PJM RPM Capacity Market Description
PJM’s capacity market, called the Reliability Pricing Model (RPM), ensures long-term grid reliability by securing the appropriate level of power supply resources to meet projected energy demand. The RPM was introduced in 2007 and replaced the previous capacity market structure, bringing a more forward-looking and locational approach to capacity procurement across PJM’s 13-state region.
PJM Capacity Market Auctions include both Base Residual Auctions (BRA) and Incremental Auctions (IA). The BRA is the primary auction, held approximately 3 years before the delivery year, and secures most capacity commitments. Incremental Auctions are conducted closer to the delivery year to allow for adjustments as load forecasts, resource availability, and grid conditions are updated. Eligible capacity resources include traditional generation, demand response, energy efficiency, and energy storage. All resources that clear the auction are obligated to be available during the delivery year and receive a capacity payment in return.
Here is a calendar of upcoming PJM capacity market auctions.
2026/27 Incremental Auction Activity |
|||
Auction Type |
Auction Window Opens |
Auction Window Closes |
Auction Results Posted |
| 3rd Incremental Auction – Delivery year 2026/27 | February 2026 | Early March (TBD) 2026 | Early March (TBD) 2026 |
Updated October 26, 2025
‘Proposed’ Auction Date – Month/Year |
Auction Type |
Delivery Year |
Notes |
| December 2025 | Base Residual Auction | 2027/28 | The 2027/28 BRA current schedule is for the auction window to open on 12/4/2025, and the auction window to close on 12/10/2025, with PJM posting auction results on 12/17/2025.
The table to the left outlines PJM’s requested revised schedule. Note that PJM is proposing to be back on a normal schedule for BRAs starting with the 2030/31 BRA that is currently scheduled for May 2027. |
| February 2026 | 3rd Incremental Auction (IA) | 2026/27 | |
| June 2026 | Base Residual Auction (BRA) | 2028/29 | |
| December 2026 | Base Residual Auction (BRA) | 2029/30 | |
| February, 2027 | Third Incremental Auction (IA) | 2027/28 | |
| May 2027 | Base Residual Auction (BRA) | 2030/31 | |
| July 2027 | 2nd Incremental Auction | 2028/29 | |
| February 2028 | 3rd Incremental Auction | 2028/29 |
October 26, 2025
ESAI Power is providing this information to assist you in understanding the schedules for different ISO/RTO Energy Auctions. Note that ESAI Power urges all market participants to check all market rules and ensure that you are complying with all requirements for each ISO/RTO.
More Information
- To confirm dates for PJM Auctions – please consult the PJM website here:
https://www.pjm.com/-/media/markets-ops/rpm/rpm-auction-info/rpm-auction-schedule.ashx - To learn more about PJM’s Capacity Market, and the Reliability Pricing Model (RPM) click on the link below:
https://www.pjm.com/markets-and-operations/rpm.aspx
About ESAI Power
ESAI Power is a market research and consulting firm that delivers focused analysis of the wholesale power markets in the Northeast region of the US: PJM, NYISO, and ISO-NE. Since 2003, ESAI has been providing market-focused research product content and custom consulting services for Private equity and infrastructure investors, IPPs, lenders, developers, traders, retail electricity suppliers, regulators & RTOs.