PJM’s inability to get wind, solar, and batteries online will cause utility bills to rise for 65 million customers from the Great Lakes to the mid-Atlantic.

Electricity prices are set to spike for roughly 65 million Americans — and rules that keep new clean energy from being built are largely to blame. Last week, PJM, which manages the power grid serving Washington, D.C., and 13 states stretching from the mid-Atlantic coast to the Great Lakes, hosted its annual capacity auction — the mechanism whereby the grid operator secures the electricity it thinks it will need to ensure the grid is reliable in the years to come.

Rapid growth in solar energy adoption as well as new wind energy coming online, has led to renewable energy sources providing more 30% of the nation’s electrical generation for the first time ever, according to the Energy Information Administration. Solar increased by 25% in the first four months of 2024 compared to the first third of 2023. Small-scale solar grew by 19% while utility-scale solar thermal and photovoltaic expanded by 28%. Small-scale solar accounted for nearly a third (31%) of all solar generation. Solar continues to grow faster than any other energy source.

Lineage (LINE.O), opens new tab, the world's largest operator of cold-storage warehouses, raised $4.44 billion in its U.S. initial public offering, setting it up for the biggest stock market debut globally this year, the company said on Wednesday.

The $4.44 billion IPO values Lineage at more than $18 billion and is the biggest since chip designer Arm's $4.87 billion offering last September