The PJM market has gone through a multi-year transformation as natural gas has overtaken coal as the primary fuel. Cheap natural gas has depressed power prices, while the growth in renewables, low load growth, and increased demand response/energy efficiency have provided additional shocks to the system.
The PJM footprint is one of the the most vibrant and liquid energy markets in the world. However, the outlook of this market is uncertain, amid tepid power, renewable energy credit (REC), and capacity prices.
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