WASHINGTON, D.C.—Yesterday, PJM Interconnection announced the results of its 2021/2022 Reliability Pricing Model Base Residual Auction. The following is a statement from Maria Korsnick, the Nuclear Energy Institute’s president and chief executive officer:
“This year, more than 10,000 megawatts of nuclear power failed to clear the annual PJM capacity auction. This simple fact serves as a warning that the largest grid operator in the United States is at risk of further loss of reliable, resilient power and its largest source of clean electricity.
“The results of the auction demonstrate the economic pressures facing well-run nuclear plants. Plants in the PJM market are more at risk of premature closure now than ever before. Distorted market forces jeopardize clean, fuel-secure sources of electricity. If these plants are forced to close because markets are not being reformed to value the attributes that nuclear provides to the grid, we will face an energy supply that is less diverse, less clean and overly reliant on natural gas.
“Immediate action is needed to reform these markets to value the attributes of the power they produce. Energy Secretary Perry has been ringing the warning bell that fuel security and resilience are critical to energy security and national security. Only by bringing the capacity and energy markets into better balance will we be able to realize the benefits of a diverse energy supply.”