Next-day power prices across the U.S. moved higher Monday, March 12, as most markets looked toward forecasts for elevated Tuesday demand.
After exiting the previous week with a modest loss, the front-month April contract rebounded Monday and closed the session with a 4.6-cent gain at $2.778/MMBtu.
According to the National Weather Service, the "third coastal storm in two weeks is poised to bring gusty winds, minor coastal flooding, and areas of snow to the Mid-Atlantic and New England Monday and into Tuesday."
Following the loss of three units, total U.S. nuclear plant availability was pegged at 88.36% early March 12.
East markets tick higher as nor'easter hits region
A storm hitting parts of the East helped support outlooks for strong Tuesday demand and helped give power dailies in the East a modest boost Monday.
At next-day markets, PJM West packages surged roughly $15 with power exchanged in the high $40s to low $60s, while deals at the New England Mass hub were done in the low $40s, rising about $10 on the session. New York Zone G transactions added less than a dollar and were quoted in the low to mid-$30s.
Day-ahead prices moved higher as well. DAMs at the Mass hub and New York Zone J climbed more than $10 and averaged $39.73 and $40.00, respectively, while increases of $2 to $3 were noted at New York Zone A and Zone G, where power prices averaged $26.58 and $29.90, respectively.
Demand is projected to rise in both the Northeast and mid-Atlantic. Load in New England may crest at 16,160 MW on Monday and 16,700 MW on Tuesday, while demand in New York should top out at 19,023 MW on Monday and 19,183 MW on Tuesday. Load in the PJM Mid-Atlantic region might run up to 36,657 MW on Monday and 36,776 MW on Tuesday, while demand in the PJM Western region could post peaks of 55,026 MW on Monday and 55,955 MW on Tuesday.
Midwest markets move higher despite mixed demand forecasts
Daily power prices in the Midwest swung higher Monday as some markets waved aside outlooks for varied Tuesday demand. Gains of $2 to $4 were noted at PJM AEP-Dayton and MISO Indiana with packages quoted in the low $40s at the former and the low $30s at the latter.
Looking at load, demand in the PJM AEP region should near 17,982 MW on Monday and 17,805 MW on Tuesday, while load in the PJM ComEd region could hit 12,215 MW on Monday and 12,534 MW on Tuesday.
Texas dailies notch gains with load outlooks
Strong load forecasts gave a lift to next-day power prices in Texas on Monday.
Load in the Electric Reliability Council of Texas could touch highs of 39,664 MW on Monday and 40,727 MW on Tuesday. Supported by load, next-day deals at ERCOT North rose roughly $2 and ranged in the low $30s.
Western power markets start fresh workweek mixed
Dailies in the West moved in different directions Monday, pressured by subdued Tuesday load forecasts.
Demand in California may reach 27,954 MW on Monday and 27,591 MW on Tuesday. However, on-peak trades at South Path-15 ran the other way with power adding close to $5 and ranging in the low $40s.
In the Southwest, packages at Palo Verde slipped by roughly $2 and changed hands in the high $20s. In the Northwest, power packages were mixed but predominantly muted overall. Power deals at Mid-Columbia added less than $1 and spanned the high teens to low $20s, while packages at the California-Oregon Border eased and were traded in the mid-$20s.
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.
