Real-Time TB4 spreads averaged $897/MW-day across September, 244% above September 2025

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. September Real-Time values cover 27 of 30 days of verified settlement data.

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MODOENERGY