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Power dailies open fresh workweek with choppy moves

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Power dailies open fresh workweek with choppy moves

Values across U.S. next-day markets were jumbledMonday, Oct. 10, as values at some hubs fell despite outlooks for mixed Tuesdaydemand and a recovery in spot natural gas prices.

In gas futures trading, the front-month Novembercontract closed the first day of the fresh workweek by rising 8.2 cents to a21-month high settlement of $3.275/MMBtu. Following the rally in futures, spotgas markets swung higher as well with a number of hubs adding more than 15cents on the session.

Northeastdailies slip with demand; PJM West firm

Next-day markets in the East opened the new workweekMonday mixed by varied load forecasts but supported by a rebound in spot gasprices.

In the Northeast, next-day deals at NEPOOL-Mass andNew York Zone G bordered the low $20s, with the former slipping by about $4while the latter eased by around a $1. In the mid-Atlantic, PJM West tradeswere steady to Oct. 7 and spanned the mid-$30s.

At the day-ahead markets, New York Zone A was thehighest priced at an average of $42.53, or almost double surrounding markets.By contrast, DAMs averaged $23.20 at the Mass hub, $20.11 at New York Zone Jand just $19.90 at New York Zone G.

Demand in the Northeast is expected to decline as thenew workweek unfolds. Load in New England may fall by 100 MW from Monday to aTuesday high of 15,030 MW, while New York is expecting demand to top out at18,158 MW on Tuesday, slipping almost 50 MW from the previous day.

Mid-Atlantic load forecasts, on the other hand, arevaried with the PJM mid-Atlantic region calling for load to crest at 30,570 MWon Tuesday, down less than 100 MW from Monday, while the PJM Western region maysee demand peak at 47,232 MW on Tuesday, adding almost 200 MW from the start ofthe week.

MostWest markets slide with slack demand; Mead dailies steady

Projections calling for subdued Tuesday demandcounterbalanced a rebound in spot gas prices and pressured most power marketsin the West, with the exception of Mead.

In California, on-peak deals at North Path-15 andSouth Path-15 slipped by about $4 and spanned the high $30s and mid- to high$30s, respectively. In the Northwest, mid-Columbia trades shed about a dollarin the low $30s, while COB transactions fell by more than $5 in the high $20s.

In the Southwest, price activity was varied. PaloVerde exchanged power in the high $20s to mid-$30s for a daily loss of about adollar, while Mead deals were done in the low $20s, up by roughly $3 on thesession.

In California, demand is expected to hit 31,351 MW onTuesday, down more than 1,500 MW from Monday.

ERCOTdailies steady with fundamental support

Next-day power prices in Texas were firm Monday, asdailies were unimpressed by a combination of robust Tuesday load outlooks andhigher spot gas prices.

Next-day deals at ERCOT North were flat to Oct. 7 andwere done in the mid-$20s, while day-ahead markets were priced slightly higherin the upper $20s. DAMs averaged at $27.01 at ERCOT North, $27.16 at ERCOTWest, $28.94 at ERCOT South and $29.79 at ERCOT Houston.

The ERCOT grid operator is calling for peak Tuesdaydemand near 48,784 MW, rising more than 3,300 MW from Monday.

Midwestmarkets enter workweek supported by strong demand, gas gains

Power markets in the Midwest saw a boost Monday fromoutlooks for elevated Tuesday demand and an increase in spot gas prices.

Load is expected to rise in the Midwest, with Tuesdaydemand in the PJM AEP region possibly reaching 14,607 MW, up about a 100 MWfrom Monday, while load in the PJM ComEd region may touch a high at 11,571 MWon Tuesday, adding almost 100 MW from the day prior.

Market pricesand included industry data are current as of the time of publication and aresubject to change. For more detailed market data, including power, natural gas and coal index prices, as well as forwards and futures, visit our Commodities Pages.