PJM

PJM infrastructure intelligence for capital allocators.

Decision-grade reads on PJM capacity, congestion, queue economics, and rate-case exposure — built for infrastructure investors and large power users sizing positions across DOM, AEP, ComEd, BGE, and the AP-South seam.

Why this matters

Where capital meets capacity.

Capacity scarcity is now a siting constraint

Median PJM interconnection queue exceeds five years; capacity-auction clearing has repriced. Capital decisions need substation-level reads, not zonal averages.

Hyperscale absorbs slack first

AI and cloud workloads are concentrating in DOM, AEP, and the Ohio Valley spine. Industrial and CRE entrants need to model what is left, not what was published.

Independence matters

We hold no positions, take no commissions, and place no capital. The work is decision-grade because we have no other product to sell.

What we analyze

·Substation-level firm capacity and headroom
·Interconnection queue economics by zone
·Capacity-auction exposure and forward curves
·Transmission expansion (RTEP) and timing
·Rate-case posture by utility territory
·Hyperscale and industrial absorption pressure
·Congestion and basis across DOM / AEP / ComEd
·IRA energy-community overlays inside PJM

Who this is for

Infrastructure funds with multi-state PJM exposure

Hyperscale operators screening sites pre-LOI

Industrial users facing rate-case or capacity risk

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Stock & Milster is a strategic advisory and intelligence firm. Not a registered investment adviser, broker-dealer, placement agent, real estate broker, law firm, or accounting firm. Materials are for institutional decision-making only.