Energy Market Daily Digest — September 4, 2026

Market status — September 4, 2026

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PJM — Hot Weather Alert extended through today, DOE emergency order in effect

• 5CP Capacity Tags: PJM served a preliminary peak of 152,518 MW on Sept. 1 and 141,533 MW on Sept. 2 (storms cut the Sept. 2 peak), and forecasts roughly 146,265 MW for today, Sept. 4. The Sept. 1 hour is a strong candidate to enter the 2026 5CP set; today remains a tag-risk day. Source: PJM Inside Lines.
• Real-Time LMP: PJM issued a Maximum Generation Alert and Load Management Alert for Sept. 3 across the full footprint, signaling tight reserve conditions and elevated afternoon pricing risk in Western Hub and the Dominion/BGE/Pepco zones. Source: PJM Inside Lines.
• Demand Response: PJM called a Pre-Emergency Load Management Action on Sept. 1 in Pepco, BGE, AEP, Dominion and ComEd, and secured a DOE 202(c) emergency order (effective through Sept. 8) allowing permit relief for generators and direction of backup generation at large loads. DR participants should expect possible further deployment today. Source: PJM Inside Lines.

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NYISO — Monitoring the same heat pattern; no NYISO-specific alert found in the last 24 hours

• ICAP Tag Tracking: No new UCAP tag or auction announcements in the last 24 hours. With PJM peaking above 152 GW on Sept. 1, New York loads this week are worth checking against the 2026 statewide peak forecast of 31,578 MW for ICAP tag purposes. Source: NYISO.
• CBEP Program Alerts: No CBEP or emergency demand response activation located on nyiso.com in the review window. NYISO’s summer assessment noted margins turn negative (about -1,679 MW) in a sustained 95-degree heat wave absent emergency actions, so a multi-day event remains the trigger to watch. Source: Utility Dive.
• Day-Ahead Pricing: No published zone-level spread commentary from approved sources for today; analysts should check NYC (Zone J) and Long Island (Zone K) day-ahead results directly given regional heat. Source: NYISO.

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ERCOT — Final month of 4CP season; no grid alerts issued

• 4CP Season Tracking: September is the fourth and final 4CP month. ERCOT publishes 4CP calculations by Distribution Service Provider for June through September, and the September interval is still open, so afternoon peaks over the next few weeks remain tag-relevant. Source: ERCOT.
• ORDC Pricing: No reserve shortfall or high ORDC adder event reported by ERCOT or approved trade media in the last 24 hours. Source: ERCOT.
• Grid Condition Alerts: No Weather Watch, Conservation Appeal or emergency notice posted. ERCOT’s most recent news release is dated June 18, 2026. Source: ERCOT.

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ISO-NE — System status Normal; capacity market redesign is the structural story

• FCM Tag Events: No qualification, de-list or show-cause notices in the last 24 hours. Source: ISO-NE.
• Capacity Market Integration: FERC has approved ISO-NE’s Capacity Auction Reforms, moving to a prompt, seasonal capacity market with accreditation changes for the commitment period beginning June 1, 2028. Capacity-tagged customers should plan for a shorter forward horizon. Source: RTO Insider.
• Load Forecasting: ISO-NE’s home page shows Power System Status: Normal. Typical 2026 summer peak is forecast at 25,228 MW (26,473 MW under above-average weather). Source: ISO-NE.

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MISO — Emergency procedures declared, record September peak of 123 GW

• Zonal Pricing: An early-September heat dome pushed MISO into short-lived footprint-wide emergency procedures on Sept. 2, with day-ahead prices for the 4 p.m. ET hour elevated across the Central and North regions. Source: RTO Insider.
• Planning Resource Auction: MISO served its highest-ever September peak at about 123 GW on Sept. 2, a useful stress test of the 2026-27 PRA outcome, which cleared summer at $424.30/MW-day in North and Central. Source: Utility Dive.
• Real-Time Settlements: Emergency-interval pricing and any emergency demand response deployments from Sept. 2 will flow through upcoming settlement statements; participants should review RT intervals for that afternoon. Source: MISO.

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CAISO — Quiet conditions; no Flex Alerts

• Flex Alerts: No Flex Alert or Energy Emergency Alert issued. CAISO’s 2026 summer assessment shows a surplus of about 2,547 MW under standard planning targets. Source: CAISO.
• Renewable Curtailment: No notable curtailment event reported; routine daily curtailment snapshots are available from CAISO. Source: CAISO.
• NQC Integration: No new RA deficiency notices in the review window. Source: CAISO.

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Cross-Market Watch — Eastern heat dome and federal load-integration actions

• Extreme heat: The same heat dome drove emergency actions in both PJM and MISO this week, with PJM’s DOE 202(c) order effective through Sept. 8. Coincident-peak exposure is elevated across the Eastern Interconnection through the weekend. Source: PJM Inside Lines.
• Regulatory: FERC has directed NERC to file mandatory reliability standards for data centers and other large computational loads by Dec. 31, 2026, and issued show-cause orders to all six RTOs on large-load interconnection rules. Source: RTO Insider.
• Market rules: MISO’s extended deadline for Order 881 (ambient-adjusted line ratings) tariff compliance was Sept. 1, 2026. Source: FERC.

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