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US daily power markets kick off workweek lacking load support

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US daily power markets kick off workweek lacking load support

Weaker load forecasts kept most power markets in the U.S. aimed lower Monday, Feb. 5.

Looking at natural gas futures, the front-month March contract closed the opening session of the workweek down 9.9 cents at $2.747/MMBtu.

In other supply, total U.S. nuclear plant availability fell slightly early Feb. 5 to 96.68%.

The National Weather Service said that "extremely cold temperatures are expected to persist in the Northern Plains and Upper Midwest through the end of the week."

East values tick lower with slack demand

Eastern U.S. power markets saw a dearth of fundamental support Monday amid forecasts for subdued Tuesday demand.

At next-day markets, power prices at the New England Mass hub fell more than $5 and ranged in the mid-$60s while PJM West saw dailies move more than $10 lower in the high $20s to mid-$30s.

Day-ahead trading in the Northeast also steered lower with prices at New York Zone G and Zone J falling more than $20 on the session and averaging $44.05 and $54.66, respectively, while losses of $5 to $7 at the Mass hub and New York Zone A left day-ahead power averaging $75.83 and $36.71, respectively.

Load outlooks point lower. New England is called to see peaks of 17,650 MW on Monday and 17,300 MW on Tuesday while demand in New York may hit highs of 21,551 MW on Monday and 20,997 MW on Tuesday. The PJM Mid-Atlantic region should see demand top out at 40,145 MW on Monday and 39,486 MW on Tuesday while load in the PJM Western region should crest at 61,928 MW on Monday and 60,419 MW on Tuesday.

Midwest markets sag with declining load forecasts

Soft Tuesday load forecasts led power markets in the Midwest lower Monday. Most of the session's activity was seen at MISO Indiana, where power changed hands in the low $30s, down about $5 from Feb. 2.

Demand in the region is expected to fall with load in the PJM AEP region possibly reaching highs of 19,700 MW on Monday and 19,573 MW on Tuesday while demand in the PJM ComEd region may touch peaks of 14,322 MW on Monday and 13,951 MW on Tuesday.

Western power markets start workweek with mixed moves

Prices in the West moved in different directions Monday with some markets pressured by slack Tuesday load forecasts.

In California, power packages at South Path-15 fell less than $1 and ranged in the high $20s. The California ISO is calling for peaks of 29,142 MW on Monday and 28,750 MW on Tuesday. Southwest markets saw mixed moves with Palo Verde trades easing in the high teens to low $20s, while Mead transactions were flat to Feb. 2 and changed hands in the low $20s.

In the Northwest, Mid-Columbia power was traded in the low to high teens, up about $3 on the session, with deals at the California-Oregon Border pegged around a dollar higher in the low $20s.

Texas prices move higher despite sagging demand outlooks

In spite of outlooks calling for declining Tuesday demand, day-ahead markets in Texas noted gains Monday.

The Electric Reliability Council of Texas is forecasting peaks of 44,971 MW on Monday and 41,174 MW on Tuesday.

However, day-ahead trades moved higher. Deals at ERCOT Houston, ERCOT North, ERCOT South and ERCOT West posted increases of $2 to $5 on the session and averaged $24.64, $24.91, $25.73 and $24.86, respectively.

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