Hardware Podcasts

PJM and ERCOT navigate a capacity rollercoaster

Catalyst · 12 Feb 2026 · 40m

What this episode covers

Paul Segal, CEO of LS Power, discusses the extreme volatility in US wholesale power markets, specifically the capacity crunch in PJM and the unexpected load behavior in ERCOT. He explains how PJM shifted from market stasis to a shortage due to rapid data center growth, leading to a federal emergency order requiring large loads to pay for their own capacity. In ERCOT, Segal highlights how high forward prices triggered over 10 gigawatts of uncontracted demand response during a recent winter storm, compressing merchant battery spreads and creating a cyclical investment environment.

Most relevant to

large enterprises

Topics

Mentioned

Companies
LS Power, EnergyHub, Uplight, Antenna Group, Latitude Media
Also
PJM, ERCOT, Uri

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