PJM Summer Outlook: Adequate Resources Available To Meet Summer Demand Under Anticipated Conditions
VALLEY FORGE, Pa., May 2, 2024 /PRNewswire/ -- PJM Interconnection expects to meet summer electricity demand in 2024, though continuing generator retirements and increasing demand continue to erode reserve levels for the operator of the nation's largest electrical grid. Tighter reserves could result in the use of demand response or additional emergency procedures under scenarios involving extreme heat combined with significant generator outages.
- The system is experiencing what PJM forecast in its 2023 Resource Retirements, Replacements and Risks (PDF) paper: The loss of generation resources is outpacing the addition of replacement resources amid accelerating growth in consumers' demand for electricity.
- That means PJM has fewer generation resources to draw on this summer compared with 2023 – approximately 182,500 MW of installed generating capacity is available in 2024 to meet customer needs, compared with approximately 186,500 MW of installed capacity last summer.
- PJM also projects higher peak demand for electricity this summer at approximately 151,000 MW compared with the 2023 summer peak load of 147,000 MW.
- The National Weather Service predicts above-average temperatures this summer for the entire PJM footprint, as well as wetter conditions than normal.