In H1 2026, one theme came to define U.S. power markets: reallocation. As AI and data-center demand outpaced a delivery-constrained grid, the year turned less on adding capacity than on redirecting it — who pays for reliability, what provides it, and where the grid gets built next. PJM A capacity shortfall, a record grid bill, and a $67B merger PJM's capacity market reached its limits in H1 2026. The 2027/28 capacity auction cleared at its price cap yet still recorded the fi
