Three Exelon nuclear power plants do not clear PJM auction

Three Exelon nuclear power plants do not clear PJM auction

Exelon (NYSE: EXC) said three of its nuclear power plants did not clear the PJM capacity auction for the 2018-19 planning year.

The Quad Cities nuclear plant in Illinois, Oyster Creek in New Jersey, and Three Mile Island nuclear power plant in Pennsylvania will not receive capacity revenue from this auction, according to The Wall Street Journal. PJM said it would increase payments to power generators by 37 percent beginning in June 2018, increasing to $164.77 per megawatt per day. The increase is an almost $45 jump over the previous amount reached in auction last year. Power producers bid for long-term contracts to supply electricity, and businesses offer to pay for improvements in efficiency or to cut grid power, the article said.

Exelon said it would consider other things, including EPA’s Clean Power Plan, in its decisions about future operations of the plants. In May 2014, Exelon's Byron, Quad Cities and Oyster Creek plants were all priced out of auction by competing power providers. The Oyster Creek plant is scheduled to close in 2019, and Exelon has said it may consider closing more plants.

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