Editor's Note:
Next-day power markets across the U.S. mostly favored the upside Friday, May 11, as traders took into account outlooks for elevated May 14 demand.
After posting gains the day prior, the front-month June natural gas futures contract closed the workweek in shallow negative territory at $2.806/MMBtu, down a scant 0.8 cent.
Following increased output at several reactors, total U.S. nuclear plant availability rose to 85.89% early May 11.
PJM West dailies edge higher with demand
Prices in the East, most notably at PJM West, rose Friday amid elevated May 14 demand forecasts.
Next-day packages at PJM West surged more than $10 and were seen in the high $40s to low $50s.
Owing to subdued weekend demand, most day-ahead markets floundered. DAMs in New York eased by $4 to $5 on the session and averaged $21.17 at New York Zone A, $23.58 at Zone G and $24.16 at Zone J while DAMs at the New England Mass hub added around a dollar and averaged $25.45.
Demand in both the Northeast and mid-Atlantic is set to rise at the start of the new workweek. New England load should peak at 13,150 MW on Friday and 14,050 MW on May 14, while New York demand may hit highs of 16,671 MW on Friday and 17,105 MW on May 14. The PJM Mid-Atlantic region could top out at 31,813 MW on Friday and 31,863 MW on May 14, while load in PJM Western region might crest at 48,406 MW on Friday and 54,047 MW on May 14.
MISO Indiana swings higher with load support
Strong May 14 load forecasts provided hubs in the Midwest, especially MISO Indiana, with support Friday. Power at MISO Indiana spanned the mid- to high $40s, rising roughly $9 from Thursday.
In terms of peak load, demand in the PJM AEP region should reach 15,728 MW on Friday and 17,434 MW on May 14, while load in the PJM ComEd region may touch 10,864 MW on Friday and 11,277 MW on May 14.
Western power markets rise in revised trade; Palo Verde eases
Potentially higher May 14 demand worked to lift most power markets in the West, excluding Palo Verde, on Friday.
In California, South Path-15 on-peak values rose more than $5 and were pegged in the mid-$20s. Dailies in the Northwest added $2 to $3 from Thursday and were quoted in the high teens to low $20s at Mid-Columbia and the mid-$20s at the California-Oregon Border. On the other hand, hubs in the Southwest leaned flat to higher with Palo Verde easing in the high teens while on-peak power deals at Mead added around $3 and spanned the low $20s.
The California ISO is projecting highs of 27,544 MW on Friday and 25,317 MW on Saturday. Load, however, may rebound at the start of the new workweek on May 14 as demand tends to rise after the weekend.
Texas day-ahead markets defy weekend load outlooks with gains
Despite calls for slack Saturday demand, day-ahead markets in Texas were firm Friday.
The Electric Reliability Council of Texas should see peaks of 55,387 MW on Friday, 54,894 MW on Saturday and 58,219 MW on May 14.
At day-ahead markets, ERCOT West packages surged roughly $15 and averaged $21.18 while DAMs at ERCOT Houston were a dollar higher and averaged $29.73. DAMs at ERCOT North and ERCOT South were flat to Thursday and averaged $30.00 and $28.16, respectively.
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.
