Real-Time TB4 spreads averaged $317/MW-day across August, 78% above August 2025 and 65% below July

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

Day-Ahead

Real-Time

Source: PJM, Modo Energy

Note: TB4 spread is the difference between the 4 highest and 4 lowest price hours each day. August Real-Time values cover 27 of 31 days of verified settlement data.

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MODOENERGY