The most recent RGGI quarterly auction (Auction 61) was held on September 6th. The clearing price was $13.85/ton, 8.8% higher than the clearing price of $12.73/ton on June 7, 2023. Auction 61 represents the largest increase in clearing price in percentage terms since Auction 54 in December 2021.
At the end of July, regulations were published to withdraw Virginia from the Regional Greenhouse Gas Initiative (RGGI). The regulation, which was to take effect on August 30, 2023, requires that Virginia withdraw from the RGGI program at the end of this year. As expected, a legal challenge was filed immediately by the SELC.
Earlier this month, PJM issued an update on its new process for studying New Service Requests from generators seeking Interconnection Service Agreements (ISAs) or Wholesale Market Participant Agreements (WMPAs). This new process was approved by the Federal Energy Regulatory Commission (FERC) on November 29, 2022, and was implemented to address the significant backlog of generation projects with queue positions awaiting ISAs or WMPAs.
In ESAI’s latest Capacity Watch update, ESAI delivers our NYISO Capacity Market Forecast out to 2032/33 Capability Year.
RGGI quarterly Auction 60 was held on June 7, 2023. The clearing price was $12.73/ton, 1.8 percent higher than the clearing price of $12.50/ton on March 8, 2023 (see Figure 1). Auction 60 represents the first auction with a clearing price higher than the previous auction since Auction 56 in June 2022, reversing the recent trend of declining clearing prices.
ESAI brings 20 years of experience analyzing and forecasting the Capacity Markets in PJM, ISO-NE and NYISO, into our new Capacity coverage of MISO. ESAI also maintains a MISO Energy Asset Database (Delivered to subscribers in excel) that tracks the MISO Interconnection queue to forecast Renewables Additions that produces a Probability Weighted Renewable Additions forecast, any Fossil Additions, and also any plant Retirements or forecasting plants at risk of retirement.
The Platts Global Power Markets™ Conference connects the power industry at the Wynn Hotel in Las Vegas, from April 17-19. Schedule a meeting with our ESAI Team at the conference to learn how we can help you make better investment decisions. Our Tom Bausemer and Brian Doyle will be attending the event and if you are interested in meeting up with them to discuss our wholesale power market research reports, please fill out the form to the right.
ESAI Power is seeking candidates for analyst positions to support our growing market research and consulting practice. Successful candidates will have a degree in Economics, Mathematics, Finance, Statistics, Energy & Environmental Policy, or Power Systems Engineering, and/or 3-4 years of relevant experience. A sincere interest in the electricity industry, renewable energy, & environmental issues, along with an understanding of economics, excellent analytical, writing & presentation skills are essential.
ESAI Power is seeking a candidate for a Senior Research Manager position to support our growing market data and analytics business. Successful candidates will have a degree in Economics, Mathematics, Finance, Statistics, Energy & Environmental Policy, or Power Systems Engineering, and 4+ years relevant power markets experience. A sincere interest in the electricity industry, renewable energy issues, capacity and carbon markets along with an understanding of economics, excellent analytical, report writing & presentation skills are critical.
The most recent RGGI quarterly auction (Auction 59) was held on March 8, 2023. The clearing price was $12.50/ton, 3.8% lower than the clearing price of $12.99/ton on December 7, 2022 (see Figure 1). Auction 59 represents the third consecutive auction with a clearing price at least three percent lower than the previous auction. The trend of lower clearing prices in recent auctions is notable given that clearing prices had increased in 12 consecutive auctions from September 2019 through June 2022.