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US daily power markets close workweek with gains

Next-day power prices across the U.S. turned higher Friday, March 2, as prices at most locations found support in higher load forecasts.

After posting gains the day prior, the front-month April natural gas futures contract reversed an early uptick and closed the session in shallow negative territory at $2.695/MMBtu, down 0.3 cent.

An outlook from the National Weather Service said that "a significant coastal storm will bring wet, heavy snow; strong, gusty winds; [and] coastal and inland flooding to the Middle Atlantic and Northeast."

Western power markets swing higher in revised trade

On-peak power prices in the West were biased higher Friday, inspired by potentially higher weekday demand associated with next-day schedule revisions.

In California, power prices at South Path-15 rose more than $5 and ranged in the high $30s to low $40s. In the Southwest, dailies at Palo Verde were traded $2 higher in the high $20s. In the Northwest, packages at Mid-Columbia changed hands in the mid-$20s to low $30s, around $4 higher from Thursday.

Demand in California may peak at 27,971 MW on Friday and 26,210 MW on Saturday but with load possibly rebounding at the start of the new workweek on March 5.

The California ISO declared Restricted Maintenance Operations in the Southern California area from March 2 at 6 a.m. PT to 10 p.m. PT due to natural gas curtailments in the area.

The National Weather Service said that parts of the West Coast could be hit by a large cold weather system that may "bring heavy rains to the lower elevations, with potential for flash flooding and debris flows, especially over burn scars; and several additional feet of snow in the mountains."

East values firm with load support as storm batters region

Despite a significant coastal storm hitting parts of the mid-Atlantic and Northeast, next-day deals in the East were firm Friday supported by outlooks for mostly higher March 5 demand.

Most of Friday's next-day action was focused at PJM West where power was exchanged in the low to mid-$30s, steady to Thursday.

Demand in the Northeast may be off to a strong start next week with New England possibly topping out at 15,900 MW on Friday and 16,240 MW on March 5, while load in New York could crest at 19,231 MW on Friday and 19,299 MW on March 5.

On the other hand, demand in the mid-Atlantic may diverge. The PJM Mid-Atlantic region should reach highs of 36,702 MW on Friday and 36,241 MW on March 5, while the PJM Western region could hit peaks of 52,897 MW on Friday and 53,707 MW on March 5.

Texas power prices notch gains with load outlooks

Strong March 5 demand forecasts helped next-day deals in Texas post modest gains Friday.

Next-day deals at ERCOT North were done in the mid-$20s, up around $2 from Thursday.

Demand in Texas is called to reach 38,939 MW on Friday and 39,382 MW on March 5.

Midwest dailies close workweek boosted by demand

Daily power prices in the Midwest spent a quiet Friday session supported by forecasts for elevated March 5 demand.

Load is set to rise in the Midwest with demand in the PJM AEP region possibly nearing peaks of 16,790 MW on Friday and 17,553 MW on March 5, while load in the PJM ComEd region could post highs of 11,568 MW on Friday and 11,679 MW on March 5.

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.