DOH!  It’s worth it just for this sentence:

Markets do not automatically provide competitive and efficient outcomes.

Here it is, with the full all-in-one option or separate sections:

3Q PJM State of the Market Report Page

Here’s the full version: 2013 3Q PJM State of the Market Report

And the short version, oh, how I love it when this happens:

The market design should permit market prices to reflect underlying supply and demand fundamentals. Significant factors that result in capacity market prices failing to reflect fundamentals should be addressed, including better LDA definitions, the effectiveness of the transmission interconnection queueprocess, the 2.5 percent reduction in demand that suppresses market prices, the continued inclusion of inferior demand side products that also suppress market prices and the role of imports.

Got that: … the 2.5 percent reduction in demand that suppresses market prices…

– 2.5%

Gee, sounds like we ought to pay to build some more power plants and transmission lines…