Utilities & Power

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Utilities & Power

Utilities

IPPs - Market Overweight

Utilities & Power June 21, 2026

IPPs: Co-location clarity closer, C&M taking a backseat; good news for IPPs

The Wolfe Byte

Thursday was constructive for IPPs. FERC's NOPR/206s support quicker co-location and interconnecting new

gen/load together. FERC's PJM order sided more with IPPs on timing/costs and supports VST's Beaver Valley

opportunity. Separately, PJM backing off C&M was good to see.

FERC's meeting/orders looked largely positive for IPPs. Thursday's meeting brought fireworks in terms of discussion,

though actual rule implementation is still to come. Investors were wondering what actually was decided? In terms of

the NOPR – not much...yet. FERC pivoted to 206 proceedings at the ISO level and set 5 core tenants of the show-causes

– based on existing tariffs being unjust/unreasonable with respect to integrating large loads (link). This timeline will

play out over the coming months. More important was the PJM co-location docket, where FERC largely sustained their

December order findings and sent it back to PJM with a 60-day response time (link). However, the order and comments

of Commissioner Rosner sided with the IPPs over key debate topics. FERC supported the IPPs on non-firm transmission

services, found the 2029 proposed timeline for the start of such services wasn't fast enough (but didn't specify what

timeline was), and rejected the TOs push for a hefty grid reliance charge. We view this as most impactful for unlocking

a Beaver Valley nuclear deal for VST.

PJM also backed away from Connect & Manage. Separately, PJM updated its C&M proposal (link) ahead of the 6/30

vote – shifting from PJM-mandated load reduction to a transparent large load registry that defers to state jurisdiction –