Day-ahead power prices could move in a varied pattern Wednesday, March 7, in line with jumbled demand projections for the latter part of the workweek.
Gaining 4.5 cents in the March 6 session, NYMEX April natural gas futures were extending higher, early Wednesday, tacking on 1.7 cents at 6:40 a.m. ET amid scattered weather-side support for heating as the winter draws to a close.
Next-day natural gas markets are likely to climb in value at most major consuming hubs at midweek, in step with any ongoing advance in the futures arena.
On the demand side, load outlooks for the latter part of the workweek are mixed.
In the Northeast, New England load could top out at 17,000 MW on Wednesday and 16,500 MW on Thursday, while New York demand could touch a high near 19,755 MW on Wednesday and 19,619 MW in the latter part of the business week. In the Mid-Atlantic, load in PJM Western region is seen cresting at 55,211 MW on Wednesday and 56,348 MW on Thursday, while demand in PJM Mid-Atlantic is projected to reach highs at 37,423 MW on Wednesday and 37,213 MW on Thursday.
In the Midwest, PJM AEP region load is expected to touch a high near 17,485 MW on Wednesday and 18,098 MW on Thursday, while PJM ComEd demand should near 12,664 MW on Wednesday and 12,585 MW on Thursday.
In the South, Texas demand is called to reach 39,144 MW on Wednesday and 41,422 MW in the latter part of the workweek. In the West, demand in California is forecast to peak at 27,430 MW on Wednesday and 26,780 MW on Thursday.
In term activity, the price of April power was predominantly elevated March 6, in tandem with front-month natural gas futures that added value to signal an uptick in fueling costs.
In the East, roughly 50-cent gains steered April power to the low to mid-$30s at both the New England hub and PJM West. Power for May delivery was transacted in the high $20s in New England and the low $30s at PJM West.
In the Midwest, prompt-month power was valued in the high $20s to the mid-$30s in deals about 70 cents stronger day on day at PJM Northern Illinois and almost 40 cents higher at both PJM AD and MISO Indiana. Farther along the forward curve, power trades for May were carried out in the low to mid-$30s overall.
In the South, April power pricing at the ERCOT hubs was up more than $1 day on day in the high $20s to the low $30s. Regional price action for May power spanned the high $20s to the mid-$30s.
In the West, California saw month-ahead power transactions lifted by more than $1 to the high $20s at North Path-15 and bolstered by 65 cents to the mid-$20s at South Path-15. Similar trades climbed by 20 cents to the mid-teens at Mid-Columbia and rose by around 90 cents also to the mid-$20s at Palo Verde. May power deals were assessed in the low $10s at Mid-Columbia and the mid-$20s to the low $30s elsewhere in the region.

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.
