PJM capacity auction results compound 'alarm bells': FERC Chairman Swett

A PJM capacity auction has raised new scrutiny after results cleared nearly 7 GW below its reliability target and attracted only about 500 MW of new power supply, FERC Chair Laura Swett said Thursday. Swett made the remarks during the agency’s monthly meeting and later told reporters she was not surprised PJM missed expectations. She said FERC is not “targeting” PJM, framing the issue as one that spans federal, state, and market stakeholders, including utilities and registered entities. FERC plans a technical conference on July 23 focused on PJM governance problems and expects to receive “ideas on paper, on a record.” Swett also cited concerns that stakeholder processes are slow, not fully transparent, and vulnerable to vetoes. Commissioner Lindsay See emphasized reforms must move “in a timely and transparent way” to build confidence for investment. The article also mentions NERC deadlines tied to reliability standards for computational loads by Dec. 31 and steps due March 1.