PJM Wholesale Power Costs Jump 76% as Data Centers Drive Grid Demand

PJM Interconnection's wholesale electricity prices rose from $77.78 to $136.53 per MWh in the first quarter of 2026, climbing 76% year-over-year. The surge stems directly from hyperscale data center expansion across the 13-state grid, according to Monitoring Analytics LLC's May 14 market report. The grid operator's independent monitor flagged that cost impacts on customers are "very large and not reversible," signaling structural pressure rather than temporary market volatility.