Editor's Note:
Excluding hubs in the Southwest, next-day power prices around the U.S. were biased higher Tuesday, May 22, owing to mostly higher midweek load forecasts.
After ticking lower the day prior, the front-month June natural gas futures contract rebounded Tuesday and closed the session up 9.8 cents at $2.908/MMBtu with gains encouraged by warmer weather outlooks.
In other supply, total U.S. nuclear plant availability nudged higher early May 22 to 92.69%.
East dailies notch gains with demand
Outlooks for elevated midweek demand supported markets in the East on Tuesday.
Next-day markets noted gains of $1 to $2 from Monday with power prices ranging in the high $20s at the New England Mass Hub, the low $30s at New York Zone G and the low $40s at PJM West.
On the other hand, day-ahead markets diverged. DAMs at New York Zone G and Zone J added $3 to $4 on the session and averaged $33.94 and $36.08, respectively, while DAMs at Zone A shed more than $1 and averaged $28.79. DAMs at the Mass hub saw little change from Monday and averaged $25.10.
Demand in the Northeast and mid-Atlantic is projected to rise. New England load should top out at 14,140 MW on Tuesday and 14,700 MW on Wednesday, while demand in New York could crest at 17,578 MW on Tuesday and 18,899 MW on Wednesday. Load in the PJM Mid-Atlantic region may near peaks of 33,756 MW on Tuesday and 38,149 MW on Wednesday, while demand in the PJM Western region should see highs of 53,890 MW on Tuesday and 54,067 MW on Wednesday.
Midwest dailies firm amid mixed load outlooks
Markets in the Midwest ticked mostly higher despite varied midweek demand.
Power prices at PJM AEP-Dayton and MISO Indiana rose by roughly $2 on the session and spanned the high $30s at the former and the low $40s at the latter.
In terms of load, the PJM AEP region may see demand peak at 17,539 MW on Tuesday and 16,974 MW on Wednesday while demand in the PJM ComEd region should hit highs of 11,408 MW on Tuesday and 12,688 MW on Wednesday.
Southwest dailies ease; Calif., Northwest values firm
Mixed to ultimately higher moves were noted at power markets across the West on Tuesday as some locations ignored calls for subdued midweek demand.
Demand in California is expected to reach 28,509 MW on Tuesday and 28,217 MW on Wednesday. However, on-peak power deals at South Path-15 added close to $1 and spanned the mid-$20s.
In the Northwest, power packages leaned flat to higher with Mid-Columbia deals up more than $1 in the high teens while values at the California-Oregon Border hub were flat to Monday and bordered the low $20s. Losses of around $2 were noted in the Southwest, with Palo Verde deals pegged in the high $20s while packages at Mead were seen in the low $20s.
Texas DAMs swing higher with demand forecasts
Strong demand forecasts boosted day-ahead markets in Texas on Tuesday.
Load in Texas may run up to 57,926 MW on Tuesday and 60,212 MW on Wednesday.
Supported by demand, day-ahead markets added $1 to $2 on the session and averaged $38.12 at ERCOT Houston, $42.57 at ERCOT North, $38.29 at ERCOT South and $37.11 at ERCOT West.
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.
