Preliminary Default CONE Values: PJM's Periodic Review of the Cost of New Entry

The slides are titled "Periodic Review of Default Gross CONE and Gross ACR Values." The cover names the Market Implementation Committee and the date July 8, 2026.

This article reports some of what the slides say about two of the resource types they list: combined cycle and combustion turbine. Every number below is from PJM's slides.

Reference Resource

A table is headed "Description and Cost for Reference Resource." For each resource type it gives a technology description, a source of information, a fixed operating and maintenance cost per kW of ICAP a year, and an overnight capital cost per kW of ICAP.

The row for combined cycle: 1,401 MW, a description that lists "an evaporative cooler, wet compression, and dual-fuel capability," the source "Approved Quad Review," a fixed operating and maintenance cost of $47 per kW of ICAP a year and an overnight capital cost of $1,432 per kW of ICAP.

The row for combustion turbine: 440 MW, a description that reads in part "in two trains of a single-shaft CC plant, each with a single CT, HRSG, and steam turbine," the source "Approved Quadrennial Review," a fixed operating and maintenance cost of $25 per kW of ICAP a year and an overnight capital cost of $1,280 per kW of ICAP.

A note under the table reads: "CT, CC and BESS in 2028 $, All other technologies in 2025 $."

Preliminary Default CONE Values

A further slide carries that title. Its table has two columns of values. Each is headed "Gross Cost of New Entry" and "(Nameplate ICAP)." One also carries the line "(2026/2027 $/MW-Day)," the other "(2030/2031 $/MW-Day)."

The preliminary values in the row for combined cycle, per MW-day: $540 in the 2026/2027 column and $814 in the 2030/2031 column.

The preliminary values in the row for combustion turbine, per MW-day: $427 in the 2026/2027 column and $642 in the 2030/2031 column.

Both rows carry a star. A note beside the table begins "Value based on 2025 approved reference resource" and ends "CONE study."

Under the table: "Gross CONE will continue to be escalated for each subsequent delivery year based on tariff escalation process."

Monthly Timeline

That is the title of an earlier slide. Its entry for July 2026 includes a committee review of draft CONE values. Its last entry, for September 2026, is to file changes at FERC no later than 10/1.