Deal flow in PJM/MISO was strong right up to the end of 2025 as customers locked in favorable energy prices. The PJM pricing desk was busy booking Price Locks and Incremental Blocks while the market continued to sell off into the end of December.

As of Tuesday morning, January 16, PJM Cal 2027 West Hub On Peak is trading around $66.40/MWh, with Cal 28 and Cal 29 hovering around $66.30/MWh and $66.50/MWh respectively.

After running up in October and November mostly because of the winter forecast, PJM power spent most of December selling back off as updated forecasts pointed to milder conditions than initially expected.

Near term forecasts are now predicting heavy snow, high winds and extreme cold across the Great Lakes, Ohio Valley and Northeast. This has the Balance of Cal 2026 up this morning, while the rest of the curve remains flat to slightly up.

Natural gas for February is trading around $3.37/mmbtu, down 0.9% from Monday’s settle. February natural gas was around the $4.85/mmbtu level the first week of December.