The largest power market in the U.S. just sent a clear warning signal.

PJM’s latest capacity auction cleared at the maximum price allowed by regulators—and still failed to secure enough power to meet future reliability targets. This isn’t about volatility or speculation. It’s about structural strain inside the grid.

In this episode, we break down what actually happened, why rising demand—especially from data centers—is colliding with slow supply growth, and what this means for electricity costs, reliability, and future generation development.

This is a market signal, not a headline.