Plunging Payouts on Top U.S. Power Grid Slam Coal, Nuclear
- Power providers will get $50 a megawatt-day, down from $140
- ‘I can’t imagine how nuclear is going to be able to cover’
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Coal plants, nuclear reactors and other generators will take a hit next year on the biggest U.S. power grid as payments designed to ensure the lights remain on from New Jersey to Illinois plunge 64%.
Suppliers to PJM Interconnection LLC’s grid, which serves more than 65 million people, will get $50 a megawatt-day to provide backup capacity for the year starting June 2022, according to the results of an auction released Wednesday. It’s the lowest price in 11 years.