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Dailies begin new week with losses; Northwest markets firm


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Dailies begin new week with losses; Northwest markets firm

The price of power across U.S. next-day markets,excluding hubs in the Northwest, tumbled Monday, July 18, as some locationswaved aside support from varied load forecasts and rising spot natural gasprices.

Looking at the natural gas futures markets, thefront-month August contract relinquished early gains and closed the first day of the workweekdown 3.4 cents at $2.722/MMBtu. Following hotter weather and rising coolingdemand, most spot gas markets ticked higher.

According to a forecast from, thecentral U.S. may see "multiple days of triple-digit heat" as thecurrent workweek unfolds.

Northwestdailies steady; Calif. and Southwest markets sag

Power values in most of the West were biased lowerMonday despite outlooks suggesting robust Tuesday demand and an increase inspot gas prices.

In California, North Path-15 deals slipped by about $2in the low $30s while South Path-15 trades eased by less than a dollar in themid-$30s. In the Southwest, dailies at Palo Verde and Mead shed $2 to $3 fromJuly 15 and were done in the low to high $30s and high $30s to low $40s,respectively. On-peak trades in the Northwest ran the other way withMid-Columbia adding about a dollar in the low to mid-$20s while COBtransactions were flat to July 15 in the mid- to high $20s.

The California ISO is predicting Tuesday load to peakat 37,680 MW, up by 1,660 MW from Monday.

Eastmarkets open workweek with losses

Outlooks calling for mostly lower Tuesday demandpushed down next-day power packages in the East on Monday with losses partiallylimited by higher spot gas prices.

At NEPOOL-Mass, next day deals ranged in the low tomid-$30s, down from a July 15 index of $48.50, while a decrease of almost $10was seen at PJM West, where power was exchanged in the mid- to high $30s.

Despite soft load forecasts, day-ahead marketsrebounded. DAMs at NEPOOL-Mass, New York Zone G and New York Zone J added $4 to$6 to averages of $33.59, $39.30 and $43.48, respectively, while DAMs at NewYork Zone A soared by about $20s to an average of $49.15.

Demand in the Northeast is set to fall, with NewEngland forecasting a Tuesday high at 20,120 MW, down 2,780 MW from Monday,while load in New York could crest at 26,097 MW on Tuesday, down by more than3,200 MW from Monday.

Mid-Atlantic load outlooks are mixed, with the PJMMid-Atlantic region anticipating Tuesday demand to hit 49,148 MW, droppingaround 4,900 MW from Monday, while the PJM Western region should see Tuesdayload touch 70,052 MW, up about 1,300 MW from the day prior.

Searingheat fails to boost Midwest dailies

Mixed load outlooks, higher spot gas prices andintense summer heat failed to support power prices in the Midwest on Tuesday.PJM AEP-Dayton saw most of the session's action, with power traded in the mid-to high $30s, falling from a July 15 index of $43.25.

Midwestern demand is varied as the new workweekunfolds, with the PJM AEP region called to see Tuesday demand reach 20,347 MW,down by around 250 MW from Monday, while the PJM ComEd region is calling forTuesday load to top out at 19,124 MW, rising by more than 1,900 MW from Tuesday.

ERCOTNorth values wane despite demand, gas support

Power markets in Texas took a small step back Mondaydespite strong Tuesday demand forecasts and higher spot gas prices

ERCOT estimates Tuesday demand to run up to 65,365 MW,up by around 300 MW from Monday. However, next-day deals at ERCOT North ran theother way and slipped by more than $3 in the low $30s.

Day-ahead markets were flat to lower, as DAMs at ERCOTNorth and ERCOT West added less than a dollar and averaged at $29.66 and$29.55, respectively. DAMs at ERCOT Houston slipped by roughly $3 and averagedat $32.56 while DAMs at ERCOT South fell close to $9 and averaged $21.95.

Market pricesand included industry data are current as of the time of publication and aresubject to change. For more detailed market data, including power, natural gas and coal index prices, as well as forwards and futures, visit our Commodities Pages.