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US power dailies retreat as weekend approaches

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US power dailies retreat as weekend approaches

Editor's Note: Please be advised that S&P Global Market Intelligence will no longer publish daily articles on price trends in the U.S. natural gas, electricity and emissions markets beginning June 1, 2018. Pricing data for these energy markets will continue to be available on the Market Intelligence platform.

Forecasts for slack Friday demand led next-day power markets across the U.S. lower Thursday, May 17.

Despite reports of a better-than-expected 106-Bcf net injection into natural gas storage during the week ended May 11, the front-month June futures contract still notched a 4.4-cent gain and settled at $2.859/MMBtu.

Following the loss of unit 1 of Entergy Corp.'s Arkansas Nuclear One in Arkansas, total U.S. nuclear plant availability took a small step back early May 17 to 91.23%.

East power values slip with demand

Sagging load forecasts pulled down next-day power prices in the East on Thursday.

At next-day markets, power prices at the New England Mass hub slipped by almost $4 and ranged in the low to mid-$20s while losses of $2 to $3 at New York Zone G and PJM West put next-day power value in the low $30s. Deals at New York Zone A eased slightly in the low $30s.

Mostly lower moves were noted at day-ahead markets. DAMs at New York Zone G and Zone J fell more than $5 and averaged $26.87 and $27.35, respectively, while DAMs at the Mass hub limited losses to about $2 and averaged $24.70. DAMs at New York Zone A added more than $1 and averaged $32.50.

Demand in both the Northeast and mid-Atlantic is expected to fall. Load in New England may crest at 14,140 MW on Thursday and 13,160 MW on Friday, while demand in New York should top out at 17,791 MW on Thursday and 16,686 MW on Friday. Load in the PJM Mid-Atlantic region may near peaks of 31,920 MW on Thursday and 29,527 MW on Friday while demand in the PJM Western region should touch peaks of 53,437 MW on Thursday and 48,160 MW on Friday.

Western power markets tick lower in revised trade

A combination of subdued Saturday load forecasts associated with next-day schedule revisions alongside lower Friday demand outlooks sent daily power prices in the West lower on Thursday.

In California, power deals at South Path-15 slipped by about $5 and were pegged in the midteens. The California ISO is calling for demand to peak at 28,168 MW on Thursday and 27,463 MW on Friday with load possibly falling even further on Saturday.

Hubs in the Northwest saw power deals tumble by $2 to $5 on the session and range in the single digits to low teens at Mid-Columbia and the single digits at the California-Oregon Border hub.

Markets in the Southwest fared no better with on-peak deals at Palo Verde and Mead shedding $1 to $3 from Wednesday and spanning the midteens.

Texas DAMs continue to fall despite load support

Expectations of firm Friday demand did little to stop most day-ahead markets in Texas from posting losses Thursday.

Load in the Electric Reliability Council of Texas may run up to 63,939 MW on Thursday and 64,123 MW on Friday.

However, day-ahead markets continued to move the opposite way. DAMs at ERCOT West tumbled more than $10 and averaged $26.65, while DAMs at ERCOT Houston, ERCOT North and ERCOT South lost $5 to $7 on the session and averaged $43.23, $54.04 and $40.84, respectively.

Midwest markets unsupported as workweek draws to a close

Hubs in the Midwest spent a quiet Thursday session unsupported by outlooks for falling Friday demand.

Looking at load, demand in the PJM AEP region may near highs of 16,866 MW on Thursday and 15,013 MW on Friday while load in the PJM ComEd region should hit peaks of 12,273 MW on Thursday and 11,548 MW on Friday.

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.