Real-Time TB4 spreads averaged $389/MW-day in May, up from April’s $368 and 106% above May 2025

Average daily TB4 spread, by month ($/MW-day)

Day-Ahead

Real-Time

Source: PJM, Modo Energy

Note: TB4 spread calculated as the difference between the 4 highest and 4 lowest price hours in each day.

MODOENERGY