Pittsburgh Business Times
Summary
PJM Interconnection's latest capacity auction hit the regulatory price cap for the third year running. Without that cap, the price would have cleared near $555 per megawatt-day instead of $325. Even at the capped price, PJM still fell short of its reserve margin target for the second consecutive auction, the first time that shortfall has repeated back-to-back. That auction alone will add $16.4 billion to the region's electric bills, with roughly $6.3 billion tied to data center demand. And the increase is already showing up locally: Duquesne Light's default rate jumped about 15% this summer, and West Penn Power's rose 9%.
For hospital systems, universities, and commercial building owners across the region, that's not an abstract policy story. It's a line item that keeps moving in the wrong direction.
That's the business Cordia is in. We design, build, finance, own, and operate the heating, cooling, and power systems that keep hospitals, universities, airports, and commercial districts running, so those institutions don't have to carry that risk themselves. Nationally, we serve more than 700 customers. In this region, our systems support Allegheny Health Network's Wexford Hospital, Duquesne University, Pittsburgh International Airport, PNC Park, and more than a dozen buildings across downtown Pittsburgh.
Most of these systems generate steam, chilled water, and electricity on-site or near-site through combined heat and power plants. That's a fundamentally more efficient way to produce energy than drawing everything from the regional grid, and it gives our customers real independence from PJM's price swings.
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