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LCG Releases January–March 2026 PJM Congestion Outlook Featuring Fundamentals-Based 3-Month Forecast

LCG, December 2, 2025 — LCG today announced the release of its PJM Congestion Outlook for January–March 2026, delivering a fundamentals-based, three-month forecast designed to help traders and risk managers better navigate congestion risks in PJM’s FTR markets.

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DOE Selects TVA and Holtec to Rapidly Advance Deployment of Small Modular Reactors

LCG, December 2, 2025--The U.S. Department of Energy (DOE) today announced the selection of the Tennessee Valley Authority (TVA) and Holtec Government Services (Holtec) to support early deployments of advanced, light-water small modular reactors (SMRs) in the United States. With this announcement, DOE is supporting the first-mover teams to develop and construct the first Gen III+ small modular reactor (Gen III+ SMR) plants in the United States. The project teams will receive up to $800 million in federal cost-shared funding to advance initial projects in Tennessee (TVA) and Michigan (Holtec) and act to expand the Nation’s capacity while facilitating additional follow-on projects and associated supply chains.

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Industry News

CMS Energy Corp. Admits $4.4 Billion in "Round-Trip" Trading

LCG, May 16, 2002-At the order of FERC, Wednesday CMS Energy Corporation said it inflated its trading volume by over $4.4 billion.

Based in Dearborn, CMS said that trading between May 2000 and January 2002 included so-called "round-trip" or zero-margin trades. This practice, which is not illegal, calls for traders to purchase electricity at a specific price only to resell it at exactly the same price to same party. This increases trading volume without any real trade actually occurring.

CMS asserted that it did not participate in any California electricity trading and that all of its round-trip trades were made with either Dynegy Inc. or Reliant Energy Services.

CMS has changed the value of 2001 revenues by 26 percent, down to $9.6 billion, although it is still considering whether or not it will downsize its 2000 revenues by 11 percent to $7.7 billion.

The company's shares have dropped by 20 percent over the last week.

Meanwhile, the SEC has been conducting a formal investigation of Dynegy, and last week Reliant disclosed its involvement in round-trip trading amounting to a ten percent boost in revenue between 1999 and 2001. Reliant's round-trip trades made up 20 percent of all its trading last year. Dynegy denies taking part in anything improper and has reportedly cooperated with investigators.

The admissions came after the Federal Energy Regulatory Commission ordered over a hundred energy traders to state whether or not they had participated in 12 specific strategies listed in the Enron memos released recently.

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