The rulings passed down by the Federal Energy Regulatory Commission (or FERC) often have resounding impacts on U.S. electricity markets. A December 2019 FERC ruling is a reminder of this, and is likely to profoundly affect energy markets in the 13 states comprising the PJM Interconnection – a service area spanning from Illinois to New Jersey, and from Michigan to North Carolina. FERC’s December 19, 2019 ruling directed PJM to substantially expand its Minimum Offer Price Rule (MOPR) to most state-subsidized power generation resources bidding in capacity market auctions.