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Remnants of Hurricane Ida spread power market weakness to US Northeast

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Remnants of Hurricane Ida spread power market weakness to US Northeast

Highlights

Outages up overnight, down in afternoon

Entergy making progress in Mississippi, Louisiana

Real-time, day-ahead prices below normal

The number of electricity customers without service in Pennsylvania, New Jersey and New York due to damage from the remnants of Hurricane Ida totaled 133,242 as of 3 pm ET Sept. 2, according to utility websites. The overall number of customers, from Louisiana north, without power due to the storm fell to 910,000 at the same reported time, after increasing by about 200,000 in the morning to 1.2 million.

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Ida slammed into Louisiana Aug. 29 with 150 mph winds and on Sept. 1 brought torrential rain, high winds and flash flooding to the Mid-Atlantic states.

The Midcontinent Independent System Operator's South Region includes the areas hardest hit by the remnants of Ida. As of 4 pm ET Sept. 2, MISO's load had reached its projected peak of 88.2 GW, but this was but a big drop from the 113.6 GW average of the previous four Thursdays.

In the Northeast, PJM's peakload had reached its forecast of about 105 GW as of 4:30 pm ET Sept. 2, but this represents a steep drop from the average peakload of 138.3 GW for the previous four Thursdays.

The PJM West Hub real-time price was $41.96/MWh as of about 4:30 pm ET Sept. 2, compared with a daily average of about $61.60/MWh for the previous four Thursdays. The day-ahead on-peak contract fell 75 cents on the Intercontinental Exchange to about $37.50/MWh for delivery Sept. 3, down sharply from the $52.05/MWh average for delivery on the previous four Fridays.

New York ISO peakload had almost reached its forecast peak of about 19.3 GW as of 4:30 pm Sept. 2, a steep drop from the 28.1 GW of the previous four Thursdays. The real-time locational marginal price at the New York City Zone J pricing point was about $55.40/MWh, compared with an average of about $61.90/MWh for the previous four Thursdays. The day-ahead on-peak contract was flat around $38.50/MWh on ICE for delivery Sept. 3, a steep drop from the $62.05/MWh average for delivery on the previous four Fridays.

Louisiana impact

The Louisiana Hub real-time locational marginal price around 3 pm CT Sept. 2 was $42.57/MWh, compared with an average of $43.77/MWh for the previous four Thursdays. Louisiana Hub day-ahead on-peak trading was quiet on the Intercontinental Exchange.

Louisiana remains the focal point of power outages, with about 910,000 customers offline as of about 2 pm CT, according to PowerOutage.us.

Entergy was the hardest-hit utility, as it reported 743,392 customers offline in Louisiana and another 11,656 customers offline in Mississippi on Sept. 2, but it is making progress. Entergy reported that 99 of its 22 affected transmission substations were returned to service as of 8 am Sept. 2, including 13 New Orleans-area substations, but it has 1,350 miles of transmission lines out of service. The company reported its distribution system damage included 10,212 poles, 13,297 spans of wire and 2,223 transformers damaged or destroyed.

Entergy said Sept. 2 that it expected to complete restoration of service in Mississippi on that day. The company said customers in the greater Baton Rouge, Louisiana, area who can safely receive power should come online by Sept. 8. Entergy installed backup generation at the New Orleans Ernest N. Morial Convention Center to power facilities for residents and the Louisiana National Guard.

Utilities with more than 1,000 customers offline due to Hurricane Ida
As of 2 pm CT Sept. 2
Louisiana
Entergy
743,392
Cleco
67,245
Dixie Electric Membership Corporation
58,645
Washington St. Tammany Electric Cooperative
32,374
Mississippi
Magnolia Electric Power
16,648
Entergy
11,656
New Jersey
Jersey Central Power & Light
20,850
Public Service electric & Gas
17,244
Atlantic City Electric
1,590
New York
Con Edison
16,422
Public Service Enterprise Group Long Island
2,622
Orange and Rockland Utilities
1,555
National Grid
1,321
Pennsylvania
Philadelphia Electric company
36,963
PPL
13,493
First Energy
12,301
Sources: Various utilities plus PowerOutage.us.