FuelCell Energy Block System Receives 99.873% PJM Capacity Rating as Demand Grows for On-Site Power

Accredited capacity may affect eligible projects’ capacity-market value, but future participation could require an updated assessment.

Rhea-AI Summary

FuelCell Energy (FCEL) received a 99.873% PJM capacity accreditation for its evaluated Block System under the 2028/2029 Reliability Backstop Procurement process. The assessment means PJM may count nearly 99.9 MW of every 100 MW evaluated as dependable capacity. Preliminary technology-class ratings for the same period are 96% for nuclear, 93% for diesel utility/engine-based backup and 67% for gas combustion turbines.

For eligible projects, accredited capacity may affect capacity-market participation and potential value, subject to market requirements and procurement or auction outcomes. Implementation of the procurement has been delayed following federal regulatory approval; future participation could require updated accreditation using revised assumptions and study inputs. The rating applies only to the evaluated system, not the technology class or operating uptime, and future assessments may differ.

Positive

• Minor point99.873% unit-specific accreditation recognizes nearly all evaluated system capacity as dependable for PJM’s 2028/2029 procurement process.
• Minor point. Forward-looking: it has not happened yet and may not happen.Accredited capacity may support eligible projects’ capacity-market participation and potential value, subject to market requirements and outcomes.

Negative

• Minor pointProcurement implementation is delayed; future participation remains subject to PJM evaluation and could require updated accreditation.
• Minor point. Forward-looking: it has not happened yet and may not happen.99.873% rating applies only to the evaluated system, not technology-class performance or uptime; future assessments may differ.

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Details

Market move: FCEL +4.02% vs previous close. 99.873% capacity rating

$12.32 – $13.07 Day Range

$1.03B Mkt Cap at Last Price

On Oct 21, the day this news came out, the latest delayed price for FCEL is 4.02% above the previous close. Our momentum scanner has recorded 9 alerts for this stock so far that day. The latest delayed price is $12.90.

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Key Figures

Unit-specific capacity rating: 99.873% Nuclear class rating: 96% Diesel utility/engine-based backup class rating: 93% +1 more

Unit-specific capacity rating

99.873%

Evaluated system in PJM's 2028/2029 RBP process

Nuclear class rating

96%

Preliminary PJM class rating for the same period

Diesel utility/engine-based backup class rating

93%

Preliminary PJM class rating for the same period

Gas combustion turbine class rating

67%

Preliminary PJM class rating for the same period

Key Terms

effective load carrying capability (elcc), installed capacity (icap), accredited capacity (ucap)

3 terms

effective load carrying capability (elcc) technical

"unit-specific Effective Load Carrying Capability (ELCC) assessment"

Effective load carrying capability (ELCC) is a capacity-value metric that quantifies how much a variable or intermittent power resource (for example, wind, solar, or battery storage) contributes to meeting a system’s peak demand reliably. It is expressed as an equivalent amount of firm capacity (MW or a percentage of nameplate) that, when added to a system, yields the same system reliability (typically measured by loss-of-load probability or a similar reliability index) as adding the variable resource; ELCC is calculated probabilistically and depends on the resource’s output pattern, correlation with peak load, and the existing fleet. ELCC varies with penetration level, time period, geographic scope, and system conditions, so its value for one system or era does not automatically apply to another.

installed capacity (icap) technical

"convert installed capacity (ICAP) into accredited capacity (UCAP)"

Installed capacity (often abbreviated iCap) is the rated maximum electric output a power plant, generator, or energy installation can produce under specified conditions, usually expressed in megawatts (MW). It is a technical nameplate or design figure that indicates potential supply capability at a point in time, not the actual energy produced, and is distinct from available capacity (which accounts for outages, maintenance and derating) and from energy generation measured over time (megawatt‑hours). In market or regulatory contexts, iCap is used for planning, capacity obligations and some capacity‑market calculations, but it does not guarantee continuous delivery at that level.

accredited capacity (ucap) technical

"convert installed capacity (ICAP) into accredited capacity (UCAP)"

Accredited capacity (UCAP) is the amount of generating capacity a power resource is credited with for capacity‑market planning and obligations after adjusting its nameplate or rated output for expected availability. Grid operators or capacity markets apply an accreditation or derating factor—based on historical availability, forced‑outage rates, or probabilistic models for intermittent resources—to convert physical capacity into UCAP; that adjusted figure determines how much the resource counts toward meeting reserve requirements and for capacity payments. UCAP therefore differs from raw nameplate capacity and varies by market rules and by resource type.

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PJM assessment recognizes nearly all of FuelCell Energy’s installed capacity as dependable, an important proof point for reliability and potential capacity-market economics.

DANBURY, Conn., Oct. 21, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) announced that its FuelCell Energy Block System received a 99.873% rating in PJM Interconnection’s unit-specific Effective Load Carrying Capability (ELCC) assessment conducted as part of PJM’s 2028/29 Reliability Backstop Procurement (RBP) process. The result indicates that PJM may recognize nearly all of FuelCell Energy’s evaluated system’s capacity as dependable, providing an important measure of reliability for customers evaluating on-site power and informing potential participation in PJM’s capacity market.

Rapid data center growth is driving electricity demand and sharpening the focus on how large loads secure power. PJM projects 32 GW of peak load growth across its region from 2024 to 2030, with approximately 30 GW expected to come from data centers.¹ As demand rises, large power users are increasingly considering generation that can provide dependable power where it is needed.

As communities hosting this growth place greater importance on how new electricity demand is met, FuelCell Energy’s carbonate fuel cell technology offers continuous, on-site generation that allows customers to locate power directly at the point of demand.

In practical terms, the 99.873% rating² means PJM may count nearly 99.9 MW of every 100 MW evaluated as dependable capacity under the applicable assessment.

For context, preliminary PJM class ratings for the same 2028/2029 period recognize 96% of nuclear capacity, 93% of diesel utility/engine-based backup capacity and 67% of gas combustion turbine capacity.³

PJM’s unit specific assessment accredited 99.873% of the evaluated FuelCell Energy system’s capacity. PJM’s published technology class ratings provide a clear benchmark for the strength of that result. Following the Federal Energy Regulatory Commission's approval and delayed implementation of the Reliability Backstop Procurement (RBP), any future participation would be subject to PJM's applicable evaluation processes and could require updated accreditation using revised assumptions and study inputs for the final procurement timeline.

That reliability can have economic implications as well. For eligible projects in PJM, the amount of installed capacity recognized as dependable may affect the amount of capacity available for capacity-market participation and potential value, subject to applicable market requirements and auction or procurement outcomes.

“Customers aren’t simply looking for more megawatts. They need to understand how much power they can count on as they make decisions about where and how quickly they can grow,” said FuelCell Energy President & CEO Jason Few. “Our technology is designed to provide continuous, on-site distributed generation. This unit-specific assessment gives customers another independent measure of the dependability of our platform. It also has important economic implications: in PJM’s capacity market, the amount of installed capacity recognized as dependable directly influences the capacity a resource can potentially monetize. We believe a 99.873% accreditation highlights the potential for our platform to deliver not only highly dependable power, but attractive capital productivity for utilities and independent power producers deploying generation in PJM.”

Power That Counts

In addition to providing an independent measure of the evaluated system’s potential reliability contribution, capacity accreditation can have economic significance within PJM because it determines how much installed capacity is recognized as accredited capacity.

PJM uses ELCC to assess the reliability contribution of power resources and convert installed capacity (ICAP) into accredited capacity (UCAP). For eligible projects, higher accredited capacity may increase the amount of capacity available for capacity-market participation and potential value, subject to applicable market requirements and procurement or auction outcomes.

The 99.873% value is specific to the system evaluated for the 2028/2029 RBP process. It is not a FuelCell Energy technology-class rating or a measure of operating uptime, and future assessments may differ.

FuelCell Energy, Inc. (NASDAQ: FCEL) is an American clean energy technology company delivering continuous, scalable baseload power for mission-critical applications globally. The company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low-emissions power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems—backed by global fuel cell deployments approaching one gigawatt. Learn more at www.FuelCellEnergy.com. 

Contacts 

Media:                                                                                                                                                                        
Kathleen Blomquist 
kblomquist@fce.com 
203.546.5844 

Investor Relations: 
ir@fce.com

_________________________

¹ PJM Interconnection, “PJM Board Fast-Tracks Effort to Reliably Serve Large Loads,” PJM Inside Lines.
² The 99.873% value is specific to the system evaluated for the 2028/2029 RBP process. It is not a FuelCell Energy technology-class rating or a measure of operating uptime, and future assessments may differ.
³ Preliminary ELCC Class Ratings for Use in the Reliability Procurement Backstop (RBP)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does FuelCell Energy’s 99.873% PJM capacity rating mean?

PJM may count nearly 99.9 MW of every 100 MW evaluated as dependable capacity under the applicable assessment. The 99.873% rating is specific to the system evaluated for the 2028/2029 Reliability Backstop Procurement process; it is not an operating-uptime measurement or a rating for FuelCell Energy’s entire technology class.

Does FuelCell Energy’s PJM rating guarantee capacity-market revenue?

The rating establishes potential capacity-market value, not guaranteed revenue: eligible projects remain subject to market requirements and procurement or auction outcomes. Future participation also remains subject to PJM’s evaluation processes and could require updated accreditation using revised assumptions and study inputs for the final procurement timeline.