PJM capacity, 5CP peak load contribution · estimate
Keel Infrastructure, Nesquehoning, Pennsylvania
A 350 MW HPC campus on a firm PPL agreement, due to ramp to 300 MW by the end of 2027. Each of PJM's five summer peaks it draws through sets a fifth of its capacity charge.
PJM coincident-peak charge a year at the announced load
on 350 MW drawn at all 5 peaks, at $121.7/kW-yr
What sets it: The five highest PJM load hours, each on a separate weekday, June to September. Each of those peaks the campus curtails through takes its share off the year.
What the estimate uses
- 350 MW treated as draw at peak hours once built out: the firm power Keel (formerly Bitfarms) holds under an electric service agreement with PPL for an HPC campus at Panther Creek.
- 0 MW treated as draw at peak hours now: none of the PPL agreement is drawing yet. The 60 MW energized on the site today runs bitcoin mining and is not under that agreement. Keel expects 50 MW by the end of 2026 and 300 MW by the end of 2027.
- No curtailment. The rate, $121.7/kW-yr, comes from PJM 2027/2028 auction results: 2027/2028 capacity price, $333.44/MW-day, times 365. Your utility's loss and scaling factors apply on top. It is not PPL Electric Utilities' own tariff.
Sources
- Bitfarms Ltd. annual report on Form 10-K (SEC), Mar 2026: Panther Creek holds 350 MW of firm power under an ESA with PPL; 60 MW is energized, not under an ESA; 50 MW expected by end of 2026 and 300 MW by end of 2027.
- Bitfarms second-quarter 2025 results (Form 6-K), Aug 12, 2025: Panther Creek capacity of 50 MW in 2026 and 300 MW as early as 2027, from electricity service agreements with PPL Electric.
- DCD, Oct 19, 2025: Panther Creek is planned as a 350 MW HPC and AI campus.
Figures as published on October 30, 2026. PJM Peak Load Contribution: mean of the five coincident peak hours, scaled by the zone's factors.
What this is not
- Not a bill. Announced capacity is not metered load, and a campus rarely draws all of it at a system peak.
- One charge only, the PJM capacity, 5CP peak load contribution. Energy, other transmission and distribution charges are not in it.
- The figure assumes the campus curtails at none of the peaks. Sitting peaks out is what lowers it.
Run your actual contracted and drawn MW, year by year, in the estimator. Corrections to the public figures: contact.