Power values across the country moved mixed to higher Wednesday, Jan. 25, with prices at some locations pressured by choppy load forecasts and supported by firm spot natural gas prices.
In the natural gas futures arena, the front-month February contract continued to gain ground as it closed the day up another 5.3 cents at $3.332/MMBtu. At spot gas markets, values were mixed to higher on the session.
East dailies muted on choppy load outlooks
Next-day power packages in the East were mixed but little changed overall Wednesday amid varied load expectations and rising gas prices.
Next day deals at NEPOOL-Mass and PJM West eased less than $1 from Tuesday and spanned the low $30s and high $20s, respectively. Power prices at New York Zone A were little changed from Tuesday in the high $20s.
Regional day-ahead markets leaned mixed to lower with DAMs in New York falling by about a dollar and averaging $27.04 at New York Zone A, $31.93 at New York Zone G and $32.37 at New York Zone J. DAMs at NEPOOL-Mass were up about $3 and averaged $33.55.
Load in the Northeast is expected to fall. Demand in New England could crest at 16,800 MW on Wednesday and 16,490 MW on Thursday while load in New York may top out at 20,700 MW on Wednesday and 19,700 MW on Thursday.
However, mid-Atlantic demand is expected to rise. Load in the PJM Mid-Atlantic region may touch highs of 34,637 MW on Wednesday and 35,566 MW on Thursday while demand in the PJM Western region should reach peaks of 52,934 MW on Wednesday and 55,906 MW on Thursday.
Midwest markets tick higher despite dueling fundamentals
Conflicting cues offered by choppy demand projections and varied spot gas prices could not prevent values in the Midwest from notching gains Wednesday.
On-peak power deals at MISO Indiana added about $2 and changed hands in the low to mid-$40s.
Demand in the Midwest could diverge during the latter part of the workweek. Highs of 17,064 MW and 17,342 MW may be seen in the PJM AEP region on Wednesday and Thursday, respectively, while the PJM ComEd region could hit peaks of 12,974 MW on Wednesday and 12,955 MW the following day.
Texas values advance on strong demand forecasts
Power prices for next-day delivery in Texas rose Wednesday, encouraged by robust demand forecasts and mixed spot gas prices.
Demand in Texas is expected to peak at 37,839 MW on Wednesday and 41,665 MW on Thursday.
Owing to strong load forecasts, next-day power packages at ERCOT North rose by roughly $3 and ranged in the high $20s.
Day-ahead markets were mixed but mostly muted. DAMs at ERCOT North, ERCOT South and ERCOT West noted gains of less than a dollar and averaged at $26.91, $27.12 and $27.01, respectively, while DAMs at ERCOT Houston eased and averaged $27.26.
Northwest, Calif. dailies steady; Southwest markets mixed
Support from strong demand forecasts and mixed to higher spot gas prices kept power values across most the West, with the exception of those traded in the Southwest, afloat on Wednesday.
In the Northwest, Mid-Columbia and COB trades were both noted in the mid- to high $30s with the former up about $3 while the latter gained less than $1.
In California, power at South Path-15 added a dollar from Tuesday in the high $30s to low $40s.
Southwest dailies were varied with Palo Verde steady to Tuesday in the high $20s to low $30s while Mead deals shed roughly $2 and were seen in the low $30s.
Load in California could see highs of 30,693 MW on Wednesday and 31,106 MW on Thursday.
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, natural gas and coal index prices, as well as forwards and futures, visit our Commodities Pages.