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Here is today's copy of Bloomberg Power Lines. Adobe Acrobat Reader is
required to view the attached pdf file. You can download a free version of Acrobat Reader at http://www.adobe.com/products/acrobat/readstep.html 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= des and can be audited by all PowerMatch customers. Our aim is to bring you the most timely electricity market coverage in the industry and we welcome your feedback on how we can improve the product=20 further. Bloomberg Energy Department 05/14 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 205.40 -185.85 175.00 225.00 Ca-Or Border 203.33 -186.67 180.00 225.00 NP15 207.75 -189.39 175.00 228.00 SP15 205.00 -186.88 175.00 225.00 Ault Colorado 185.00 -155.00 175.00 225.00 Mead 225.00 -128.00 220.00 230.00 Palo Verde 220.48 -202.02 210.00 240.00 Four Corners 207.50 -177.50 200.00 220.00 Mid-Continent ECAR 32.75 +1.68 30.18 35.00 East 35.50 +2.00 35.00 36.00 AEP 31.94 -1.46 29.75 34.00 West 31.50 +2.00 29.50 34.00 Central 31.17 +3.52 28.00 35.00 Cinergy 31.17 +3.52 28.00 35.00 South 34.44 +2.15 28.00 37.00 North 33.50 +0.00 33.00 34.00 Main 33.63 +3.88 30.75 37.25 Com-Ed 31.25 +2.25 29.50 34.50 Lower 36.00 +5.50 32.00 40.00 MAPP 46.78 +6.86 45.00 51.00 North 46.50 +7.17 45.00 50.00 Lower 47.06 +6.56 45.00 52.00 Gulf Coast SPP 40.13 -0.51 39.50 41.50 Northern 39.50 +0.00 39.50 41.00 ERCOT 47.50 +2.25 46.00 49.00 SERC 37.35 +0.10 33.89 39.07 Va Power 35.00 -4.50 34.50 35.50 VACAR 37.00 +3.50 36.00 38.00 Into TVA 34.44 +2.15 28.00 37.00 Out of TVA 38.23 +1.80 31.72 40.99 Entergy 41.75 -1.25 35.00 44.00 Southern 37.00 +2.00 35.00 39.00 Fla/Ga Border 38.00 -3.00 37.00 39.00 FRCC 56.00 +1.00 54.00 58.00 East Coast NEPOOL 45.95 -6.05 45.50 47.25 New York Zone J 58.50 -4.50 56.00 61.00 New York Zone G 49.75 -3.25 48.50 51.50 New York Zone A 38.50 -5.50 38.00 39.00 PJM 35.97 -5.48 35.00 36.75 East 35.97 -5.48 35.00 36.75 West 35.97 -5.48 35.00 36.75 Seller's Choice 35.47 -5.48 34.50 36.25 End Table Western Power Spot Prices Sink Amid Weather-Related Demand Los Angeles, May 14 (Bloomberg Energy) -- Most Western U.S. spot power prices for delivery tomorrow slumped as supply outstripped demand. At the SP-15 delivery point in Southern California, peak power dropped $186.88 to a Bloomberg index of $205.00 a megawatt- hour, amid trades in the $175.00-$225.00 range. "Air conditioning load is diminishing, which is causing prices to decline," said one Southwest trader. According to Weather Services Corp., of Lexington Massachusetts, temperatures in Los Angeles were expected to reach 75 degrees Fahrenheit today and a low of 59 degrees tonight. At the Palo Verde switchyard in Arizona, peak power sank $202.02, or 47.82 percent, to a Bloomberg index of $220.48 as traders executed transactions in the $210.00-$240.00 range. Traders said that Arizona's Public Service Co. 1,270-megawatt Palo Verde-1 nuclear plant in Wintersburg, Arizona, increased production to 19 percent of capacity following the completion of a scheduled refueling outage that began March 31. At the Mid-Columbia trading point in Washington, peak power slumped 47.5 percent from Friday's Sunday-Monday package to a Bloomberg index of $205.40, with trades at $175.00-$225.00. According to Belton, Missouri-based Weather Derivatives Inc., temperatures in the Pacific Northwest will average 1.2 degrees Fahrenheit above normal over the next seven days, with cooling demand 84 percent below normal. "We are expecting rain in the Pacific Northwest which is causing temperatures to drop," said one Northwest trader. At the NP-15 delivery point in Northern California, peak power fell $189.39 to a Bloomberg index of $207.75, with trades at $175.00-$228.00. According the California Independent System Operator today's forecast demand was estimated at 30,827 megawatts, declining 743 megawatts tomorrow to 30,084 megawatts. -Robert Scalabrino Northeast Power Prices Fall With More Generation, Less Demand Philadelphia, May 14 (Bloomberg Energy) -- An increase in available generation coupled with less weather-related demand, caused next-day power prices in the Northeast U.S. to fall as much as 11.3 percent this morning, traders said. According to Weather Derivatives Corp. of Belton, Missouri, temperatures in the Northeast will average within one degree Fahrenheit of normal over the next seven days, keeping heating and cooling demand 88 and 96 percent below normal, respectively. In the Pennsylvania-New Jersey-Maryland Interconnection, peak power scheduled for Tuesday delivery was assessed at a Bloomberg volume-weighted index of $35.97 per megawatt hour, down $5.48 from Friday. "There's just no weather out there," said one PJM-based trader. "There's no need for air conditioning, and no need for heating. As far as I can tell, it's going to be that way all week long." Peak loads in PJM are projected to average less than 30,000 megawatts through Friday. Traders also cited increased regional capacity as a cause for the dip. Interconnection data shows 1,675 megawatts returned to service today, and an additional 1,232 megawatts are expected to hit the grid tomorrow. Next-day prices fell across all three zones of the New York Power Pool, with increased output at the Nine Mile Point 1 and 2 nuclear power facilities. The Nuclear Regulator Commission reported Nine Mile Point 1 at 90 percent of its 609-megawatt capacity following completion of a refueling outage, and the 1,148-megawatt Nine Mile Point 2 at full power following unplanned maintenance. Both units are owned and operated by Niagara Mohawk. Zone J, which comprises New York City, slipped $4.50 to $58.50, while Zones G and A fell $3.25 and $5.50, respectively, to $51.25 and $40.00 indices. ~ -Karyn Rispoli Weather-Related Demand Drives Mid-Continent Power Prices Up Cincinnati, May 14 (Bloomberg Energy) -- Day-ahead peak power prices rose today in the Mid-Continent U.S. as high weather-related demand was expected in the Midwest and Southeast, traders said. "It's supposed to be pretty warm in the TVA (Tennessee Valley Authority) area, so everyone is looking to go from Cinergy to there," one East Central Area Reliability Council trader said. "Dailies and the bal(ance of) week are both stronger because of that." The Bloomberg index price for peak parcels delivered Tuesday into the Cincinnati-based Cinergy Corp. transmission system rose $3.52 to $31.17 a megawatt-hour, with trades ranging from $29.25 when the market opened up to $35.00 after options expired. Cinergy power for Wednesday-Friday delivery sold at $39.00 and power for May 21-25 was offered at $45.50 as demand from the Southeast was expected to remain high into next week. Next-day power in TVA sold $2.15 higher on average at $28.00-$37.00, with temperatures in Nashville, Tennessee, forecast at 87 degrees Fahrenheit through Thursday. "Things should continue along these lines for the rest of the week, because there's enough power to get down there but not so much that anyone can flood the market and crush prices," an ECAR trader said. In Mid-America Interconnected Network trading, demand from the Cinergy hub and the Entergy Corp. grid pulled prices up, though traders said transmission problems limited volume. Peak Monday parcels sold $2.25 higher on average at the Chicago-based Commonwealth Edison hub, trading at $29.50-$34.50, and $5.50 higher on average in the lower half of the region, with trades from $32.00-$40.00. Mid-Continent Area Power Pool peak spot power prices also climbed today, showing the largest increase in the region as above-normal temperatures were expected and transmission problems isolated the market from lower-priced eastern hubs. For-Tuesday power sold $7.17 higher on average in northern MAPP at $45.00-$50.00 and $6.56 higher on average in the southern half of the region at $45.00-$52.00. Lexington, Massachusetts-based Weather Services Corp. predicted tomorrow's high temperature would be 85 degrees in Minneapolis and 91 degrees in Omaha, Nebraska. "There's no available transmission from ComEd, and problems getting power out of Ameren's grid too," one MAPP trader said. "It's likely to cause problems all week, since it's hot here and down in SPP (the Southwest Power Pool)." -Ken Fahnestock Southeast Power Prices Mixed as Southern Markets Heat Up Atlanta, May 14 (Bloomberg Energy) -- U.S. Southeast spot electricity prices were mixed today as hot weather returned to major Southern U.S. population centers, traders said. Forecasters from Lexington, Massachusetts-based Weather Services Corp. predicted daily high temperatures in the Atlanta vicinity would peak tomorrow at 86 degrees Fahrenheit, 5 degrees higher than today's projected high. Cooler weather is expected to begin Wednesday. Conversely, in the Nashville, Tennessee, vicinity, temperatures will remain in the high-80s to low-90s all week, propelling air conditioning demand, traders said. The Bloomberg Southeast Electric Reliability Council regional index price rose 10 cents a megawatt-hour from equivalent trades made Friday for delivery today, to $37.20. Trades ranged from $26.50-$42.50. On the Tennessee Valley Authority grid, power traded an average of $2.15 higher at a Bloomberg index of $34.44 amid trades in the $28.00-$37.00 range. In Texas, day-ahead power prices rose 84 cents for UB firm energy to a Bloomberg index of $47.50, though utility traders complained of slack demand versus the same time in 2000. "There's just no overnight load to do anything with the supply we have," said one Texas-based utility power trader. "Last year at this time, we saw a bunch of 93-95 degree (Fahrenheit) days. This year so far, the highest we've seen is 85 degrees, so that's about 10 degrees below normal for us." On the Entergy Corp. grid, day-ahead peak power for tomorrow opened at $38.50-$42.00, though most trades were done at a Bloomberg index of $40.25, $1.25 less than Friday. Traders said forecasts for cooler weather through much of the South starting Wednesday caused day-ahead prices to trade late at $35-$36. Traders said Southern Co. was purchasing day-ahead energy at $37 from utilities in the Virginia-Carolinas region because power from VACAR was cheaper than from utilities in SERC. Southern day-ahead power traded $2 higher at a Bloomberg index of $37, amid trades in the $35-$39 range. In the forward power markets, Entergy power for the balance of this week sold early today at $47.00, though later trades were noted as high as $48.75. Balance-of-May Entergy power was bid at $48, though few offers were heard, traders said. On the TVA grid, power for the balance of this week was bid at $40, though the nearest offer was $45. Firm energy for the balance of May was discussed at $41, though no new trades were noted. -Brian Whary U.K. Power Prices Fall as Offers Continue to Outweigh Bids London, May 14 (Bloomberg Energy) -- Power prices in the U.K. fell for the fourth consecutive day amid continued heavy selling interest, traders said. Winter 2001 baseload traded as high as 21.52 pounds a megawatt-hour and as low as 21.35 pounds a megawatt-hour, before closing at 21.42 pounds a megawatt-hour, 11 pence lower than Friday. The contract has fallen around 82 pence since the start of the month amid aggressive selling interest, mainly from one trading house, which intended to buy back contracts where it was short. Volatility in the contract today stemmed from opposition from another trading house, which bought the contract, supporting price levels, traders said. Shorter-term contracts also fell today as warm weather was expected to curtail heating demand and also amid lower production costs because of falling natural gas prices, traders said. June baseload power contracts fell 22 pence from Friday after last trading at 18.35 pounds a megawatt-hour. On the International Petroleum Exchange, June natural gas futures traded 0.31 pence lower today after last trading at 21.15 pence a thermal unit. The contract has fallen by 1.74 pence since the start of last week. Some traders, however, remained reluctant to give fundamental reasons for price movements because of the immaturity of the market, given the recent launch of the new trading agreements. Most trading activity was in an effort to find new price levels, they said. -Amal Halawi Nordic Power Soars in Active Trade on Renewed Buying Interest Lysaker, Norway, May 14 (Bloomberg Energy) -- Longer-term electricity prices on the Nordic Power Exchange in Lysaker, Norway, soared in active afternoon trade after participants rushed to buy seasonal contracts in an attempt to close positions amid limited hydro-supply, traders said. Winter-2 2001 closed 6.00 Norwegian kroner higher at an all time high of 214.50 kroner a megawatt-hour after a total 603.00 megawatts were exchanged as low as 207.25 kroner a megawatt-hour. Winter-1 2002 jumped 5.65 kroner after discussions ranged 207.50- 214.00 kroner a megawatt-hour. "The market crash everyone was waiting for never came; now you have to pay higher prices to develop positions,'' an Oslo- based trader said. "I'm surprised that even at the peak of the snow melting season and in anticipation of wet weather, prices are steadily climbing.'' Precipitation across Scandinavia was forecast at 200 percent above normal for the next 10 days, according to U.S. forecasters. Still, another trader said 170 percent above normal was a "more realistic expectation following recent over-estimation of wet outlooks.'' Tuesday's system area average price was set below expecations of 195.00 kroner a megawatt-hour at 185.70 kroner a megawatt-hour, down 7.45 kroner from today's price. Still, traders said this was a "high'' spot price for this time of the year. Week 21 closed down 1 kroner at 189 kroner a megawatt-hour with 140 megawatts exchanged. Trade volumes on Nordpool totalled 5,469 gigawatt-hours generation, up 368 percent from Friday's 1,169 gigawatt-hours. -Alejandro Barbajosa -0- (BES) May/14/2001 19:33 GMT =0F$ - daily.pdf
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