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Posted December 8, 2025Spark and dark spreads indicate improved profitability of natural gas, coal power plants ›
Data note: The specifics of the calculation methodology are detailed in a previous article with minor adjustments to heat rates used. The heat rate used for the dark spread was 10,500 British thermal units per kilowatthour (Btu/kWh), while the heat rate for the spark spread was 7,000 Btu/kWh.
Higher average daily wholesale electricity prices between January and November 2025 may be improving the operational competitiveness of some natural gas- and coal-fired generators in the PJM Interconnection compared with the same period in 2024. PJM is the largest wholesale electricity market in the United States. The spark and dark spreads, common metrics for estimating the profitability of natural gas- and coal-fired electric generators, have both increased over the past two years.
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