PJM's power auction fell 6.8 GW short for a third straight year, as data center demand pushes the US grid toward its limits.

A PJM market watchdog calls the shift a "massive wealth transfer" to tech companies, but there's a peak-demand loophole.

PJM's capacity auction for 2027/2028 fell 6,517 MW short, hitting the $333.44/MW-day price cap as AI data center demand outpaces grid supply additions.