Forecasts of varied March 12 demand did little to stop next-day power prices across the U.S. from going higher Friday, March 9.
After posting losses the day prior, the front-month April natural gas futures contract remained lower Friday and closed the session at $2.732/MMBtu, down 2.4 cents.
In other supply, total U.S. nuclear plant availability retreated early March 9 to 90.59% following the loss of the R.E. Ginna unit in New York, which is owned by Exelon Corp. and EDF Group.
AccuWeather.com said in a March 9 forecast that a nor'easter is poised to bring snow, rain and wind to parts of the mid-Atlantic by early next week.
East dailies close workweek biased higher
Despite pressures from varied demand forecasts, next-day markets in the East moved mixed to ultimately higher Friday.
Along next-day markets, power at the New England Mass hub fell by about $10 on the session and ranged in the high $20s, while gains of $3 were seen at New York Zone G and PJM West where power changed hands in the low $30s and the high $30s to low $40s, respectively.
Due to day-ahead markets trading power for typically lower load Saturday, values dropped. DAMs at the Mass hub and New York Zone J fell by about $10, with power averaging $27.78 and $29.00, respectively, while a decline of $2 to $4 was noted at New York Zone A and New York Zone G, where power averaged $22.88 and $27.50, respectively.
Demand is set to rise at the start of the workweek in the Northeast. Load in New England may top out at 15,710 MW on Friday and 16,180 MW on March 12, while demand in New York should crest at 18,850 MW on Friday and 19,100 MW on March 12.
Load may be off to a slow start in the mid-Atlantic. Demand in the PJM Mid-Atlantic region may run up to 36,081 MW on Friday and 36,045 MW on March 12, while the load in the PJM Western region could hit peaks of 56,591 MW on Friday and 54,996 MW on March 12.
Midwest dailies favor gains despite slack load forecasts
Calls for subdued demand were unheard Friday, and power prices moved higher. PJM AEP-Dayton hub saw most of the session's next-day action with power pegged in the high $30s, up by about $3 from Thursday.
Day-ahead deals tumbled. DAMs at PJM AEP-Dayton shed almost $2 and averaged $33.46, while DAMs at PJM Northern Illinois fell more than $5 with power averaging $31.74.
Looking at load, the PJM AEP region is expected to see demand peak at 18,558 MW on Friday and 17,845 MW on March 12. PJM ComEd region load should near highs of 12,284 MW on Friday and 12,044 MW on March 12.
Texas values rise with demand support
Robust load outlooks provided a boost to next-day markets in Texas on Friday.
The Electric Reliability Council of Texas could see demand highs of 37,912 MW on Friday and 41,776 MW on March 12. Supported by the increased load outlook, next-day deals at ERCOT North were quoted in the high $20s, up by about $6 from Thursday.
Most western power markets swing higher; California-Oregon Border dailies dwindle
Strong weekday demand associated with next-day schedule revisions helped boost most power markets in the West on Friday.
In California, power at South Path-15 rose roughly $5 from Thursday and ranged in the mid- to high $30s. In the Southwest, packages at Mead surged about $11 and spanned the high $30s, while Palo Verde values added about $4 and were traded in the mid-$20s to mid-$30s.
Mixed moves were seen in the Northwest, with Mid-Columbia packages adding about $3 in the high teens to low $20s, while power at the California-Oregon Border spanned the mid-$20s, down by roughly $2 from Thursday.
The California ISO is calling for peaks of 26,647 MW on Friday and 24,988 MW on Saturday but with demand poised to rebound at the start of the workweek March 12.
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.
