The price of power across U.S. next-day markets moved in different directions Monday, Feb. 26, following variations in regional demand and weather.
Looking at the natural gas futures arena, the front-month March contract managed to roll off the board in positive territory Monday at $2.639/MMBtu, up 1.4 cents. The April contract also notched modest gains and settled 2.9 cents higher at $2.686/MMBtu.
In other supply, total U.S. nuclear plant availability edged higher early Feb. 26 to 93.16%.
East values firm despite mixed load
Power prices in the East moved slightly higher Monday amid mixed Tuesday demand forecasts.
At next-day markets, power prices at the New England Mass hub and PJM West added less than $1 and changed hands in the high $20s at the former and the mid-$20s at the latter.
Day-ahead markets in the region leaned flat to predominantly higher. DAM deals at the Mass hub and New York Zone J rose by roughly a dollar and averaged $25.09 and $27.26, respectively, while New York Zone G packages gained close to a dollar and averaged $25.99. Power packages at New York Zone A saw little change on the session and averaged $20.54.
Mixed demand may be in store for both the Northeast and mid-Atlantic. Load in New England may hit 16,000 MW on Monday and 15,600 MW on Tuesday, while demand in New York could touch 19,151 MW on Monday and 18,853 MW on Tuesday. Load in the PJM Mid-Atlantic region should peak at 34,941 MW on Monday and 34,568 MW on Tuesday, while demand in the PJM Western region might reach highs of 51,295 MW on Monday and 51,873 MW on Tuesday.
Midwest dailies biased higher at week's opener
Variations in regional load forecasts failed to pull down power prices in the Midwest on Monday. MISO Indiana transactions rose by more than $5 and were posted in the high $30s.
In terms of demand, load in the PJM AEP region should top out at 15,799 MW on Monday and 16,941 MW on Tuesday, while demand in the PJM ComEd region may crest at 11,729 MW on Monday and 11,569 MW on Tuesday.
Strong load forecasts fail to support Texas dailies
Robust Tuesday demand forecasts could not prevent dailies in Texas from moving lower Monday.
The Electric Reliability Council of Texas should see demand near highs of 39,335 MW on Monday and 40,258 MW on Tuesday. Next-day markets, however, ticked lower with ERCOT North packages falling by almost $3 from Feb. 23 in the low $20s.
Day-ahead markets were mixed despite load support. DAMs at ERCOT North and ERCOT West rose by roughly a dollar and averaged $21.83 and $21.79, respectively, while DAMs at ERCOT Houston tumbled by around a dollar and averaged $22.23. In addition, DAMs at ERCOT South eased on the session and averaged $21.27.
Western power markets kick off workweek with losses
Power prices in the West declined Monday despite calls for firm Tuesday demand and support from cold weather still engulfing parts of the region.
The California ISO is expecting peaks of 29,398 MW on Monday and 29,452 MW on Tuesday. However, power prices at South Path-15 dropped by roughly $3 on the session and ranged in the mid-$30s to low $40s.
In the Northwest, Mid-Columbia packages shed close to $3 and ranged in the low $20s. In the Southwest, on-peak values at Palo Verde decreased less than $1 and were quoted in the mid- to high $20s, while Mead deals fell about $3 and bordered the low $30s.
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.