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AM Briefing

PJM Once Again Hits Its Price Cap at Latest Auction

On America’s thorium progress, Google’s solar buy, and Chinese nuclear

Power lines.
Heatmap Illustration/Getty Images

Current conditions: Canadian wildfires smoke has returned to the Northeast United States, worsening air quality across the region • Catastrophic 1-in-1,000-year floods devastated Missouri’s Black River region, right as intense rainfall is headed for Texas • Temperatures in Beijing are set to drop by nearly 10 degrees Fahrenheit after roasting at nearly 100 degrees yesterday.

THE TOP FIVE

1. PJM’s latest auction lands at the price cap

PJM Interconnection just released the results of its latest capacity auction for 2028 to 2029, and the nation’s largest grid system maxed out its prices yet again. The clearing price hit its cap of $325 per megawatt-day, all while PJM failed to line up enough supply to meet its incoming demand with a sufficient margin of safety. “These auction results show that demand for electricity continues to grow faster than electricity supply,” PJM CEO David Mills said in a statement. “At the same time, PJM recognizes how this supply-and-demand imbalance impacts the reliability of the system and costs for consumers. We are working with government and industry leaders on multiple fronts to restore that balance by bringing on new generation as fast as possible and managing the growth of new load on the grid.” But Julia Kortrey, the director of strategic initiatives for state-level programs at the climate advocacy group Evergreen, said PJM had just “delivered more bad news for people already struggling with higher energy bills,” and accused the grid operator of slow-walking “cheap, clean energy that could lower bills.”

2. Exclusive: America’s leading thorium startup inches closer to producing power

The startup team observes the test reactor at the Idaho National Lab. Clean Core Thorium Energy

Back in April, I told you about Clean Core Thorium Energy. The Chicago-based startup is dusting off a decades-old dream of harnessing abundant thorium as a fuel for nuclear reactors to replace uranium, which is rarer and produces more long-lived radioactive waste. In the spring, the firm inked a handful of deals to begin manufacturing its first fuel assemblies using thorium. Now, I can report exclusively, Clean Core has surpassed a technical milestone for its fuel with the publication of a comprehensive peer-reviewed engineering assessment in the journal Nuclear Engineering and Design. The paper comes after the company completed a multi-year campaign of irradiating the fuel at the Idaho National Laboratory’s Advanced Test Reactor. The results showed that the fuel can be used in an existing pressurized heavy water reactor, like those that make up the bulk of the Canadian and Indian fleets, and achieve a high “burnup” of the material. “Milestones in this industry are earned in reactors, not in renderings,” Mehul Shah, Clean Core’s chief executive and founder, told me in a statement. “The analyses underpinning the fuel’s design have now withstood the scrutiny of peer review in one of the field's leading journals.”

3. Google backs a sweeping 1.6-gigawatt solar project in Arkansas

Google has agreed to buy the entire initial output of a sweeping solar project in Arkansas in a bid to offset its fossil fuel emissions. On Tuesday, the Financial Times reported that the tech giant would purchase the full 1.6 gigawatts of solar power and 2 gigawatt-hours of battery storage from the first phase of construction on the Steel River Energy Center, set to be complete in 2029. The second phase will up the output to 2.5 gigawatts of solar and 2.9 gigawatt-hours of storage. The panels will all come from First Solar, the U.S. manufacturer that boasts a 100% domestic supply chain. None of Google’s data centers will use the electricity, but the power will serve as an offset to gas-fueled operations elsewhere.

It’s hardly the only bullish sign for solar. In June, Europe generated a quarter of its power from photovoltaics for the first time, according to an analysis by the renewables-focused think tank Ember. “Solar’s rise has been truly stratospheric, beating prediction after prediction,” Chris Rosslowe, a senior energy analyst at Ember, said in a statement. “In just a few years solar has gone from a small player to an essential part of Europe’s power system, as governments and citizens look for low-cost, quick-to-install domestic power sources.”

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  • 4. New York becomes the first state to pass a data center moratorium

    You can’t make it here, but you can — at least, for now — make it anywhere else. New York Governor Kathy Hochul signed an executive order Tuesday enacting the nation’s first state-level moratorium on building large-scale data centers. The one-year pause “will ensure New Yorkers are not paying for transmission and infrastructure build outs” and will give Albany time to create a statewide investment framework to direct more benefits from projects to local communities, the governor’s office said in a press release. “New York will lead the way in creating the strongest standards in the nation for data center development, ensuring that when companies succeed because of New York, New Yorkers succeed too,” Hochul said in a statement. She also vowed to press the legislature to pass a bill to repeal sales tax exemptions from large data center projects.

    It’s no surprise. At least seven in 10 Americans oppose data centers built near their homes, Heatmap Pro polling showed last month. That’s at least partly driven by the perception that data centers are driving up electricity costs. Utilities requested $18.6 billion in electric and gas increases in the first six months of this year, according to a new report from the grid-focused nonprofit PowerLines. More than $9 billion of those requests were filed in the second quarter of this year alone, surpassing the total for the same period in 2025 — which was itself a record — by 26%. “Summer is when Americans pay attention to what electricity costs because their utility bills are often higher,” Charles Hua, PowerLines’ founder and executive director, said in a statement. “The amount of utility rate increase requests in these filings shows the pressure on household energy bills isn’t easing.”

    5. Fusion startup is taking over a former Oscar Mayer plant

    Realta Fusion, a magnetic mirror fusion startup, announced plans Wednesday to convert an iconic former Oscar Mayer plant in Wisconsin into its corporate headquarters and research hub. As part of the deal, the state and its capital city of Madison will contribute $55 million to support the conversion. The facility will employ more than 600 people in technical and non-technical roles. “We spent the better part of the past two years searching across the country to find the most favorable business environment and the most attractive site to build our R&D facility, and we found it in our own backyard,” Realta CEO Kieran Furlong said in a statement. “The state of Wisconsin and the city of Madison have made it clear they understand the promise of fusion energy and share our vision for the future, and now they’ve thrown their lot in together to make that vision a reality.” It’s yet another sign, as my colleague Katie Brigham put it in 2024, that fusion is “finally, possibly, almost” here.

    Meanwhile, some fission news: Remember when I told you last month about why I try to cover all the major milestones in China’s nuclear construction projects? Well, I have another update: China General Nuclear, one of the country’s two main state-owned nuclear companies, just installed the reactor pressure vessel for unit 1 of the Lufeng nuclear plant in Guangdong province. In a statement to World Nuclear News, CGN, as the company is known, said the latest item off the construction checklist marks “the beginning of the peak period for the installation of main system equipment in the nuclear island of unit 1 and lays a solid foundation for the orderly progress of subsequent key processes such as the installation of main pipelines.”

    THE KICKER

    There are thousands of ways to pull a climate or energy angle out of Russia’s ongoing war in Ukraine. Here’s one: Tajikistan isn’t receiving as much Russian oil and gas as before, given Ukraine’s campaign of drone attacks on key pipeline and refinery infrastructure, so it’s looking to ramp up its own drilling operations again. On Monday, the Times of Central Asia reported that Tajik Energy Minister Daler Juma said the country had only enough fuel to last about two months.

    Yellow

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    Electric Vehicles

    Maybe Don’t Rent an EV in Europe

    There are lots of reasons why that might seem like a good idea, but I urge you to learn from my mistakes.

    A gas can with stickers on it.
    Heatmap Illustration/Getty Images

    All I wanted was to drive an electric car to the solar eclipse. But after the third consecutive charging port RFID reader wouldn’t accept my credit card and finding that the employees inside the attached Spanish hotel restaurant mostly didn’t speak English, I began to feel as though, just maybe, this hadn’t been my best idea.

    Opting for an EV as a rental car can be an attractive proposition. For a longtime electric driver like me, it’s the opportunity to avoid car emissions even when on holiday, and to try out the experience in another country. For others, it could be a way to save money while on vacation in countries with even more expensive gasoline than America’s, or perhaps to try out electric driving before taking the plunge on buying an EV back home.

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    AM Briefing

    Thirst Trap

    On steel, uranium, and roof tiles

    Lake Powell.
    Heatmap Illustration/Getty Images

    Current conditions: Tropical Storm Moke sideswiped Hawaii yesterday just weeks after a weakened Hurricane Lala became the first major storm to hit the Big Island in decades • On the western fringe of the United States’ Pacific borders, Typhoon Saudel struck Guam and the Northern Mariana Islands over the weekend, bringing heavy rain and flooding • Temperatures in Khorramshahr, on Iran’s border with Iraq, are topping 118 degrees Fahrenheit, rendering the southwestern port city the hottest place on Earth.


    THE TOP FIVE

    1. Trump administration orders Arizona, California, and Nevada to cut water use

    With water levels in reservoirs across the American West at record lows, the Trump administration has directed Arizona, California, and Nevada to cut back on how much water they use from the Colorado River over the next two years. On Friday, the Department of the Interior imposed the reductions via a series of documents detailing a two-year and a 10-year plan to salvage the supplies from the drought-stricken river fed by snowmelt from Colorado’s stretch of the Rocky Mountains. As climate change has shifted snow patterns, levels on the river have dropped. Yet the seven states that depend on the water — the aforementioned three in the Lower Basin, and Colorado, New Mexico, Utah, and Wyoming in the Upper Basin — could not come to agreement among themselves on how to divvy up the dwindling supply. Instead, the Interior Department came up with a proposal that forced the Lower Basin states to pare back first. As you may recall, Arizona’s Democratic governor called the cuts “draconian” when the administration released its proposal in early August. The plan, which imposes short-term cuts while leaving a larger split for later, sets the stage for what E&E News predicted would be “a behemoth legal fight.”

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    Red
    Adaptation

    A Chat With Massachusetts’ First Heat Resilience Officer

    The only other U.S. state to have a chief heat officer? Arizona.

    A Massachusetts thermostat.
    Heatmap Illustration/Getty Images

    The past three months will go down in the books as the hottest meteorological summer on record in Boston — but that is not a record that’s likely to stand long. At 3.5 degrees Fahrenheit of warming since 1970, Massachusetts has outpaced the national average by half a degree; by 2050, researchers expect the state will see more than two-dozen 90-plus-degree days every year. According to a 2023 climate report, that could result in as many as 400 excess deaths in the Commonwealth annually.

    Now it’s someone’s job to do something about it. In mid-August, Massachusetts Governor Maura Healey announced the appointment of the state’s first heat resilience officer, making the Commonwealth only the second state in the country to have such a position — after the much more obvious choice, Arizona. (Healey is up for reelection this year, but the race is largely expected to be uncompetitive.) The inaugural role has gone to Katie Schlick, who most recently headed the resilience portfolio at the U.S. Climate Alliance and previously served as a special assistant to Ali Zaidi, the White House’s national climate advisor under Joe Biden.

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