Lower demand than last year, but prices 23 times higher: why did PJM electricity rise above $1,000 in October?

We compared Tuesday evening, 13 October, with a matching day a year earlier when demand was higher and gas more expensive, yet the most expensive hour cost $78. The difference was a narrow margin during maintenance season: plants offline, less gas and nuclear output at peak hours, then a reserve shortfall priced at hundreds of dollars. All this came days after FERC rejected PJM's plan to disconnect new data centres first.

1,770

Dollars per megawatt-hour, the most expensive hour at PJM's Western Hub on the evening of 13 October

Dollars, the most expensive hour on 6 October 2025, a day with slightly higher demand

61,000

Megawatts of generation offline on Tuesday, according to PJM

Days in 2026 when an hourly price exceeded $1,000, versus two days in 2025

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EL7 Research · Energy

14 October 2026 · PJM data through the evening of 13 October