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AM Power Report: US power dailies could see mixed midweek moves

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AM Power Report: US power dailies could see mixed midweek moves

Next-daypower markets could shiftin divergent directions in the midweek session, Wednesday, April 27, as traderslook to choppy demand forecasts and recent softness in natural gas.

in the prior sessionamid ongoing bearish fundamentals, front-month May natural gas futures reversedcourse early Wednesday, and were last pegged at $2.056/MMBtu, up 2.4 cents aheadof the opening bell on light short-covering.

Day-aheadgas markets at the major consuming hubs are likely to take their cue Wednesday fromthe day's direction at the futures market.

In theNortheast, demand in New England should near 14,320 MW on Wednesday and 14,350 MWon Thursday, while load in New York is called to reach 17,968 MW on Wednesday and17,550 MW on Thursday.

In theMid-Atlantic, load in the PJM Western region is seen cresting at 46,200 MW on Wednesdayand 46,300 MW on Thursday. Demand in the Mid-Atlantic region is likely to top outat 30,530 MW at midweek and 30,200 MW on Thursday.

In theMidwest, demand in the AEP region is likely to reach 14,620 MW on Wednesday and14,475 MW on Thursday. Load in the ComEd region near Chicago is called to peak at11,200 MW on both Wednesday and Thursday.

Texasload is anticipated to reach highs at 49,000 MW on Wednesday and 48,900 MW on Thursday,according to the ERCOT grid operator. In California, demand is seen hitting 28,130MW on Wednesday and 28,430 MW on Thursday.

Inforward trade, power values for May predominantly retreated April 26, in line withthe downdraft at the natural gas futures arena that signaled cheaper fueling costsfor power generators.

In theEast, NEPOOL-Mass May advanced by about 80 cents against the dominant downtrendto an index atop $31, as PJM West May joined the wider slump with a near $3 declineto an average at roughly $33. Along the forward curve, power for June delivery wasmarked in the mid-$30s in New England and in the high $30s at PJM West.

In theMidwest, losses of almost $3 at the PJM Interconnection markets sent front-monthpower pricing to indexes at close to $31 at the AD hub and at around $27 at theNorthern Illinois hub, as a near $1 decrease steered MISO Indiana May price activityto an average at about $29. Looking ahead, power prices for June across the threehubs were likewise pegged in the high $20s to the low $30s.

In theSouth, month-ahead power parcels gave back roughly $2 across the board in dealsaveraging at close to $25 at ERCOT Houston and at more or less $22 at the rest ofthe ERCOT markets, as power products for delivery further out to June in the regionwere transacted in the high $20s overall.

In theWest, trading action for May power in California was up by near 60 cents againstthe wider decline at an index at roughly $24 at North Path-15 but down by a littleover 10 cents at an average at around $21 at South Path-15, while Mid-Columbia Maywas 40 cents stronger at an index at about $14 and Palo Verde May was lower by morethan $1 on the day at an average at close to $19. Power deals for June were carriedout in the mid-$20s in California and in the high $10s to the low $20s elsewherein the region.

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Marketprices and included industry data are current as of the time of publication andare subject to change. For more detailed market data, including power andnatural gas indexprices, as well as forwards and futures, visitour Commodities Pages.