FuelCell Energy block system gets 99.873% PJM capacity rating

FuelCell Energy, Inc. (NASDAQ: FCEL) announced that its FuelCell Energy Block System received a 99.873% rating in PJM Interconnection's unit-specific Effective Load Carrying Capability (ELCC) assessment, conducted as part of PJM's 2028/29 Reliability Backstop Procurement process.

The rating means PJM may recognize nearly 99.9 MW of every 100 MW evaluated as dependable capacity under the applicable assessment. For comparison, preliminary PJM class ratings for the same 2028/2029 period recognize 96% of nuclear capacity, 93% of diesel utility and engine-based backup capacity, and 67% of gas combustion turbine capacity.

The company noted the rating has potential economic implications. For eligible projects in PJM, the amount of installed capacity recognized as dependable may affect the volume of capacity available for capacity-market participation and potential value, subject to applicable market requirements and auction or procurement outcomes.

"In PJM's capacity market, the amount of installed capacity recognized as dependable directly influences the capacity a resource can potentially monetize," said FuelCell Energy President and CEO Jason Few.

The 99.873% figure is specific to the system evaluated for the 2028/2029 process. It is not a technology-class rating or a measure of operating uptime, and future assessments may differ. Following the Federal Energy Regulatory Commission's approval and delayed implementation of the Reliability Backstop Procurement, any future participation would be subject to PJM's applicable evaluation processes and could require updated accreditation.

PJM projects 32 GW of peak load growth across its region from 2024 to 2030, with approximately 30 GW expected to come from data centers, according to PJM Interconnection.

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