PJM/MISO deal flow has kept the PJM pricing desk busy booking Price Locks, Fixed Price and Index to Fixed conversion deals as the market continued to be volatile over the last few weeks.

PJM Cal 2026 West Hub On Peak is trading around $70.15/MWh Monday morning, November 24. Cal 27 and Cal 28 are around $71.25/MWh.

Over the past few weeks, winter forecasts have started mentioning the term “Polar Vortex,” which is a large area of low pressure and cold air around the Arctic. The term gained attention in 2014 when energy prices surged higher due to extremely cold temperatures. Forecasters are adding to their discussion the possibility of a weakening Polar Vortex, which means the circulation becomes unstable and can allow frigid Arctic air to spill southward. This could bring colder than expected temperatures for much of the US for December 2025.

Natural gas for December is trading around $4.64/mmbtu, down 2.2% from Friday’s settle. Jan-Feb natural gas is trading around $4.47/mmbtu for the package.