Mostly subdued midweek load forecasts worked to pull down next-day power markets in the U.S. on Tuesday, March 27.
After posting gains the day prior, the front-month April contract climbed Tuesday and rolled off the board 7.3 cents higher at $2.691/MMBtu. Not far behind, the upcoming May contract rose by 5.7 cents to settle at $2.714/MMBtu.
Following the loss of two units, total U.S. nuclear plant availability dipped early March 27 to 85.02%
East values slip on declining demand forecasts
Softer demand forecasts sent next-day markets in the East tumbling Tuesday.
At the next-day markets, power prices at the New England Mass hub slipped by roughly $2 from Monday and ranged in the high $20s while PJM West saw little change from Monday and spanned the low $30s.
Conversely, day-ahead markets in the Northeast were mixed to ultimately higher. The Mass hub and New York Zone A and Zone G saw packages add $1 to $3 from Monday and average $32.75, $24.99 and $28.12, respectively, while DAMs at New York Zone J slipped by less than $1 and averaged $36.34.
Load in the Northeast is expected to diverge by midweek. Demand in New England is called to peak at 15,200 MW on Tuesday and 15,250 MW on Wednesday, while load in the New York may touch highs of 18,024 MW on Tuesday and 17,914 MW on Wednesday.
Demand in the mid-Atlantic may retreat. Load in the PJM Mid-Atlantic region could top out at 36,061 MW on Tuesday and 34,010 MW on Wednesday, while demand in the PJM Western region should crest at 50,820 MW on Tuesday and 47,931 MW on Wednesday.
Midwest DAMs mixed despite slack load outlooks
Day-ahead markets in the Midwest posted mixed moves Tuesday amid slack midweek demand forecasts.
Day-ahead deals at PJM AEP-Dayton slipped more than $1 and averaged $34.17, while PJM Northern Illinois saw packages rise more than $10 from Monday and average $32.78.
Looking at load, the PJM AEP region should see highs near 16,446 MW on Tuesday and 14,979 MW on Wednesday, while load in the PJM ComEd region could hit peaks of 11,476 MW on Tuesday and 11,048 MW on Wednesday.
Sagging demand forecasts lead Texas values lower
Retreating Wednesday demand forecasts provided no support to power markets in Texas on Tuesday.
Load in Texas is called to peak at 43,180 MW on Tuesday and 41,479 MW on Wednesday. Unsupported by load, next-day deals at ERCOT North slipped more than a dollar and were pegged in the low $30s.
Day-ahead markets also favored the downside, with ERCOT Houston, ERCOT North, ERCOT South and ERCOT West packages shedding $1 to $4 on the session and averaging $31.63, $30.41, $28.90 and $30.35, respectively.
Power at Into Southern was quoted in the low $30s, up from a Monday index of $24.50.
Calif., Southwest values ease; Northwest dailies firm in revised trade
Excluding deals in the Northwest, power packages in the West stumbled Tuesday as markets traded revised products ahead of the Good Friday/Easter weekend.
Hubs in the West exchanged packages for March 28-29 delivery.
In the Northwest, power prices at Mid-Columbia rose almost $2 on the session and were valued in the mid- to high teens.
In California, power at South Path-15 changed hands in the low to mid-20s, down roughly a dollar from Monday. The California ISO is projecting highs of 27,390 MW on Monday and 27,975 MW on Wednesday.
In the Southwest, packages at Palo Verde and Mead tumbled $2 to $3 from Tuesday and were pegged in the low $20s.
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