Governor Josh Shapiro has announced the Federal Energy Regulatory Commission has approved a settlement with a major energy provider that will save Pennsylvanian’s billions.
The settlement with PJM will cap capacity auction price cap at 35 percent avoiding an auction that could have seen historic energy bill increases.
PJM is scheduled to hold an auction in July for future energy prices but will now see the potential rate capped. The governor claims this agreement saves Pennsylvanian’s $21 billion in energy costs.
As prices have increased, the governor has called for long-term solutions such relying on member states to help proved insight on when updated projects are needed, new best practices be implemented, and speeding up stalled interconnection queue to have new projects online.
Shapiro has also called for reforming the capacity market to match real world conditions along with proposing his “Lighting Plan” which aims to increase clean energy production in Pennsylvania to lower energy prices.
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