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Date: Tue, 15 May 2001 11:01:00 -0700 (PDT)
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Here is today's copy of Bloomberg Power Lines. Adobe Acrobat Reader is
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If you have trouble downloading the attached file it is also located at
http://www.bloomberg.com/energy/daily.pdf
Don't forget to check out the Bloomberg PowerMatch West Coast indices, the
most accurate indices anywhere. Index values are calculated from actual tra=
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Our aim is to bring you the most timely electricity market coverage in the
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Bloomberg Energy Department
05/15 Bloomberg Daily Power Report
Table
Bloomberg U.S. Regional Electricity Prices
($/MWh for 25-50 MWh pre-scheduled packages, excluding transmission=
=20
costs)
On-Peak
West Coast Index Change Low High
Mid-Columbia 236.43 +31.03 240.00 250.00
Ca-Or Border 246.67 +43.34 240.00 250.00
NP15 241.17 +33.42 220.00 280.00
SP15 213.00 +8.00 205.00 220.00
Ault Colorado 195.00 +10.00 205.00 220.00
Mead 232.50 +7.50 230.00 235.00
Palo Verde 223.12 +2.64 212.50 250.00
Four Corners 220.00 +12.50 215.00 225.00
Mid-Continent
ECAR 41.16 +8.41 37.64 43.86
East 40.00 +4.50 39.00 41.00
AEP 41.20 +9.26 38.00 44.00
West 41.00 +9.50 38.00 48.00
Central 40.14 +8.97 36.00 42.00
Cinergy 40.14 +8.97 36.00 42.00
South 44.33 +9.89 36.50 46.00
North 41.33 +7.83 40.00 44.00
Main 43.58 +9.95 39.00 49.50
Com-Ed 41.29 +10.04 36.00 48.00
Lower 45.88 +9.88 42.00 51.00
MAPP 51.83 +5.05 49.00 56.50
North 51.00 +4.50 48.00 55.00
Lower 52.67 +5.61 50.00 58.00
Gulf Coast
SPP 50.00 +9.87 49.00 51.50
Northern 51.00 +11.50 50.00 52.00
ERCOT 51.38 +3.88 48.00 55.00
SERC 47.38 +10.03 42.68 49.65
Va Power 43.50 +8.50 42.00 45.00
VACAR 46.25 +9.25 45.00 47.00
Into TVA 44.33 +9.89 36.50 46.00
Out of TVA 48.85 +10.62 40.78 50.57
Entergy 49.75 +8.00 44.50 50.00
Southern 46.50 +9.50 45.00 49.00
Fla/Ga Border 52.50 +14.50 45.00 60.00
FRCC 57.43 +1.43 54.00 60.00
East Coast
NEPOOL 50.75 +4.80 50.50 51.00
New York Zone J 55.75 -2.75 53.00 58.00
New York Zone G 49.80 +0.05 49.25 50.50
New York Zone A 38.50 +0.00 37.50 39.00
PJM 38.15 +2.18 36.00 40.00
East 38.15 +2.18 36.00 40.00
West 38.15 +2.18 36.00 40.00
Seller's Choice 37.65 +2.18 35.50 39.50
End Table
Western Spot Power Prices Stable to Higher on Southwest Heat
Phoenix, May 15 (Bloomberg Energy) -- Western U.S. peak spot
power prices for delivery tomorrow increased on weather-related
demand in the Southwest.
Traders also said that higher natural gas values were keeping
a floor beneath Southwest power prices. Natural gas for June
delivery on the New York Mercantile Exchange rose as high as
$4.635 per British thermal, 24.1 cents higher from yesterday's
close.
At the SP-15 delivery point in Southern California, peak
power gained $8 to a Bloomberg index of $213 a megawatt-hour, amid
trades in the $205-$220 range.
Traders said that Arizona's Public Service Co. 1,270-megawatt
Palo Verde-1 nuclear plant in Wintersburg, Arizona, increased
production to 50 percent of capacity following the completion of a
scheduled refueling outage that began March 31.
At the Palo Verde switchyard in Arizona, peak power rose
$2.64, to a Bloomberg index of $223.13 as traders executed
transactions in the $212.50-$250.00 range.
According to Weather Services Corp., of Lexington
Massachusetts, temperatures in Phoenix were expected to reach 101
degrees Fahrenheit today, increasing tomorrow 4 degrees to 105
degrees.
At the California Oregon Border, peak power increased $44.34
from yesterday. Traders completed trades in the $240.00-$250.00
range.
"Power prices are rising as energy traders are being bullish
in today's market,'' said one Northwest trader.
At the Mid-Columbia trading point in Washington, peak power
rose $31.03 to a Bloomberg index of $236.43, with trades at
$235.00-$250.00.
-Robert Scalabrino
PJM Spot Prices Rise on Cinergy Jump, Forwards on Natural Gas
Philadelphia, May 15 (Bloomberg Energy) -- Spot values for
peak power delivered to the Western Hub of the Pennsylvania-New
Jersey-Maryland Interconnection rose in sympathy with climbing
day-ahead prices at the Ohio-based Cinergy Hub, traders said.
For-Wednesday power was assessed at a Bloomberg volume-
weighted index of $38.15 per megawatt hour, up $2.18 from
yesterday. Traders said the market opened with sales at $40.00,
then tapered off to lows of $36.50 in post daily options activity.
"It's got to be a knee jerk reaction to what's going on in
the [Mid]-West because generation is actually supposed to improve
tomorrow, and loads are supposed to come in a touch lower," one
PJM-based trader said of the higher prices.
According to the Interconnection's Forecasted Generation
Outage Report, the pool will see a 25 percent increase in its
available supply tomorrow, bringing the total amount of off-line
generation down to 6,687 megawatts.
In the over-the-counter market, short-term forwards moved
higher on anticpated cooling loads, while longer-term contracts
jumped in tandem with rising natural gas futures. Balance-of-the-
month and July-August packages were discussed $4.00 higher at
$47.00-$48.50 and $95.75-$98.00, respectively.
June Henry Hub natural gas futures on the New York Mercantile
Exchange reached a ten-day high this morning, on forecasts for
above-normal temperatures in the Southwest U.S. As of 2 p.m. local
time, June futures peaked at $4.635 per million British thermal
units.
While the contract rose as much as 24.1 cents, its intra-day
high remains 48.08 cents below the three-month historical average,
and 56.39 cents below the six-month average.
In New England Power Pool, next day values rose $4.80 to an
index price of $52.25. Traders said planned line maintenance on
the tie line, which transmits hydroelectric generation from Hydro
Quebec, limited today's imports and would continue to do so
through Friday.
-Karyn Rispoli
Mid-Continent Power Prices Climb on Southern, Midwestern Demand
Cincinnati, May 15 (Bloomberg Energy) -- U.S. Mid-Continent
peak next-day power prices climbed again today as high weather-
related demand from the South and Midwest continued, traders
said.
East Central Area Reliability Council traders said surplus
power available as a result of mild local weather and returning
generation continued to flow into the higher-priced Tennessee
Valley Authority grid.
The Bloomberg index price for peak parcels delivered
Wednesday into the Cincinnati-based Cinergy Corp. transmission
system rose $8.97 to $40.14 a megawatt-hour, with trades ranging
from $38.00 up to $42.00 before options expiration.
Next-day power in TVA sold $9.89 higher on average at
$36.50-$46.00, with temperatures in Nashville, Tennessee,
forecast from 88-90 degrees Fahrenheit through Friday.
Short-term over-the-counter prices at the Cinergy hub also
rose, as demand from the Southeast was expected to continue
through the end of the week. Power for Thursday-Friday delivery
traded as high as $45.00, up from $39.50 yesterday.
In Mid-America Interconnected Network trading, continued
demand from Cinergy and a resumption of exports to the west drove
day-ahead energy prices up at the Chicago-based Commonwealth
Edison hub again today, traders said.
Power sold $10.04 higher on average at ComEd, trading at
$36.00-$44.00 and as high as $48.00 in the local utility market.
In the lower half of the region, spot power traded at $42.00-
$51.00, up $9.88 on demand from the south and west.
Mid-Continent Area Power Pool peak spot power prices were
the highest in the region today, with temperatures well above
normal and transmission problems causing a premium to be added to
imported power, traders said.
Next-day power sold $4.50 higher on average in northern MAPP
at $48.00-$55.00 and $5.61 higher on average in the southern half
of the region at $50.00-$58.00.
In its seven-day forecast, Belton, Missouri-based Weather
Derivatives Inc. predicted high temperatures would average 6
degrees above normal in Minneapolis, with cooling demand levels
133 percent above normal.
"Some people's load forecasts were low, and they needed to
adjust today, so when hourlies jumped the dailies followed," one
MAPP trader said. "Also, we're as high as we are because a lot of
units are still off and transmission's a mess, so the market's
just going to butt up against gas prices."
-Ken Fahnestock
Southeast Power Prices Jump as Southern Markets Stay Hot
Atlanta, May 15 (Bloomberg Energy) -- U.S. Southeast spot
electricity prices were higher today as recent warm weather
failed to moderate as predicted, traders said.
Forecasters from Lexington, Massachusetts-based Weather
Services Corp. predicted daily high temperatures in the Atlanta
vicinity would peak tomorrow at 87 degrees Fahrenheit, 1 degree
higher than today's projected high. Yesterday, forecasters said
they expected cooler weather in Atlanta to begin tomorrow.
Traders said Southern Co. was still a net buyer of spot
power in the $47.00 a megawatt-hour range, despite increased
power production from its recently restarted Farley Unit 2
reactor. The unit emerged from a planned refuel May 8, and was
operating at 99 percent of capacity early today.
The Bloomberg Southeast Electric Reliability Council
regional index price rose $10.03 a megawatt-hour from
equivalent trades made yesterday for delivery today, to $47.38.
Trades ranged from $34.50-$60.00.
In Maryland, Constellation Energy' Group Inc's 850-
megawatt Calvert Cliffs Unit 2 reactor was reported at 55
percent of capacity early today, following the completion of
refueling operations on March 15.
"It's going to be fairly warm in our service territory
over the balance of the week," said one Tennessee Valley
Authority trader. "We heard a few key players were deciding to
sell into the hourly markets tomorrow, which could keep the
day-ahead prices up."
On the TVA grid, day-ahead prices began trade as low as
$36.50 although most trades were much higher as buyers emerged
to cover unforeseen air-cooling demand. The Bloomberg into-TVA
peak index price rose an average of $9.89 to $44.33, amid
trades in the $36.50-$46.00 range.
Traders said early today that demand was highest on the
TVA grid. Later in the day traders said that most power was
flowing through the TVA grid to get to markets on the Southern
Co. grid, where demand was expected to be higher.
Power sold into the Southern grid at a Bloomberg average
of $47.00, up $10.00 from yesterday amid trades in the $46.00-
$47.00 range.
In Texas, traders reported light trading despite
yesterday's completion of Texas Utility's 345 kilovolt south-
to-north flowing Limestone-Watermill transmission line. Traders
said line capacity would increase from about 900 megawatts
daily to more than 2,000 megawatts.
The Bloomberg firm "UB" power price for unit or
transmission contingent supply, rose $2.25 to $47.50, mostly on
rising natural gas prices, traders said.
By mid-afternoon, the June natural gas futures contract on
the New York Mercantile Exchange had risen as much as 25.6
cents per million British thermal units to $4.650 per million
Btu. Gulf Coast day-ahead gas prices rose about 18 cents to
$4.37-$4.43, Bloomberg spot market surveys found.
Traders said recent hot weather in the West and South had
caused the run up in natural gas values, despite expectations
for higher-than-usual injections into underground storage.
-Brian Whary
U.K. Day-ahead Power Contract Prices Rise on Outage Concerns
London, May 15 (Bloomberg Energy) -- Power prices for
delivery tomorrow climbed on reports of a possible nuclear plant
outage, traders said.
Day-ahead baseload power started trade at 20.00 pounds a
megawatt-hour before rising to 23.00 pounds a megawatt-hour, 4.25
pounds higher than prices for today.
Rumors of an outage at a Magnox nuclear plant pulled prices
higher as participants bought the day-ahead contract in an effort
to secure supply, traders said.
Week 21 rose amid active buying interest ahead of several
planned maintenance outages next week, traders said.
The contract traded in a range of 18.25-18.80 pounds a
megawatt-hour, before last trading at 18.65 pounds a megawatt-
hour, 45 pence higher than yesterday's close.
Moreover, forecasts for lower temperatures also pushed prices
higher amid expectations for higher heating requirements, traders
said.
Across the U.K. temperatures were forecast to average around
8-15 degrees Celsius today, falling to 6-13 degrees tomorrow,
according to the Weather Services Corp. in the U.S.
June baseload traded 30 pence higher at 18.53 pounds a
megawatt-hour. July baseload traded 25 pence higher at 18.40
pounds a megawatt-hour.
-Amal Halawi
Short-Term Nordic Power Surges on Unexpectedly High Spot Price
Lysaker, Norway, May 15 (Bloomberg Energy) -- Short-term
electricity prices on the Nordic Power Exchange in Lysaker,
Norway, surged in afternoon trade after the publication of a
higher-than-expected system area average price for tomorrow,
traders said.
With 475 megawatts traded, week-21 jumped 4.50 Norwegian
kroner to close at 193.50 kroner a megawatt-hour after falling as
much as 3.00 kroner to 186.00 kroner a megawatt-hour before the
spot price was announced. Week-23 registered the largest gain
today, closing at 204.00 kroner a megawatt-hour, up 6.50 kroner.
Wednesday's spot price averaged 198.38 kroner a megawatt-
hour, up 12.68 kroner from today's price, compared to estimates of
180.00-185.00 kroner a megawatt-hour. Below-average snow
accumulation and snowmelt this year are curbing hydro-production,
traders said.
In western Denmark, the maximum hourly spot price for
Wednesday was set at 595.25 kroner a megawatt-hour, 345.60 kroner
higher than a maximum of 249.65 kroner a megawatt-hour for the
exchange area because snowmelt inflow into Danish rivers was
decreasing, dwarfing supply, an Oslo-based trader said.
In Trondheim, Norway, hourly spot prices averaged 216.12
kroner a megawatt-hour, 17.74 kroner higher than the system area
average price following power transmission restrictions from
eastern Norway where snowmelt was reported to be more abundant, a
Bergen, Norway-based trader said.
Producers in eastern Norway will let reservoirs overflow
without generating electricity because of accelerated melting
while larger western producers will have better control over
output with empty dams and little snow.
Even though water tank flooding forces some generators to
sell power at lower prices instead of letting water overspill with
no economic gain, others are unable to contain spillage at the
peak of the snowmelt season.
Colder weather next week was also expected to boost end-user
demand for space heating, pushing prices higher. Traders continued
to downplay expectations of wet weather following recent over-
estimation of rainfall.
Longer-term contracts also rose. Winter-2 2001 closed at a
high of 216.50 kroner a megawatt-hour, up 2.00 kroner from
yesterday after 459.00 megawatts traded. Winter-1 2002 gained 2.65
kroner to 216.65 kroner a megawatt-hour.
Nordpool's total trade volumes amounted to 3,622 gigawatt-
hours generation today compared to 5,469 gigawatt-hours yesterday.
-Alejandro Barbajosa
-0- (BES) May/15/2001 20:29 GMT
=0F$
- daily.pdf