UCAP (Unforced Capacity) is the megawatt value of a capacity resource in the PJM Capacity Market. For generating unit, the unforced capacity value is equal to installed capacity of unit multiplied by (1- unit’s EFORd). For demand resources and energy efficiency resources, the unforced capacity value is equal to demand reduction multiplied by Forecast Pool Requirement.
Source: https://www.pjm.com/Glossary
PJM recently updated its Capacity Auction schedule for the 2026/27 Base Residual Auction. The auction was set to begin in early December 2024 but has now been delayed and is scheduled to take place in early July 2024. PJM is now scheduled to open the offer window for the 2026/27 BRA on July 9th, 2025 for market participants. The Capacity auction window will close on July 16th, and PJM plans to post the auction results on July 22nd.
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