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Most power markets ease despite load support; Midwest dailies move higher

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Most power markets ease despite load support; Midwest dailies move higher

Outlooks for mostly elevated electricity demand for Thursday failed to inspire the majority of U.S. next-day power markets Wednesday, Feb. 28.

After notching a scant loss the day prior, the front-month April contract reversed an early uptick and closed the session 1.6 cents lower at $2.667/MMBtu.

AccuWeather.com said, "A powerful storm will unleash drought-easing, but travel-disrupting rain and mountain snow across California late this week." Much of the Northeast and mid-Atlantic will see a nor'easter develop by the end of the workweek.

In other supply, total U.S. nuclear plant availability slipped to 91.45% early Feb. 28.

Midwest values edge higher despite varied demand forecasts

Varied Thursday load outlooks could not prevent markets in the Midwest from edging higher Wednesday.

At next-day markets, power deals at MISO Indiana rose more than $5 and ranged in the mid-$30s, while deals at PJM AEP-Dayton shed less than a dollar and ranged in the high $20s.

Day-ahead markets notched gains of about a dollar with prices averaging $28.70 at PJM AEP-Dayton and $30.26 at PJM Northern Illinois.

Looking at load, demand in the PJM AEP region should near peaks of 15,493 MW on Wednesday and 15,255 MW on Thursday, while load in the PJM ComEd region could hit highs of 11,250 MW on Wednesday and 12,254 MW on Thursday.

Eastern markets spend midweek mixed

Mixed but predominantly muted moves were noted at next-day markets in the East on Wednesday as prices at most locations ignored calls for strong Thursday demand.

At next-day markets, the New England Mass hub noted gains of close to a dollar with power changing hands in the mid-$20s, while PJM West packages eased on the session and were quoted in the mid- to high $20s.

Day-ahead markets in the Northeast were mixed. Prices at the Mass hub and New York Zone J added $2 to $3 on the session and averaged $26.50 and $31.61, respectively, while New York Zone A and Zone G deals shed slightly more than a dollar, averaging $20.84 at the former and $24.38 at the latter.

Demand is set to rise later in the workweek. Demand in New England may reach 15,240 MW on Wednesday and 15,280 MW on Thursday, while load in New York should touch 18,854 MW on Wednesday and 18,867 MW on Thursday. Demand in the PJM Mid-Atlantic region could top out at 33,204 MW on Wednesday and 33,636 MW on Thursday, while load in the PJM Western region may crest at 48,961 MW on Wednesday and 50,132 MW on Thursday.

Western markets ease as values ignore weather, load support

Despite cold weather enveloping parts of the West and forecasts for higher Thursday demand, power dailies in the West stepped lower Wednesday.

In California, power deals at North Path-15 were flat to Tuesday while deals at South Path-15 shed less than $1 with both markets pegged in the mid-$30s. The California ISO is projecting peaks of 29,346 MW on Wednesday and 29,467 MW on Thursday.

In the Southwest, on-peak transactions at Mead tumbled by about $6 and were reported in the high $20s, while trades at Palo Verde ranged in the mid-$20s to low $30s, easing slightly from Tuesday. In the Northwest, power packages at Mid-Columbia were priced in the mid-$20s, down less than a dollar on the session.

Slack load forecasts fail to subdue most Texas day-ahead markets

Day-ahead markets in Texas leaned flat to higher Wednesday in defiance of slack Thursday load forecasts.

The Electric Reliability Council of Texas is calling for peaks of 41,735 MW on Wednesday and 39,246 MW on Thursday.

However, most day-ahead markets notched gains. Day-ahead power prices at ERCOT North, ERCOT South and ERCOT West added $1 to $2 from Tuesday and averaged $22.61, $22.73 and $22.54, respectively, while DAMs at ERCOT Houston lost close to a dollar with power averaging $22.90.

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.