Power and Renewables

Powering through outage season: A breakdown of PJM’s WHUB/NIHUB spread

byKenneth Curtis

It’s that time of year when generator and transmission outages are at their peak in PJM. The first half of April has not disappointed volatility-wise as the WHUB/NIHUB spread has set new 30-day highs largely driven by congestion.

Figure 1: Day-ahead WHUB/NIHUB MCC spread for the last 30 days with the constraints driving this spread split out below

Among the top constraints to impact this spread are CHIC_AVE – PRAXAR (138KV) and WEED-MAHO (138KV) in northern Illinois, which discount NIHUB when binding. 

Figure 2: Top three day-ahead binding constraints impacting NIHUB for the last 30 days

Using MUSE’s decomposition views to breakdown the drivers of these constraints by transmission outages, generation and load, we can quickly see if outage season is the driver behind these constraints.

Looking at constraint flows and decompositions for CHIC_AVE – PRAXAR (138KV) we can see the frequency of DA binding has increased with two outages that began in March. These outages don’t roll off until May, indicating this may continue to be a driver of the WHUB/NIHUB spread. 

Figure 3: MUSE constraint decomposition for CHIC_AVE – PRAXAIR (138KV)

Next, let’s dive into WEED-MAHO (138KV), wherewe can see day-ahead binding events increasing in frequency with two outages that began in March. Recently, however, an additional outage has started that is relieving this congestion, decreasing the frequency of DA binding events. This gives a signal that the congestion may alleviate and, in turn, reduce pressure on the WHUB/NIHUB spread.

Figure 3: Real-time/day-ahead shadow prices for WEED-MAHO (138KV) with base decompositions below

Outage analysis on WEED-MAHO (138KV) is possible due to MUSE PJM’s new Base Decomposition feature. With this feature, you can now understand the impact of transmission outages on congestion for any constraint, even ones without constraint flows, giving you a leading indicator for decision making this outage season.

Do you have other spread you would like to analyze? Want to see how MUSE could help you make faster, more confident decisions? Let us help you be the first to know exactly why new constraints bind. 

Picture of Kenneth Curtis

Kenneth Curtis

Kenneth Curtis is a Director of Power Markets at Enverus. His career includes serving as an East Power Trader at Twin Eagle, focusing primarily on the physical flow of power, and as a Power Trader & Asset Manager for EDF Trading, concentrating on the East & West regions.

Subscribe to the Enverus Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Related Content

Enverus Intelligence® Research Press Release - Haynesville operators calculate remaining growth
Analyst Takes Trading and Risk
ByAl Salazar, Enverus Intelligence® Research (EIR) Contributor

Recent joint U.S.- Israeli military strikes in Iran and the ongoing geopolitical tensions in the region cast a significant shadow over global energy markets. As the world watches closely, the potential for regime change and the implications for oil and...

Enverus Press Release - Class VI wave expected to hit US
Energy Market Wrap
ByEnverus

BP delivers strong 2025 results, Oxy boosts onshore efficiency, ConocoPhillips advances Surmont, Whistler sanctions Bay Runner, and Kinetik explores a potential sale.

Enverus Press Release - Heightened natural gas price volatility expected amid supply and demand challenges
Energy Transition
ByNoor Qureshi

The clean fuels story has turned a corner. EIR’s 2026 Clean Fuels Fundamentals finds an industry in recalibration: credit exposure, policy clarity and margin durability have replaced breakneck expansion as the sector's defining priorities.

Enverus Intelligence® Research Press Release - Canada’s Montney and Duverney: North America’s most abundant unconventional resource plays
Analyst Takes Trading and Risk
ByAl Salazar, Enverus Intelligence® Research (EIR) Contributor

Alberta's economy frequently grapples with the inherent volatility of oil prices, a challenge that can significantly impact provincial coffers and lead to substantial deficits.

U.S. oil and gas M&A slumps as low crude prices keep buyers in the dugout
Business Automation
ByIan Elchitz

Accounts Payable in oil and gas has never been more important. AP teams are under increasing pressure to reduce disputes, close faster, improve accuracy, and provide confidence in spend. Many organizations have invested heavily in AP automation and process improvement,...

Enverus Press Release - Enverus releases “2025 Interconnection Queue Outlook” to navigate backlogged grid challenges
Power and Renewables
ByEnverus

During the last week of January, the PJM Interconnection was operating in the immediate aftermath of the January 23–27 winter storm Fern, which occurred within the broader January–February 2026 North American cold wave. The storm brought widespread snowfall and prolonged...

Enverus Intelligence® Research Press Release - Waha prices expected to go negative (again)
Energy Transition
ByAdam Robinson, Enverus Intelligence® | Research (EIR) Contributor

Explore the Smackover’s shift from lithium curiosity to competitive basin, as CVX, XOM and others expand DLE-focused acreage, pilots and offtakes.

Enverus Intelligence® Research Press Release - Wood you believe it? BECCS is taking off and creating overlooked, lucrative opportunities
Energy Market Wrap
ByEnverus

This week’s energy headlines spotlight Ovintiv exits the Anadarko, SM sells Eagle Ford acreage, Comstock ramps Haynesville activity, CNX extends note maturities, and Aramco signs on at Commonwealth LNG.

Global gas, LNG, Haynesville and Permian outlooks reveal key trends in production, pricing and infrastructure expansion
Power and Renewables
ByEnverus

Power Has Become the Primary Constraint on Hyperscale Growth  Hyperscalers are entering the largest capital deployment cycle in the history of the technology sector. AI-driven workloads are accelerating data center development at unprecedented speed. As cited in a recent pv...

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Sign up for our Blog

Ready to Subscribe?

Ready to Get Started?

Ready to Subscribe?

Sign Up

Power Your Insights