ERCOT, the Electric Reliability Council of Texas, operates the most volatile wholesale power market in the United States. No other ISO combines a largely isolated…
In today's U.S. capacity markets, two acronyms are increasingly shaping investment decisions: ELCC (Effective Load-Carrying Capability) and DSCR (Debt Service Coverage Ratio). They are no…
The 2026/2027 PJM 3rd Incremental Auction (3IA) cleared at $164/MW-day, well below the Base Residual Auction cap of $329.17/MW-day. The gap has generated questions from…
With $150 billion of capacity revenue at stake, PJM's planning for a long-term auction process later this year has outsized stakes for project finance in…
PJM's Base Residual Auction for Delivery Year 2027/28 cleared at the Cost of New Entry, approximately $333/MW-day. That outcome was not a market anomaly. It…
Investors regularly optimize for demand growth but often struggle to model the complexity imposed by supply constraints. In energy, remembering both sides of the equation…
Energy transition investors kept the US energy economy humming during the real world climate risk “stress test” of the last week. As system strains mount…