Announcements
September 22, 2025: ANNOUNCEMENT: Minimum and Maximum Starting Prices; REMINDER: Parameters for the November 2025 Auction
The minimum starting price in the November 2025 Auction is $140/MWh and the maximum starting price is $190/MWh. In round 1 of the Auction, the price will be set no lower than the minimum starting price and no higher than the maximum starting price.
Additionally, on September 10, 2025, during the webcast, the Auction Manager announced the following parameters for the November 2025 Auction, which are repeated below for convenience:
• the tranche target and size of each tranche
|
Product |
Delivery Period | Tranche Target | Load Cap | Tranche Size |
| 12-Month | June 2026-May 2027 | 17 | 13 | 1% |
• MW-measure of each tranche
| PLC (MW)* | 1,612 |
| MW-measure | 16.12 |
*The PLC (MW) is based on the five highest coincident peaks experienced by PJM in 2024 for SSO customers (i.e., non-shopping only). The MW-measure is provided for reference purposes only. The amount of actual quantity to be delivered depends on many factors (e.g., migration of SSO customers).
• the credit-based tranche caps
The credit-based tranche caps for the November 2025 Auction are provided in the table below:
| Credit Rating for Bidder or Guarantor | |||
| S&P | Moody's | Fitch | Credit-Based Tranche Cap |
| BB and above | Ba2 and above | BB and above | No cap |
| BB- | Ba3 | BB- | 15* |
| Below BB- | Below Ba3 | Below BB- | 8 |
| Not rated |
8 | ||
*The load cap for this November 2025 Auction is 13 tranches; as such, the maximum number of tranches a bidder can bid or win in this upcoming Auction is 13 tranches.
Click here to submit a question to the Auction Manager.