Market status — September 5, 2026
PJMELEVATED
NYISOWATCH
ERCOTWATCH
ISO-NENORMAL
MISOEMERGENCY
CAISOWATCH
Emergency
Elevated
Watch
Normal
PJM — Heat week winding down after a 152.5 GW peak, DR dispatch and a DOE emergency order
- 5CP Capacity Tags: PJM served a preliminary hourly integrated peak of 152,518 MW on Sept. 1, the highest of the week, followed by 141,533 MW on Sept. 2 (storms cut the peak below forecast) and a 146,265 MW forecast for Sept. 4. A Hot Weather Alert covered the full footprint through Sept. 4. Sept. 1 is a strong candidate for a September 5CP hour; organizations tracking capacity tags should confirm their interval data for the Sept. 1 late-afternoon window. Source: PJM Inside Lines, Sept. 3.
- Real-Time LMP: PJM issued a Maximum Generation Alert and Load Management Alert for Sept. 3, signaling tight reserves and potential export curtailments to neighboring systems. Expect elevated real-time prices and congestion to have cleared across Western Hub, AEP-Dayton and the Mid-Atlantic during the Sept. 1 to Sept. 3 window; the alerts have since lapsed. Source: PJM Inside Lines, Sept. 2.
- Demand Response: PJM called a Pre-Emergency Load Management Action on Sept. 1 in the Pepco, BGE, AEP, Dominion and ComEd zones. PJM also requested and received a DOE Section 202(c) emergency order, effective through Sept. 8, allowing environmental permit relief for generators and the ability to direct backup generation at large loads if needed. DR participants in the named zones should reconcile Sept. 1 performance now.
NYISO — Regional heat dome passing, no system alerts surfaced, ICAP activity routine
- ICAP Tag Tracking: No new UCAP tag or capacity auction announcements in the last 24 hours. The 2026 to 2027 Capability Year continues under the capacity accreditation framework FERC accepted for 2026 implementation. Source: NYISO ICAP Market.
- CBEP Program Alerts: No Customer Benefit Emergency Participation activations were identified from NYISO or trade coverage during this week’s Eastern heat event.
- Day-Ahead Pricing: The same heat dome that pushed PJM and MISO into emergency procedures reached the Northeast this week, so NYC and Long Island zone spreads likely widened on Sept. 1 to Sept. 3. Real-time conditions can be checked on NYISO System Conditions; no NYISO press release on the event was posted.
ERCOT — Final 4CP month underway, grid conditions normal, no active watches
- 4CP Season Tracking: September is the last of the four 4CP months. ERCOT set a preliminary all-time peak of 85,559 MW earlier this summer without conservation requests, so a September interval will need to beat prior monthly peaks to matter for transmission cost allocation. Watch weekday late afternoons through mid-September. Source: ERCOT 4CP calculations and Utility Dive.
- ORDC Pricing: No reserve shortfalls or high ORDC adder events reported in the last 24 hours. Battery storage and new solar continue to cap evening scarcity pricing. Source: ERCOT Grid and Market Conditions.
- Grid Condition Alerts: No Weather Watch, Watch, Warning, Emergency or Conservation Alert is currently active. Source: ERCOT TXANS.
ISO-NE — Quiet operations, offshore wind output record, capacity reform on schedule
- FCM Tag Events: No qualification, de-list or show-cause notices in the last 24 hours. The Capacity Auction Reforms prompt-auction proposal (CAR-PD) was accepted by FERC on March 30, with the second filing (CAR-SA) expected in Q4 2026. Source: ISO-NE Capacity Auction Reforms.
- Capacity Market Integration: ISO-NE told the NEPOOL Participants Committee that the region’s three offshore wind plants combined for a record 930 MW instantaneous output on the evening of Aug. 30. Source: RTO Insider, Sept. 3.
- Load Forecasting: No Power Caution or capacity deficiency declared this week; peak load remained within the seasonal outlook. Source: ISO-NE Seven-Day Capacity Forecast.
MISO — Footprint-wide emergency procedures and a record 123 GW September peak on Sept. 2
- Zonal Pricing: An intense early-September heat dome pushed MISO into short-lived emergency procedures across its entire footprint, and the RTO served its highest-ever September peak at roughly 123 GW on Sept. 2. Day-ahead nodal prices for the Sept. 2 afternoon showed broad scarcity across the central and southern zones. Source: RTO Insider, Sept. 3.
- Planning Resource Auction: This is the first system-wide emergency under MISO’s simplified three-step Max Gen structure (effective June 1), which maps directly to NERC EEA levels. The 2026/27 PRA cleared summer capacity near $400/MW-day, and this event shows why the summer premium persists. Source: MISO Max Gen Event Simplification and RTO Insider.
- Real-Time Settlements: Expect elevated real-time settlement intervals and emergency-pricing make-whole payments for Sept. 2. Load Modifying Resources and demand response accredited in the PRA were likely called; participants should verify deployment instructions and performance now, as MISO real-time notifications are deleted after 30 days. Source: MISO Real-Time Operations Notifications.
CAISO — No Flex Alerts, but September is the most stressed month and BPA is reopening the EDAM debate
- Flex Alerts: No Flex Alert or EEA has been issued. CAISO’s 2026 Summer Assessment identifies September as the most stressed month, with the 1-in-2 managed peak forecast at 46,844 MW on Sept. 2 (hour ending 18), driven by high loads and reduced solar availability. Source: CAISO 2026 Summer Loads and Resources Assessment.
- Renewable Curtailment: Midday oversupply is easing with shorter days and higher afternoon loads; no notable curtailment event reported. Source: CAISO Curtailed Generators.
- NQC Integration: No new RA deficiency notices. Market structure news dominated: BPA Administrator Travis Kavulla said the agency may reverse its Markets+ commitment and join CAISO’s EDAM if governance independence is ensured, a shift that would materially expand EDAM’s footprint. Source: RTO Insider, Sept. 4.
Cross-Market Watch — Early-September heat dome hit two RTOs at once; large-load rules on the clock
- Extreme heat: The same heat dome produced a DOE 202(c) order and DR dispatch in PJM and footprint-wide emergency procedures plus a record September peak in MISO within 48 hours. Interregional transfers were constrained as PJM warned neighbors of possible export curtailments. Source: PJM Inside Lines and RTO Insider.
- Large-load reliability standards: FERC has directed NERC to file mandatory reliability standards for computational loads by Dec. 31, 2026 (Docket RD26-7). MISO filed its large-load reliability requirements at FERC on Aug. 28 in response to the June show-cause orders, with more filings due by Nov. 16. Source: RTO Insider and Utility Dive.
- Western resource adequacy: SPP’s board approved a stopgap tariff change after three EEAs this summer in its Western balancing authority area; imports covered the shortfall on nearly every tight day from April into August. Source: RTO Insider, Sept. 3.
HOW INTELLASTAR ENERGY ANALYST CAN HELP
Today’s conditions create specific opportunities — and risks — for your organization.
MISO — Emergency
A record 123 GW September peak and footprint-wide emergency procedures mean your Sept. 2 interval data now drives both settlement exposure and DR performance credit.
Intellastar Energy Analyst pulls your meter intervals against MISO’s emergency-pricing windows so you can see exactly what the event cost or earned you before settlements post. It also archives the real-time notifications MISO deletes after 30 days, so your performance record is preserved.
PJM — Elevated
Sept. 1’s 152.5 GW peak is a likely 5CP hour, and the DR dispatch in five zones means your capacity tag and your DR performance were both set this week.
Intellastar Energy Analyst flags probable 5CP hours as they happen and shows how much load you carried through each one, so you know your next capacity obligation months before the tag is published. For DR participants, it reconciles curtailment performance against PJM’s Pre-Emergency Load Management windows.
ERCOT — Watch
September is the last 4CP month of 2026, and one hot weekday afternoon can still lock in a full year of transmission charges.
Intellastar Energy Analyst watches ERCOT’s load forecast against the June through August peaks and alerts you on days when a September interval could become a 4CP hour. You get a clear curtail-or-hold call each afternoon instead of guessing through the whole month.