Power dailies could end the workweek with losses Friday, March 16, amid anticipation of diminished demand in much of the U.S. coming off the weekend.
Traders will also keep watch of natural gas markets for power pricing direction ahead of the weekend. Easing 5.0 cents in the prior session, NYMEX April natural gas futures were slightly lower early Friday on light profit taking. At 6:50 a.m. ET, the front-month futures contract was down 0.6 cent to $2.675/MMBtu.
Amid any ongoing losses in futures, next-day gas prices at most major consuming hubs are likely aimed lower in most cases Friday, with the inclusion of the lower-load weekend days in the trading product offering additional downside pressure on values.
On the demand side, most grid operators see weaker load at the start of the next workweek on March 19, despite the typical post-weekend rebound of business-related demand.
In the Northeast, demand in New England is poised to top out at 15,750 MW on Friday and 16,500 MW on March 19, while load in New York could defy the wider decline as it is called to reach 18,909 MW on Friday and 19,110 MW on March 19. In the mid-Atlantic, the PJM grid operator sees demand in the PJM Western region cresting at 54,290 MW on Friday and 52,668 MW on March 19, while load in PJM Mid-Atlantic is projected to hit highs at 36,475 MW on Friday and 36,082 MW at the start of the next business week.
In the Midwest, PJM AEP region load will likely reach highs at 17,719 MW on Friday and 17,138 MW on March 19, while PJM ComEd demand could peak at 11,928 MW on Friday and 11,805 MW on March 19.
In the South, Texas load should near 44,869 MW on Friday and 42,849 MW at the return of the workweek. In the West, California demand is forecast to see highs at 26,980 MW on Friday and 24,700 MW on March 17 but could find some upside support at the return of the business week March 19, as full industrial and commercial demand recovers coming off the weekend.
In forward activity, April power shed value across the bulk of the country March 15, as the losses in the natural gas futures arena implied diminished fueling costs.
In the East, front-month power prices were up more than $1 to the mid- to high $30s in New England but eased about 50 cents to the low $30s at PJM West. Along the forward curve, pricing for May power was pegged in the high $20s in New England and the low $30s at PJM West.
In the Midwest, losses of between 40 cents and 50 cents steered April power to the low to mid-$30s at PJM AD and the high $20s at PJM Northern Illinois, as a near 10-cent slump took MISO Indiana April to the low $30s. May power parcels were marked in the low to high $30s overall.
In the South, transactions for month-ahead power delivery at the ERCOT hubs were off about 10 cents to as much as 60 cents day on day in the mid-$20s to the low $30s. Regional trading action for May power ran through the high $20s into the low $30s.
In the West, California saw April power values advance by 5 cents to the low $30s at North Path-15 but fall by 90 cents to the high $20s at South Path-15. Mid-Columbia April deals were unchanged in the upper teens and Palo Verde April parcels deflated by more than $1 to the high $20s. The power offering for May was assessed in the low teens at Mid-Columbia and in the high $20s to the low $30s 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.
