FERC revises PJM transmission order, backs PNM price-cap review and clears MISO tariff changes

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FERC revises PJM, MISO orders

Highlights

FERC modifies its 2025 PJM Interconnection order, partly sets aside its December order, and requires PJM and PJM transmission owners to file further compliance materials within 60 days.
FERC finds no basis for further action on PNM's spot market energy sales above the $1,000 per MWh WECC soft price cap after the Mobile-Sierra analysis per the D.C. Circuit's 2024 Shell Energy N.A. v. FERC decision.
FERC conditionally approves MISO tariff revisions to implement new reforms for the 2028/2029 planning year, targeting improved real-time resource visibility and emergency operations.

Commission actions on transmission and market rules

As reported by the Federal Energy Regulatory Commission, the agency modifies discussion in its 2025 PJM Interconnection order, sets aside that December order in part, and grants in part and denies in part requests for clarification and rehearing.

The commission also accepts in part and rejects in part PJM’s compliance filing tied to directives from the earlier order. It directs PJM to submit a further compliance filing within 60 days of the date of the order, and separately requires PJM transmission owners to file compliance materials within the same 60-day period on rates, terms and conditions for new transmission services.

In a separate order, FERC says there is no basis for further commission action concerning PNM’s spot market energy sales above the WECC soft price cap of $1,000 per MWh after conducting the Mobile-Sierra analysis required by the D.C. Circuit’s Shell Energy N.A. (U.S.), L.P. v. FERC ruling from 2024.

Grid operations impact for U.S. power markets

FERC also accepts, subject to condition, proposed tariff revisions from Midcontinent Independent System Operator, Inc. to implement reforms starting with the 2028/2029 planning year. The changes are designed to improve real-time visibility and the efficient procurement and operation of demand-side resources and certain supply-side resources that choose to participate during emergencies.

The decisions point to continued regulatory focus on transmission service design, market conduct reviews and emergency reliability tools across major U.S. power regions. For utilities, grid operators and market participants, the June meeting actions set up additional compliance work while clarifying how the commission is approaching transmission reforms and price-cap oversight.

Our earlier coverage of Rogers Communications highlighted how regulatory scrutiny can quickly translate into added compliance pressure and headline risk for market participants. We noted the CRTC’s formal warning over newly introduced fees and the wider dispute over switching rules and access to lower-priced plans, alongside a cautious technical setup that kept traders focused on key support and resistance levels.

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