PJM MARKET / SEC. 363 AUCTION
IRA SEC 48 ENERGY COMM: 10% BONUS
Distressed Coal Plant Bankruptcy Bid & Repurposing Workbench
NRG Energy M&A Stalking Horse Valuation & Repowering Matrix (Appalachian 1,200 MW Unit 1-2)
Preset: AI Data Center Power Hub
Preset: 2025/26 PJM Capacity Spike ($269/MW-day)
Preset: Merchant Baseload Run-to-Retire
Preset: CCGT Fast-Start Peaker Conversion
Preset: Brownfield Solar + 4hr BESS
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Bidding & Repurposing Architecture
Strategic Repurposing Pathway
Behind-the-Meter AI Data Center Power Hub
Baseload Run-to-Retire (Merchant Coal)
CCGT Fast-Start Peaker Repowering
Brownfield Solar + BESS Energy Community
Stalking Horse Cash Bid
$85.0M
Assumed Remediation Liabilities (CCR/ELG)
$42.0M
Interconnection Capacity Valuation
$120/kW
PJM BRA Capacity Price
$269.92/MW-day
Delivered Fuel Cost
$2.85/MMBtu
Wholesale Power Price (PJM West Hub)
$48.50/MWh
INTERCONNECTION & GRID SPECS:
Voltage:
500 kV Intertie
| Point of Interconnection:
PJM Dominion Zone
Nameplate:
1,200 MW
| ARO Discount Rate:
7.5%
Net Effective Acquisition
$127.0M
Cash $85.0M + Liabilities $42.0M
Interconnection Value
$144.0M
1,200 MW @ $120/kW
15-Yr Net Present Value
$114.6M
WACC: 8.5% | Net of ARO
Unlevered IRR
18.4%
Payback: 4.8 Years
Break-Even PJM Capacity
$142.3/MW-d
Zero-NPV Floor
Financial Valuation & Repurposing Cashflow Stack
IRA Section 48 10% Energy Community Eligible
PJM Capacity vs. Repurposing Sensitivity Matrix
15-Year DCF Summary
Due Diligence Bankruptcy Memo
PJM Capacity Clearing ($/MW-day)
$150/MW-d
$200/MW-d
$269.92/MW-d (Base)
$320/MW-d
$380/MW-d
Pro-Forma Metric ($M)
Yr 1
Yr 2
Yr 3
Yr 5
Yr 10
Yr 15
Generating Due Diligence Memorandum...
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