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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 fur= ther. Bloomberg Energy Department 05/30 Bloomberg Daily Power Report Table Bloomberg U.S. Regional Electricity Prices ($/MWh for 25-50 MWh pre-scheduled packages, excluding transmission c= osts) On-Peak West Coast Index Change Low High Mid-Columbia 178.90 +74.46 145.00 212.00 Ca-Or Border 178.33 +63.33 160.00 190.00 NP15 154.62 +32.77 150.00 200.00 SP15 173.80 +57.80 130.00 210.00 Ault Colorado 130.00 +30.00 130.00 210.00 Mead 170.00 +35.50 150.00 170.00 Palo Verde 164.59 +37.38 135.00 235.00 Four Corners 165.00 +45.00 160.00 170.00 Mid-Continent ECAR 19.36 -1.14 17.64 21.43 East 23.00 -1.50 22.00 24.00 AEP 19.70 -0.60 17.50 23.00 West 17.33 -1.67 15.00 19.00 Central 17.61 -1.19 16.50 20.00 Cinergy 17.61 -1.19 16.50 20.00 South 17.67 -1.46 16.00 20.00 North 22.60 -0.40 20.00 24.00 Main 18.28 -1.49 16.00 21.50 Com-Ed 16.19 -2.81 14.00 19.00 Lower 20.38 -0.18 18.00 24.00 MAPP 22.38 -1.29 20.50 23.25 North 22.17 -1.12 20.00 22.50 Lower 22.60 -1.45 21.00 24.00 Gulf Coast SPP 24.75 -9.11 23.75 26.50 Northern 23.50 -7.21 22.00 26.00 ERCOT 35.13 -2.96 32.75 37.00 SERC 29.02 +0.64 27.81 30.65 Va Power 23.13 -3.88 22.00 24.25 VACAR 23.50 -2.33 22.00 25.00 Into TVA 17.67 -1.46 16.00 20.00 Out of TVA 20.61 -1.51 18.89 23.02 Entergy 26.75 -8.33 25.00 30.00 Southern 40.00 +8.50 39.75 40.25 Fla/Ga Border 51.50 +13.50 51.00 52.00 FRCC 56.25 +15.25 55.00 58.00 East Coast NEPOOL 35.00 -3.25 34.50 35.50 New York Zone J 48.75 -2.63 48.00 49.00 New York Zone G 44.75 -2.75 44.50 45.00 New York Zone A 34.75 -2.00 34.50 35.00 PJM 24.05 -3.90 23.50 24.50 East 24.05 -3.90 23.50 24.50 West 24.05 -3.90 23.50 24.50 Seller's Choice 23.55 -3.90 23.00 24.00 End Table Western Power Prices Jump as Hot Weather Propels Demand Portland, Oregon, May 30 (Bloomberg Energy) -- U.S. Western peak power prices for delivery Thursday jumped amid expectations for strong weather-related demand tomorrow, traders said. National Weather Service forecasts for the Portland, Oregon, vicinity call for temperatures to approach 90 degrees Fahrenheit tomorrow, up 12 degrees from today's projected high. "It's going to be very, very hot tomorrow," said one western day-ahead power trader. "Frankly, I'm surprised that prices didn't move even higher." The western trader said the fact that it's the end of the month and cooler weather was expected for the weekend caused many power marketers and utilities to buy the minimum energy required to take them through tomorrow's peak demand periods. According to the California Independent System Operator, demand in the state will peak tomorrow at 36,229 megawatts, up 588 megawatts from today's 35,641-megawatt forecast demand. At the NP-15 delivery point in Northern California, power sales were noted between $150.00 and $200.00 a megawatt-hour, with the majority of trades done at a Bloomberg index of $154.62, $32.77 more than equivalent trades done yesterday for delivery today. Light load NP-15 trades were heard at $62.00-$104.00, $35.90 more than yesterday. "Everything just kept ticking up as more and more people came into the market to buy," said one Northwest power trader about today's next-day market activity. "I think tomorrow will trade lower though, because it's for a two-day (Friday-Saturday) package and it's the beginning of a new month." Mid-Columbia power for June delivery traded at $245-$255 per megawatt-hour, up from $220-$240 yesterday. In the Mid-Columbia cash markets, power for tomorrow started trade at $145 and traded as high as $210 near daily options expiry. Traders said the fact that the Grand Coulee reservoir is near capacity at 12,709 feet of water was reassuring, though continued load curtailments in California will be necessary to keep prices from skyrocketing to the $500 a megawatt-hour level like they did in early May. California traders said next-day markets were largely driven by advancing prices in the hourly cash markets, where several trades were noted in the $180-$200 range. At the Palo Verde switchyard in Arizona, power for tomorrow averaged $164.59, $37.38 more than yesterday. Traders said Phoenix temperatures in the 107-110 degrees Fahrenheit range were expected to keep demand strong in the Southwest through the weekend. -Brian Whary PJM Spot Power Prices Continue to Fall on Scant Demand Philadelphia, May 30 (Bloomberg Energy) -- Day-ahead power prices fell again in the Northeast U.S. this morning, pulled lower by continued expectations for minimal weather-related demand and higher generation levels, traders said. According to Weather Derivatives Corp. of Belton, Missouri, temperatures in the region will average 5 degrees Fahrenheit below normal over the next seven days, keeping energy useage for cooling 90 percent below normal. "These low temperatures just can't support a bull market," said one Northeast trader. "It's weighing heavily on the power and [natural] gas markets alike. Too many megawatts, and not enough heat." Nuclear Regulatory Commission data shows Northeast nuclear output at 98 percent, with New England and New York both operating at 100 percent capacity, and PJM at 96 percent. Next-day values in the Pennsylvania-New Jersey-Maryland Interconnection fell $3.90 to a Bloomberg volume-weighted index of $24.05 per megawatt hour and a new intra-month low. The daily index is 64.6 percent below the May high, $67.99, reached May 2. Traders said next-week packages sold in mass, as revised weather forecasts and plummeting natural gas values prompted many to shed excess generation for that period. The June 4-June 8 block sold as high as $55.00 yesterday and as low as $40.50 today. June and summer strips traded down $8.00 and $5.00, respectively, to $47.00 and $78.00. "They're trading the curve like we're going to see 70-degree temperatures all summer," said one PJM-based trader. "Temperatures are actually supposed to be near normal, and near normal isn't all that bad. You'll see some good cooling loads on 80-something degree days." Weather Services Corporation of Lexington, Massachusetts, said in its long range forecast that the Northeast will see no significant departures from normal temperatures throughout the next 90 days. Normal high temperatures in Philadelphia during June, July and August are 81, 86 and 84 degrees, respectively. New England day-ahead values slipped an additional $3.25, to an index of $36.50, and in New York, Zone J traded as low as $48.00, with an index price of $48.75. -Karyn Rispoli Mid-Continent Power Prices Drop Again; Mild Weather to Continue Cincinnati, May 30 (Bloomberg Energy) -- U.S. Mid-Continent peak spot power prices continued to decline today as unseasonably cool weather was expected to suppress demand through the weekend, traders said. Bloomberg data shows day-ahead prices have declined to new lows for the calendar year at major trading hubs eight of the last nine days as temperatures across the region have ranged from 5-10 degrees Fahrenheit below normal. The Bloomberg index price for power delivered Wednesday into the Cincinnati-based Cinergy Corp. transmission system fell $1.19 to $17.61 a megawatt-hour, with trades ranging from $16.50 up to $20.00. East Central Area Reliability Council traders said prices at the hub were so low activity was limited almost exclusively to financial-based deals. They said the late price rise came as marketers scrambled to cover earlier sales. "No utilities will mess with Cinergy at this point; it's just too low for them to make any money," an ECAR trader said. Short-term over-the-counter prices also fell, as 6-10 day weather forecasts were revised cooler, traders said. Cinergy parcels for delivery from June 4-8 were offered about $18.00 less than yesterday at $40.75 and power for the entire month of June at $46.75. In Mid-America Interconnected Network trading, for-Thursday parcels into the Chicago-based Commonwealth Edison hub sold $2.81 less on average at $14.00-$19.00 and power in lower MAIN 17 cents less at $18.00-$24.00. MAIN traders said increased nuclear generation in the ComEd service area drove prices at the hub to the lowest levels in the region, as MAIN has the most nuclear capacity in the Mid- Continent region and nuclear plants can produce electricity for the lowest cost of any generator type. Mid-Continent Area Power Pool peak day-ahead power prices fell an average of $1.12 in the northern half of the region to $20.00-$22.50 and $1.45 in southern areas to $21.00-$24.00. MAPP traders said mild weather also pulled prices down in that region, though exports to the Southwest Power Pool and the lack of a financial market kept prices above those seen in markets to the east. "I think we've bottomed out," one trader said. "Out here, things can't go much under $20 or we're going be below cost." -Ken Fahnestock Most Southeast Power Prices Fall With Natural Gas, Mild Weather Atlanta, May 30 (Bloomberg Energy) - Most U.S. Southeast spot electricity prices for power delivered Thursday declined today because of falling natural gas prices and moderate weather, traders said. The Bloomberg Southeast regional average price declined 17 cents a megawatt-hour from yesterday to a Bloomberg index of $28.21 amid trades in the $16.00-$52.00 range. "There is no demand in this market. This market is driven by the weather, and with milder temperatures and declining natural gas, day-ahead power prices are falling,'' said one Southeast trader. In Texas, traders said day-ahead firm "UB'' power in the Electric Reliability Council of Texas sold at a Bloomberg index of $35.13, falling $2.95 from yesterday. Trades were completed in the forward market for June at $55.50. Traders said declining natural gas also cause prices to fall. According to Bloomberg Energy Service surveys, Gulf Coast natural gas prices averaged $3.59-$3.66 per million British thermal units, 18 cents less than yesterday. According to Lexington, Massachusetts-based Weather Services Corp., daily high temperatures in Richmond, Virginia, were expected to reach 76 degrees Fahrenheit today and 78 degrees tomorrow. Forecasters call for temperatures in the Southeast to average about 1.7 degrees Fahrenheit below normal over the next seven days. In the Virginia-Carolina region, peak power declined $2.33 to a Bloomberg index of $23.50, with trades completed between $22.00-$25.00. Traders said that prices should remain flat or decline for the rest of this week, though prices should rise as weather turns warmer next week. The Bloomberg index price for power on the New Orleans- based Entergy Corp. grid for delivery tomorrow slumped $8.33 to $26.75, with sales between $25.00-$30.00. In the Florida markets, prices rose as weather remained warm and humidity high, increasing energy demand for air cooling. "Even though temperatures in Florida are in the 80's, air conditioning load is up because the humidity is unbearable,'' one Florida power marketer said. At the Florida Reliability Coordination Council, peak power jumped $15.25, with trades confirmed between $55.00- $58.00. -Robert Scalabrino U.K. Seasonal Contracts Rise on Profit Taking; Spot Values Drop London, May 30 (Bloomberg Energy) -- U.K. power prices for seasonal delivery climbed today amid active trading as participants sold contracts to take profit from an earlier rally. "It was a traders market today. We started off with a rally and then players came in to cut and take profit,'' one trader said. Winter 2001 baseload last traded at 21.58 pounds a megawatt- hour, 10 pence higher than yesterday. The contract traded as high as 21.66 pounds a megawatt-hour, before participants began selling excess power, traders said. Another trader said around 6 participants were active in the winter contract today, more than has been typical lately. Traders said other seasonal contracts also rose today, buoyed by strong values for winter power. Summer 2002 baseload rose 10 pence from yesterday, having last traded at 18.45 pounds a megawatt-hour. In contrast to the forward market, spot values fell today as mild weather lessened heating demand. Week 23 parcels traded as high as 18.00 pounds a megawatt- hour, before last trading at 17.75 pounds a megawatt-hour, 30 pence lower than yesterday. -Amal Halawi Nordic Power Steady in Afternoon Trade; Supply Worries Persist Lysaker, Norway, May 30 (Bloomberg Energy) -- Electricity prices on the Nordic Power Exchange in Lysaker, Norway, closed little changed today following continued worries of limited hydro- supply after the publication of weekly water tank levels, traders said. Winter-2, 2001 closed 0.25 Norwegian kroner lower after 146.00 megawatts were exchanged between 219.50-220.40 kroner a megawatt-hour. Winter-1, 2002 closed at 221.00 kroner a megawatt- hour with 71.00 megawatts sold. At the end of week 21, Norwegian reservoirs rose a lower- than-expected 3.6 percent to 42.3 percent of total capacity, equivalent to 34,559 gigawatt-hours generation. This compares to 49,572 gigawatt-hours or 60.7 percent of total capacity at the same time last year. Although precipitation across Scandinavia was forecast to remain above average over the next five days, according to Weather Services Corp. in the U.S., traders didn't anticipate increased rainfall to compensate for limited snowmelt in Norway. Swedish dams gained 5.4 percent to 46.3 percent of total capacity at the end of week 21, in line with expectations after higher temperatures accelerated snowmelt. "Prices are just building momentum to climb further and I wouldn't feel comfortable selling now,'' an Oslo-based trader said earlier today. He added producers were still in control of the market and were likely to continue setting high system area average prices. While day-ahead structures were discussed at 210.00-213.00 kroner a megawatt-hour in early trade, Thursday's spot price averaged an unexpectedly high 218.15 kroner a megawatt-hour, up 6.43 kroner from today's price. Week 23 closed down 0.75 kroner at 203.50 kroner a megawatt- hour. Norpool's trade volumes climbed to 2,022 gigawatt-hours generation today from 1,052 gigawatt-hours yesterday. -Alejandro Barbajosa -0- (BES) May/30/2001 19:50 GMT =04 - daily.pdf
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