Next-day power prices around the United States could move in a mixed pattern Wednesday, Feb. 28, in line with jumbled demand projections for Thursday.
Participants will also watch natural gas markets for direction. Ending the prior day0.3-cent lower, NYMEX April natural gas futures were unchanged early Wednesday ahead of the opening bell. At 6:55 a.m. ET, the front-month gas futures contract was seen at $2.685/MMBtu, up 0.2 cent from the previous session's close.
Next-day natural gas markets could see a mixed day of trade midweek at the majority of the major consuming hubs around the country.
On the demand side, grid operators across the country anticipate varied load in the latter part of the workweek.
In the Northeast, demand in New England should near 15,240 MW on Wednesday and 15,280 MW on Thursday while load in New York could hold near steady at peaks at 18,854 MW on Wednesday and 18,867 MW on Thursday. In the Mid-Atlantic, load outlooks are biased lower, as PJM Western region demand is projected to crest at 49,938 MW on Wednesday and 49,888 MW on Thursday while PJM Mid-Atlantic demand is expected to hit highs at 34,104 MW on Wednesday and 33,416 MW on Thursday.
In the Midwest, demand in the PJM AEP region could decline as it is called to reach 15,993 MW on Wednesday and 15,157 MW on Thursday while load in PJM ComEd could rise to highs at 11,691 MW on Wednesday and 12,067 MW in the latter part of the business week.
Elsewhere, Texas load is set to decline as it is seen hitting highs at 41,736 MW on Wednesday and 39,369 MW on Thursday, while California demand is forecast to touch a high near 29,670 MW on Wednesday and 28,380 MW on Thursday.
Along the forward curve, March power had a mixed but predominantly weak showing in its penultimate session as the front-month offering Feb. 27 and April power notched losses overall amid the weakness in the natural gas futures arena.
In the East, March power was quoted in the low $30s in deals off almost $3 on the day in New England but up 35 cents at PJM West. April power was valued in the low to mid-$30s, about $2 lower on the day in New England and 30 cents softer at PJM West.
In the Midwest, power for March delivery at the PJM markets bucked the wider retreat with a 55-cent increase to the low $30s at the AD hub and a 20-cent uptick to the high $20s at the Northern Illinois hub, as MISO Indiana March also faltered by around 40 cents to the low $30s. Along the forward curve, April power slumped by about 20 cents to the high $20s at PJM Northern Illinois, while a similar offering recoiled by roughly 10 cents at PJM AD and deflated by more than $1 at MISO Indiana to the low $30s at both hubs.
In the South, ERCOT North saw pricing for March power climb 30 cents into the mid-$20s, while front-month power values were down about 90 cents to as much as $2 in the high $20s to the low $30s at the rest of the ERCOT hubs. Regional price activity for April power that spanned the low $20s into the low $30s was weaker by about 70 cents to as much as $2 day on day.
In the West, roughly 70-cent losses took March power to the high $20s at North Path-15 and the low $30s at South Path-15, as an 80-cent reduction steered Mid-Columbia March to the high $10s and an almost 20-cent retreat nudged Palo Verde March to the low $20s. Power for April delivery was approximately 30 cents softer in the low $10s at Mid-Columbia and about 10 cents to as much as 50 cents weaker in the low to high $20s elsewhere in the region.

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.
