Next-day power markets across the U.S., with the exception of those in the Northwest, turned lower Friday, Feb. 2, following outlooks for subdued Feb. 5 demand.
Looking at natural gas futures, the front-month March contract closed the workweek with a loss of 1.0 cent at $2.846/MMBtu.
In other supply, total U.S. nuclear plant availability ticked lower early Feb. 2 to 97.12%.
The National Weather Service said the upper Midwest and northern Plains may be hit by a very cold air mass, which will bring below-normal temperatures and dangerously cold wind chills over the next few days.
Northwest dailies move higher; Calif., Southwest markets tumble
Despite potentially strong Feb. 5 demand, daily power markets in the West, excluding those in the Northwest, sagged Friday.
In the Northwest, power deals at Mid-Columbia and the California-Oregon Border added about $4 on the session and changed hands in the single digits to low teens at the former and the high teens to low $20s at the latter.
On the other hand, in California, power prices at South Path-15 shed less than $1 and ranged in the high $20s. In the Southwest, on-peak transactions declined by $1 to $3 and were seen in the high teens at Palo Verde and the low $20s at Mead.
The California ISO is calling for load to hit 28,118 MW on Friday and 26,093 MW on Saturday.
East dailies sag with demand forecasts
Expectations for lower Feb. 5 demand worked to fuel a downtick in next-day power prices in the East on Friday.
At the next-day markets, power prices at the New England Mass hub fell by roughly $20 and changed hands in the low $70s, while PJM West packages tumbled more than $10 and were exchanged in the low to mid-$40s.
Day-ahead markets reflected pressures from slack weekend load forecasts. Losses ranging from $9 to $12 were noted in New York, with Zone A, Zone G and Zone J averaging $28.85, $65.75 and $76.43, respectively, while deals at the Mass hub shed less than $3 with power prices averaging $81.30.
Lower demand may be in store for the region by the start of the workweek. New England load may top out at 17,940 MW on Friday and 17,420 MW on Feb. 5, while New York demand should crest at 21,501 MW on Friday and 21,396 MW on Feb. 5. Load in the PJM Mid-Atlantic region is expected to reach peaks of 40,899 MW on Friday and 39,364 MW on Feb. 5, while demand in the PJM Western region is projected to touch highs of 62,470 MW on Friday and 59,898 MW on Feb. 5.
Midwest dailies ease with mixed demand
Pressures from varied load outlooks sent daily power prices in the Midwest slightly lower Friday. Power deals at MISO Indiana shed roughly $1 from Thursday and spanned the mid-$30s.
In terms of demand, the PJM AEP region should see highs of 20,155 MW on Friday and 19,072 MW on Feb. 5, while the PJM ComEd region should near peaks of 13,640 MW on Friday and 13,706 MW on Feb. 5.
Texas prices flounder with weekend load outlooks
Day-ahead markets in Texas responded to typically subdued weekend demand forecasts with losses Friday.
Day-ahead deals at ERCOT Houston, ERCOT North, ERCOT South and ERCOT West fell by $4 to $5 from Thursday and averaged $22.29, $19.62, $22.13 and $19.21, respectively.
Demand in the Electric Reliability Council of Texas could run up to 43,138 MW on Friday and 40,999 MW on Feb. 5.
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.
