Is PJM too big to function?

The quick answer is: of course! PJM is a politically based bureaucracy that has no competition and no market feedback. If PJM were exposed to both competition and a market, it would have continuous feedback telling it if it had grown too big to function. But it doesn’t and so like all politically based bureaucracies, it grows in complexity and hence, slower and more distant from the actual market forces it should be responding to. PJM isn’t unique in this regard.

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