Pennsylvania Gov. Josh Shapiro said he worked with PJM to lower the capacity auction price cap – from over $500/MW-day to $325/MW-day.

Eastern grid operator PJM Interconnection LLC reached a preliminary agreement Tuesday with Pennsylvania Gov. Josh Shapiro to resolve a pending lawsuit to cap prices paid to electricity generators for future supply.

Pennsylvania Governor Josh Shapiro on Tuesday said he has reached an agreement with grid operator PJM Interconnection to settle his recent complaint about its power market rules and save consumers over $21 billion in energy costs over two years.

Pennsylvania Gov. Josh Shapiro on Tuesday announced he’s reached agreement with the regional grid operator PJM Interconnection that he said will blunt the expected sharp rise in the cost of electricity later this year.

Josh Shapiro has pressed the Eastern grid operator for answers to high prices amid tighter electricity supplies.

PJM Interconnection and Pennsylvania Governor Josh Shapiro have settled a lawsuit over PJM’s capacity market pricing, agreeing to lower the grid operator’s auction price cap from over $500/MW-day to $325/MW-day.

If approved, the agreement would settle a complaint by Pennsylvania Gov. Shapiro over the PJM Interconnection’s capacity auction price cap.

The organization that oversees the region’s electrical grid has agreed to a new cap on certain power price hikes, following a threat from Pennsylvania Gov. Josh Shapiro to consider pulling out of the system.