The auction, meant to ensure sufficient power supply in the future, closed at a record price for the second year in a row.

PJM Interconnection's 2026/2027 base residual auction fetched the FERC-mandated price cap in all zones, $329.17/MW-day.

Talen Energy surged after prices from the annual energy auction held by PJM Interconnection, the largest US power grid operator, rose 22% from last year's record-high levels.