March 2026 had 108 hours below $20/MWh versus just 13 in 2025, widening the daily range that drives TB spreads

Hourly system demand (GW) vs real-time LMP ($/MWh)

March 2026

March 2025

Source: PJM, Modo Energy

Note: Each point represents one hour. Y-axis capped at 300 $/MWh; spikes above this level are visible in tooltips.

MODOENERGY