PJM/MISO Deal Flow Shows Patience

May 28, 2025 

PJM /MISO deal flow indicates that customers are selecting entry points following upward moves. According to our pricing and load management team, deal flow has been moderate the last couple of weeks and recent trends indicate customers are locking in when the market moves higher rather than taking advantage of down days. 

The strategy indicates little interest in paying the offer on big up days, but a preference to wait for the dust to settle and pick an entry point following a move up. In technical terms, buyers are waiting for the market to show direction and then buying the pull back. While this can be a good strategy, a more aggressive posture might be needed ahead of warmer temps and hurricane season which can cause upside volatility.

For the week ending 5/23/2025, Cal 2026 West Hub On Peak Energy rose about $1.0 / MWh after dropping nearly 3.00/ MWh in the previous week. The energy market is still in backwardation, but Cal 27 – 29 are now all about even.