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AM Power Report: Prices could be mixed to higher at midweek

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AM Power Report: Prices could be mixed to higher at midweek

action for next-day powercould be choppy with an upside bias Wednesday, Oct. 5, as jumbled demand forecastsfor the latter part of the workweek combine with recent gains at the natural gasfutures complex.

Tackingon 4.1 cents in the Oct. 4 session,with the upside driven by rising demand expectations, front-month November naturalgas futures were easing slightly early Wednesday ahead of the opening bell. At lastlook, the contract was down 1 cent to $2.954/MMBtu.

In linewith the prior day advance in futures, many next-day natural gas markets could beaimed higher in the midweek session.

On thedemand side, grid operators across the country see varied load in the latter partof the workweek.

In theNortheast, demand in New England should near 14,970 MW on Wednesday and 14,730 MWon Thursday, while load in New York could peak at 18,478 MW on Wednesday and 18,695MW on Thursday. Farther south, PJM Western region demand is seen touching a highnear 51,128 MW on Wednesday and 52,995 MW on Thursday, while PJM Mid-Atlantic loadis expected to crest at 31,567 MW on Wednesday and 30,983 MW on Thursday.

In theMidwest, the PJM Interconnection operator sees load in PJM AEP region hitting highsat 15,309 MW on Wednesday and 15,596 MW in the latter part of the business week,while demand in PJM ComEd is called to reach 13,140 MW on Wednesday and 14,329 MWon Thursday.

In theSouth, load in ERCOT is forecast to see highs at 58,559 MW on Wednesday and 57,922MW on Thursday. In the West, demand in CAISO is poised to top out at 30,131 MW onWednesday and 31,546 MW in the latter part of the workweek.

In termtrade, price activity for November power was predominantly biased higher Tuesday,in line with front-month natural gas futures that notched gains on the session toultimately drive an uptick in fueling costs.

In theEast, power values for November advanced by about 30 cents to an index in the mid-$30sat NEPOOL-Mass but deflated by roughly 60 cents against the broad uptrend to averagein the low $30s at PJM West. Along the forward curve, pricing for December powerwas pegged in the low $50s in New England and in the high $30s at PJM West.

In theMidwest, prompt-month power transactions at both PJM AD and PJM Northern Illinoisshed more than 60 cents against the wider uptick to both average in the low $30s,as similar deals at MISO Indiana rose by around 40 cents to an index in the mid-$30s.Looking ahead, power trades for December across the three hubs were done in thelow to high $30s.

In theSouth, front-month power prices at the ERCOT markets were lifted by about 30 centsacross the board to indexes spread in the high $20s, a range shared with regionalpricing for December power delivery.

In theWest, power deals for November in California rose by near 50 cents to the high $30sat North Path-15 and climbed by almost 60 cents to the mid-$30s at South Path-15,as similar trades at Mid-Columbia and Palo Verde clawed up by roughly 10 cents andincreased by around 50 cents, respectively, to indexes in the high $20s. Power transactionsfor December were carried out in the low $40s in California and in the low $30selsewhere in the region.

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Marketprices and included industry data are current as of the time of publication andare subject to change. For more detailed market data, including power andnatural gas indexprices, as well as forwards and futures, visitour Commodities Pages.