Energy Market Daily Digest — July 28, 2026

Market status — July 28, 2026

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PJM — Routine summer operations across all pricing zones

• 5CP Capacity Tags: July peak days tracking normally against 5CP thresholds. System maintenance completed July 8 with data availability restored. Load data accessible through Data Viewer.
• Real-Time LMP: No major congestion hotspots reported in Western Hub or AEP-Dayton. Locational pricing remaining within seasonal norms for late July.
• Demand Response: Economic dispatch signals stable. DR resources positioned for potential peak call-outs during remaining hot days in August.

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NYISO — Standard capacity market operations with ICAP auctions proceeding

• ICAP Tag Tracking: Monthly ICAP auction cycle ongoing. No unforced capacity (UCAP) qualification issues flagged. Event calendar normal with no de-list bids or show-cause notices active.
• CBEP Program Alerts: Customer Benefit Emergency Participation program inactive. No demand response activations required. Standard summer protocol maintained.
• Day-Ahead Pricing: Zone spreads (NYC, Long Island, Capital) stable. No transmission constraints driving locational price adders.

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ERCOT — 4CP Season Active, Mid-Summer Load Tracking

• 4CP Season Tracking: Currently in 4CP measurement window (June–September). Peak loads during June-July evening hours tracking within 2% of 2025 summer peaks. ERCOT 4CP calculations active for all LSEs. August heat pattern expected to present highest stress days.
• ORDC Pricing: Operating Reserve Demand Curve adders ranging 200–400 $/MWh during afternoon/evening blocks on high heat days. No VOLL approach or reserve shortfalls to date. Physical Responsive Capability on-line averaging 6.2 GW.
• Grid Condition Alerts: No Weather Watch, Watch, or Warning alerts issued as of market close July 27. Monitoring continues for heat waves moving into first week of August.

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ISO-NE — Forward Capacity Market Pricing Decline, Stable Reliability

• FCM Tag Events: Forward Capacity Market value at $78 million in June 2026, down 13% month-over-month and year-over-year. No active de-list bids or qualification challenges. Capacity commitment periods tracking normally for 2026 delivery year.
• Capacity Market Integration: Recent FCA cleared with adequate reserve margin over ICR. Import/export flows normal for summer pattern. No zone transfers flagged.
• Load Forecasting: Peak load outlook for this week tracking 1–2% below 5-year average. Seasonal cooling demand stable heading into August.

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MISO — Capacity Auction Cleared with Adequate Margin, Solar Expansion Continues

• Zonal Pricing: 2026/27 Planning Resource Auction cleared at $116–126/MW-day annualized across all zones, down from $212–217/MW-day prior year. Summer season pricing at $424.30/MW-day (North/Central), $384.10/MW-day (Arkansas/Mississippi), $412.10/MW-day (Louisiana/Texas). No transmission constraints driving zone spreads.
• Planning Resource Auction: PRA cleared with 3.5 percentage points above 7.9% reliability reserve target. No capacity shortfalls identified. Accredited solar capacity 12.2 GW (up 59% YoY), reducing fossil-fuel reliance in resource mix.
• Real-Time Settlements: Settlement intervals processing normally. No unusual make-whole payment activity. Zonal real-time pricing stable.

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CAISO — Late July Heat Period Monitoring, Demand Response Standing By

• Flex Alerts: No Stage 1/2/3 Flex Alerts issued as of market close July 27. Heat forecasts for first week of August suggest elevated peak periods. Flex Alert framework ready for deployment if reserves approach 5% threshold.
• Renewable Curtailment: Solar curtailment volumes minimal (<2% of available solar) due to balanced load/supply midday. Wind curtailment negligible. No overgeneration crises reported on stable weather days.
• NQC Integration: Net Qualifying Capacity updates finalized for 2026 resource adequacy cycle. No RA deficiency notices. Flexible capacity needs assessment 2026 shows adequate headroom for peaking and load-following resources.

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Cross-Market Watch — August Peak Season Ahead

• Multi-ISO Impacts: Heat wave forecast for first week of August expected to drive 4CP events in ERCOT and CAISO, and peak load days in PJM and NYISO. MISO unaffected by southern heat pattern. ISO-NE seasonal peak typically mid-August; currently below norms.
• Regulatory Updates: FERC monitoring continued grid reliability during summer peak. No new capacity adequacy directives issued. NERC summer assessment (released June 2026) maintains adequate reserve margin across all North American regions through summer 2026.

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