Coal plants, nuclear reactors and other generators will take a hit next year on the biggest US power grid as payments plunge 64% to help keep the lights on from New Jersey to Illinois. Suppliers to PJM Interconnection LLC’s grid, which serves more than 65mn people, will get $50 a megawatt-day to provide backup capacity for the year starting June 2022, according to the results of an auction released on Wednesday. It’s the lowest price in 11 years. The results are an especially harsh blow for coal plants and nuclear reactors already struggling to compete. The PJM auction is the single most important event for generators across the eastern US, including Calpine Corp, NRG Energy Inc and Exelon
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