U.S. Rep. Morgan Griffith representing Virginia's 9th Congressional District | Official U.S. House headshot
U.S. Rep. Morgan Griffith representing Virginia's 9th Congressional District | Official U.S. House headshot
Results released today from PJM Interconnection’s Capacity Auction, which includes almost all of Virginia, show significant price increases for reserving capacity in 2025/2026. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:
“As demand for electricity grows in the United States, coupled with the retirement of coal and natural gas power plants, a new kind of economic turmoil brews. The results of PJM’s auction are evidence to me that rapid base-load retirements lead to skyrocketing power costs. Americans are already paying more because of inflation, now those costs are being compounded because of left-wing Democratic party policies, led by the Biden-Harris Administration, to stamp out reliable fossil fuels.”
Power Company | Capacity Price (price/MW-day) 2024-2025 | Capacity Price (price/MW-day) 2025-2026
--- | --- | ---
APCo | $28.92 | $269.92
KY Utilities/Old Dominion | $28.92 | $269.92
Dominion Energy Virginia* | $28.92 | $444.26
*First auction with a separate Dominion zone.
** While this auction is bad news for future rates, you will not see a nine-fold increase in your electric bill because these are not the rates for the vast majority of the power you use. This auction is for excess power during particularly hot, cold or emergency situations. However, it is likely to cause rate increases in the future.
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