Dr. Scott Niemann contributes to all of our research reports and is the lead analyst for Capacity Watch and Energy Watch. Scott is an economist with over 25 years of experience in energy market design, policy, and analysis. He has advised clients on a broad range of commercial and policy-related issues in energy markets and network industries. Much of his current work focuses on capacity auctions, wholesale power markets, addressing capacity market design, infrastructure investments, cost-benefit analysis, LMP pricing, financial transmission rights, resource adequacy markets, seams issues, and market power.
The 2026/27 PJM RPM Base Residual Auction is scheduled for early December. Ethan Howland reports in today’s Utility Dive that according to Morgan Stanley and ESAI Power’s Scott Niemann, PJM capacity auction prices could plausibly clear at the price cap. Whilst clearing at the cap is a “very plausible” outcome, there are scenarios where pricing clears at “substantially” lower prices.
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ESAI Power is a market research and consulting firm that delivers focused analysis of the wholesale power markets in the Northeast region of the US: PJM, NYISO, and ISO-NE. Since 2001, ESAI has been providing market-focused research product content and custom consulting services for Northeast power market participants including investors (banks, private equity, & hedge funds) & developers, generation owners & operators, utilities & retail electricity suppliers, regulators & RTOs, traders, and end-users & buyers.