new generation and retirements on reserve margin surpluses and forward capacity market values is updated and presented in each issue. ESAI’s project database (
TM
) is updated and presented with each issue.
Generation Asset MonitorTM