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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 05/31 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 150.00 -28.90 149.00 155.00 Ca-Or Border 140.00 -38.33 140.00 150.00 NP15 148.93 -5.69 125.00 170.00 SP15 149.91 -23.89 120.00 156.00 Ault Colorado 136.67 +6.67 120.00 156.00 Mead 185.00 +15.00 180.00 190.00 Palo Verde 174.96 +10.37 150.00 200.00 Four Corners 174.29 +9.29 165.00 200.00 Mid-Continent ECAR 20.35 +0.99 19.14 21.86 East 23.00 +0.00 22.00 24.00 AEP 20.50 +0.80 18.00 23.00 West 18.33 +1.00 17.00 20.00 Central 18.60 +0.99 18.00 20.00 Cinergy 18.60 +0.99 18.00 20.00 South 20.75 +3.08 20.00 22.00 North 22.67 +0.07 21.00 24.00 Main 19.31 +1.03 16.75 21.13 Com-Ed 18.06 +1.87 16.50 19.25 Lower 20.56 +0.18 17.00 23.00 MAPP 20.64 -1.74 19.50 21.50 North 21.00 -1.17 20.00 22.00 Lower 20.29 -2.31 19.00 21.00 Gulf Coast SPP 21.50 -3.25 19.50 24.00 Northern 19.50 -4.00 18.00 22.00 ERCOT 36.75 +1.62 36.00 37.50 SERC 28.07 -0.95 24.75 31.63 Va Power 22.50 -0.63 20.00 25.00 VACAR 22.50 -1.00 20.00 25.00 Into TVA 20.75 +3.08 20.00 22.00 Out of TVA 24.55 +3.94 23.77 25.88 Entergy 26.79 +0.04 25.50 27.50 Southern 31.40 -8.60 27.00 40.00 Fla/Ga Border 48.00 -3.50 37.00 56.00 FRCC 63.33 +7.08 55.00 70.00 East Coast NEPOOL 35.90 +0.90 35.25 36.50 New York Zone J 47.00 -1.75 46.00 48.00 New York Zone G 42.25 -2.50 41.50 43.50 New York Zone A 30.50 -4.25 30.00 31.00 PJM 23.63 -0.42 23.30 25.00 East 23.63 -0.42 23.30 25.00 West 23.63 -0.42 23.30 25.00 Seller's Choice 23.13 -0.42 22.80 24.50 End Table Pacific Northwest Power Prices Slip Amid Increased Generation Portland, Oregon, May 31 (Bloomberg Energy) -- Pacific Northwest day-ahead power prices slipped today amid increased hydroelectric generation from the Grand Coulee generating stations, traders said. Traders said the 24 hydroelectric generating stations produced 42,546 megawatt-hours of generation yesterday, the highest one-day generation since early March. "Generation out of Grand Coulee is the highest I've seen in quite some time," said one northwest day-ahead power trader. "In addition to the generation there, the folks below them have to generate more at there "run of river" plants because there's more water flowing downstream." The Bloomberg Mid-Columbia day-ahead heavy load index price fell an average of $28.90 a megawatt-hour to $150.00 amid trades at $149.00-$155.00. Light load energy sold at $75.00-$79.00, an average of $5.67 less than equivalent trades made yesterday for delivery today. Reservoir data from the U.S. Army Corps of Engineers shows that at 1,271.6 feet of water, water levels at Grand Coulee are about 98.6 percent of capacity. Traders said continued mountain run-off into the reservoir is causing dam operators to generate electricity to prevent spilling water over the dam. In California, traders said that the California Independent System Operator issued at Stage II Emergency today, after available generation dropped below 5 percent of reserves. Traders said the emergency was short-lived as the second day of Federal Energy Regulatory Commission-ordered load mitigation proceedures caused demand to fall. The new procedures, which went into effect yesterday, impose price limits on ISO power trades. The limits are set to the price of the least efficient power-generating unit operating at the time of the emergency. "We saw prices rising to the $150.00-$200.00 level today, though as soon as the FERC mitigation plan went into effect, the prices dropped toward the $140.00 level," one western trader said. In the Southwest, power prices climbed an average of $10.37 at the Palo Verde switchyard to a Bloomberg average of $174.96 amid trades in the $150.00-$200.00 range. Traders said temperatures were forecast in the low-to-mid 100s Fahrenheit through the weekend, which should keep power prices elevated at Palo Verde and at the Four Corners trading point in New Mexico. Four Corners heavy load energy traded at a Bloomberg average of $174.29, $9.29 more than yesterday. -Brian Whary PJM Spot Power Prices Continue to Fall With Excess Generation Philadelphia, May 31 (Bloomberg Energy) -- Values for peak power delivered tomorrow into the Western Hub of the Pennsylvania- New Jersey-Maryland Interconnection fell again today as healthy generation levels continued to depress real-time prices, traders said. The Interconnection issued a Minimum Generation Alert for Thursday's midnight period, when generation levels fell below the 1,000-megawatt threshold of normal minimum energy limits. PJM operating instructions dictate that in situations of excess capacity, energy deliveries into the control area are minimized and where possible, energy sales to external control areas are arranged. "There's so much generation out there, you can't even give this stuff away," said one PJM hourly trader. "I had a marketer call in and offer up 400 megawatts for free, and I couldn't even take it. Where am I going to put it? Everyone's loads are right where they should be." For-Friday power was assessed 41 cents lower at a Bloomberg volume-wieghted index of $23.64 per megawatt hour, representing a 67.9 percent year-on-year change from the May 31, 2000 index of $73.67. Next-week values also continued to erode as a function of excess supply and paltry demand. Since Tuesday, packages for June 4-June 8 have fallen $28.25, or 49.3 percent, to $29.00. Revised weather forecasts are predicting temperatures for that period will average 6.1 degrees Fahrenheit below normal, compared to initial expectations for a 2-degree departure from normal. "We're all waiting for that one piece of information to turn this thing around and it's going to have to be weather, because there's just no fundamentals to drive it right now," said one PJM- based trader. In the New England Power Pool, day-ahead prices rose slightly on expectations for possible heating loads. According to Weather Services Corp. of Lexington, Massachusetts, temperatures will average as low as 51 degrees in parts of New England tomorrow. "These low temperatures have kept cooling demand pretty much at zero this week, but now it looks as if they may actually generate some heating demand tomorrow, and possibly into next week." Day-ahead prices continued to decline across all three zones of New York, with Zone J down $1.75 at a Bloomberg index of $47.00, and Zones G and A down $2.50 and $4.25, respectively, to $43.75 and $32.00 indices. -Karyn Rispoli Mid-Continent Power Prices Mixed With Cool Weather, New Month Cincinnati, May 31 (Bloomberg Energy) -- U.S. Mid- Continent day-ahead peak power prices were mixed today as traders closed long-term positions in hub markets while cool weather continued to suppress demand in the Plains. Traders in the East Central Area Reliability Council and Mid-America Interconnected Network markets said the advent of the new spot month (June) caused prices to rise as marketers bought and sold power to close June positions taken earlier this month. "The actual trading in the dailies was light; it was mostly people closing positions," one trader said. "You had people buying to cover short positions for June and then other people selling off long positions to cut their losses for next week." The Bloomberg index price for power delivered Friday into the Cincinnati-based Cinergy Corp. transmission system in ECAR rose 98 cents to $18.59 a megawatt-hour, with trades ranging from $18.00-$19.50. "We're going into a new month, and nobody's sure where things should be right now. No one expected to see anything like this at this time of year, so it's a little up in the air," a MAIN trader commented. For-Friday parcels at the Chicago-based Commonwealth Edison Corp. hub in MAIN sold $1.87 higher on average at $16.50-$19.25 and power in the lower half of the region 18 cents higher at $17.00-$23.00. Short-term, over-the-counter, prices in ECAR and MAIN continued to decline this week as below-normal temperatures were forecast into next week and natural gas futures remained under $4.00 per million British thermal units, traders said. Power for delivery from June 4-8 was offered at $24.00 at both Cinergy and ComEd, a decline of over $35.00 from Tuesday. In the Mid-Continent Area Power Pool, atypically low weather-related demand continued to pull peak spot power prices down, traders said. Next-day power sold $1.17 less on average at $20.00- $22.00 in northern MAPP and $2.31 less at $19.00-$21.00 in the southern half of the region. Traders said demand was low enough that sales were made just above utilities' generating costs to keep from overloading local power grids with excess energy. They said if demand continues at current low levels, utilities could be forced to reduce output at less efficient units to avoid this problem. -Ken Fahnestock Southeast Power Prices Decline Amid Less Demand, Mild Weather Atlanta, May 31 (Bloomberg Energy) - Most U.S. Southeast spot electricity prices for power delivered Friday declined today because mild weather limited demand for electric power, traders said. The Bloomberg Southeast regional average price declined $1.69 a megawatt-hour from yesterday to a Bloomberg index of $27.33 amid trades in the $20.00-$56.00 range. Traders said demand typically begins declining on Friday's as more people take three-day weekends, reducing loads. "With less weather-related demand and the Friday factor prices are falling a bit,'' said one Southeast marketer. In the Virginia-Carolina region, peak power declined 63 cents to a Bloomberg index of $22.50, with trades completed between $20.00-$25.00. According to Lexington, Massachusetts-based Weather Services Corp., daily high temperatures in Richmond, Virginia, were expected to reach 75 degrees Fahrenheit today and 73 degrees tomorrow. "There is minimal activity in the market because of the (mild) weather. With temperatures the way they are there is no reason for prices to increase,'' said one Southeast trader. In the Northern section of the Southwest Power Pool, trades for Northern SPP declined $4.00 to a Bloomberg index of $19.50, with sales completed at $18.00-$22.00.Forecasters call for temperatures in the Southeast to average about 3.1 degrees Fahrenheit below normal over the next seven days. -Robert Scalabrino U.K. Power Rises on Higher Expected Demand in Scant Trade London, May 31 (Bloomberg Energy) -- U.K. power prices climbed today amid expectations of higher heating requirements, traders said. Day-ahead baseload started trade at 17 pounds a megawatt-hour before being last bid at 18 pounds a megawatt-hour, 1 pound higher than yesterday. Across the U.K., temperatures were forecast to average between 8-14 degrees Celsius today, falling to 5-13 degrees Celsius tomorrow, according to the Weather Services Corp. U.S. Week 23 traded as low as 17.49 pounds a megawatt-hour today before rising to trade at 17.89 pounds a megawatt-hour, 15 pence higher than yesterday on the back of by climbing spot values, traders said. "After the system demand for tomorrow came out much higher than today's, people started buying up day-ahead and interest spilled over onto the week 23 contract," one trader said. Winter 2001 peak structures also rose today on continued buying interest amid a combination of participants purchasing the contract, deeming it undervalued, and in an attempt to influence prices, traders said. "People, mainly generators, would rather sell the contract at higher levels so they are buying it up now," one trader said. Still, another trader disagreed, saying, "too much volume is going through at the moment for just a few players to try and move the market. People are just finding the contract cheap, no one knows what winter will bring under NETA." Since the launch of the New Electricity Trading Arrangements last March, traders have been trading actively in an effort to find new price levels. Activity was unusually quiet today, traders said as an industry function in the afternoon kept several participants away from their trading desks. -Amal Halawi Nordic Electricity Prices Remain Steady; Spot Value Falls Lysaker, Norway, May 31 (Bloomberg Energy) -- Electricity prices on the Nordic Power Exchange in Lysaker, Norway, closed steady today because unseasonably low dam levels allowed hydro- producers to store molten snow without increasing output, traders said. Week 23 closed up 0.5 Norwegian kroner at 204.0 kroner a megawatt-hour with 82.0 megawatts traded. Week 24 closed unchanged at 207.0 kroner a megawatt-hour after 126.0 megawatts were exchanged. "Since prices haven't fallen with the inflow of melting snow and low consumption because of higher temperatures, it's very unlikely that they will later this year with increased demand and reduced hydro-supply,'' an Oslo-based trader said. Friday's system area average price fell 5.00-10.00 kroner more than expected to 206.60 kroner a megawatt-hour. Traders said the drop came after producers made a correction from today's high spot price of 218.15 kroner a megawatt-hour. Reduced demand by industrial end-users ahead of the weekend also contributed to the lower spot value. Sweden was reportedly importing power from Finland, a trader said earlier today. He added Swedish producers were in "full control'' of output following minimal flooding compared to last year when generators preferred to sell electricity at lower prices than to let reservoirs overflow with no economic gain. Winter-2, 2001 was little changed at 219.6 kroner a megawatt- hour with 40.0 megawatts traded. Across Scandinavia, above-average rainfall was forecast over the next 5 days, according to Weather Services Corp. in the U.S. Traded volumes on Nordpool dropped to 1,030 gigawatt-hours generation today from 2,022 gigawatt-hours yesterday. -Alejandro Barbajosa -0- (BES) May/31/2001 19:51 GMT =04 - daily.pdf
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