|
|
Enron Mail |
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 06/05 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 60.00 -39.77 55.00 65.00 Ca-Or Border 68.33 -34.17 60.00 75.00 NP15 75.27 -37.79 58.00 90.00 SP15 78.73 -28.77 60.00 92.00 Ault Colorado 55.00 -45.00 60.00 92.00 Mead 80.00 -62.50 79.00 81.00 Palo Verde 91.68 -37.28 65.00 107.00 Four Corners 91.00 -34.00 80.00 102.00 Mid-Continent ECAR 24.13 +0.92 23.00 25.68 East 25.00 +0.00 24.00 26.00 AEP 23.92 +0.92 22.00 26.00 West 23.25 +1.25 22.00 24.50 Central 23.21 +1.82 22.00 26.00 Cinergy 23.21 +1.82 22.00 26.00 South 24.85 -0.33 24.00 25.25 North 25.50 +1.00 25.00 26.00 Main 24.64 +2.80 23.00 27.50 Com-Ed 23.27 +1.02 22.00 25.00 Lower 26.00 +4.57 24.00 30.00 MAPP 21.90 +0.15 19.00 24.50 North 20.67 +0.17 18.00 22.00 Lower 23.13 +0.13 20.00 27.00 Gulf Coast SPP 25.00 +0.17 24.00 26.00 Northern 22.00 +0.83 21.00 23.00 ERCOT 38.63 +0.13 38.00 39.50 SERC 33.46 +1.42 32.16 35.13 Va Power 29.00 +4.00 25.50 35.50 VACAR 28.40 +0.40 28.00 30.00 Into TVA 24.85 -0.33 24.00 25.25 Out of TVA 28.77 -0.19 27.89 29.18 Entergy 33.69 +3.04 32.75 35.00 Southern 37.50 +1.00 37.00 38.00 Fla/Ga Border 52.00 +2.00 50.00 53.00 FRCC 62.13 +0.13 58.00 65.50 East Coast NEPOOL 34.05 -1.55 33.50 34.25 New York Zone J 50.00 +2.50 45.50 50.00 New York Zone G 38.80 -0.45 38.50 39.25 New York Zone A 27.75 -0.50 27.50 28.00 PJM 27.60 +1.80 27.25 28.20 East 27.60 +1.80 27.25 28.20 West 27.60 +1.80 27.25 28.20 Seller's Choice 27.10 +1.80 26.75 27.70 End Table Western Power Prices Fall to Yearly Low on Increased Supply Los Angeles, June 5 (Bloomberg Energy) -- Day-ahead power prices sank to their lowest levels in nearly a year throughout the Western U.S. today because of increased generation and cooler weather. Spot values at seven delivery points surveyed by the Bloomberg Energy Service in the Western System Coordinating Council fell to their lowest levels since July. Last July, prices were lower because additional supply became available when the Bonneville Power Administration re-entered the day-ahead market, traders said. The Bloomberg Mid-Columbia day-ahead heavy load index price slumped $39.77 a megawatt-hour to $60.00 amid trades at $55.00- $65.00, a decline of 75.9 percent from a month ago. "Prices are crashing today as more generation is becoming available to the grid, with the restart of San Onofre-3 and Diablo, increased hydroelectricity, and cooler temperatures,'' said one Northwest marketer. Traders said continued mountain run-off into the reservoirs is causing dam operators to generate electricity to prevent spilling water over the dam. Reservoir data from the U.S. Army Corps of Engineers shows that at 1,277 feet, water levels at the Grand Coulee Dam are about 98.99 percent of capacity. Last July, water levels were 1,283 feet. Pacific Gas & Electric Co.'s 1,100-megawatt Diablo Canyon-2 nuclear plant located in Avila Beach, California, was confirmed to be operating at 100 percent capacity, company officials said. "With Diablo returning to the grid and yesterday San Onofre- 3 returning, that's totaling almost 2,200 megawatts,'' said one Southwest trader. Southern California Edison's San Onofre 3 nuclear plant's output reached 100 percent yesterday after it restarted June 1. The plant shut Feb. 3 when an electrical fire damaged a turbine. At the SP-15 delivery point in Southern California peak power declined 65.23 percent from a month ago to Bloomberg index low for the year at $78.73, with sales completed at $60.00- $92.00. At the NP-15 delivery point in Northern California, peak power declined 68.6 percent from a month ago with trades completed at $58.00-$90.00, to a Bloomberg index at $75.27. According to Lexington, Massachusetts-based Weather Services Corp., temperatures in San Francisco were expected to peak today at 67 degrees Fahrenheit and rise 2 degrees tomorrow. Forecasters expect temperatures in the Pacific Northwest would average 3.9 degrees below normal and 1.1 degrees above normal in the Southwest over the next 6-10 days. In the Southwest, power prices sank an average of $37.28 at the Palo Verde switchyard to a Bloomberg average of $91.68 amid trades in the $80.00-$102.00 range. Traders said they don't expect prices to remain this low. Eventually there will be no more snow melt and temperatures will increase, which will cause demand to out-strip supply and prices to increase, they said. -Robert Scalabrino PJM Spot Power Prices Rise With Elevated Pool Rates, Unit Loss Philadelphia, June 5 (Bloomberg Energy) -- For the first time in three weeks, day-ahead power prices at the Western Hub of the Pennsylvania-New Jersey-Maryland Interconnection rose in excess of $1.00, pushed higher by elevated pool rates, traders said. Locational marginal prices for the four hours leading up to daily options expiration, or 10 a.m. local time, averaged $29.28 per megawatt hour today, compared to $20.63 yesterday. While LMPs peaked at only $46.00 during the four-hour period, they reached as high as $100.00 during the hour ending 9 p.m. last night. Traders speculated the $100.00 spike was prompted by an unplanned unit outage, though none were confirmed. "I suspect PJM lost something unexpectedly," said one PJM- based trader. "The day-ahead clearing price came in at around $25.00 yesterday, and the LMPs have been averaging quite a bit higher than that. I'd be hard pressed to believe that last night's price spike was caused by a technical glitch." One trader said units were indeed brought off-line, but not unexpectedly. To quell the Minimum Generation Alerts issued by PJM over the past five days, one generator opted to power down two of its older coal plants, he said. Peak power scheduled for Wednesday delivery was assessed at a Bloomberg volume-weighted index of $27.60, up $1.80 from yesterday and near parity with the week-ago price of $27.95. In the over-the-counter market, balance-of-the-week and next week packages sold up on revised weather forecasts, which are calling for higher temperatures than originally anticipated. Traders reported June 7-8 parcels as high as $27.00, and June 11- 15 parcels up to $40.50. According to Weather Derivatives Corp. of Belton, Missouri, temperatures in the Northeast U.S. will average 2.4 degrees Fahrenhiet below normal over the next seven days, and 1.3 degrees below normal over the next 6-10 days. Yesterday, the company predicted temperatures would average 4.0 and 4.1 degrees below normal for the respective periods. "It's not exactly a bullish outlook," one trader said of the forecast. "I'd call it less bearish, at best. The market's so depressed that less bearish is about all it takes to get things moving." Prices continued to fall in the New York and New England Power Pools, amid scant demand and excess supply. New York's Zones A and G fell 50 and 45 cents, respectively, to $40.30 and $29.25 indices. In New England, a 2,706-megawatt capacity surplus caused spot values there to fall $1.55 to an average price of $35.55, and the lowest daily index posted since April 2000. -Karyn Rispoli ECAR, MAIN Power Prices Climb With Increased Southeast Demand Cincinnati, June 5 (Bloomberg Energy) -- Day-ahead peak power prices rose today in the East Central Area Reliability Council and Mid-America Interconnected Network regions amid demand from the Southeast, traders said. They said news of an outage at South Carolina Electric & Gas Co.'s 1,000-megawatt Summer 1 reactor and temperatures forecast in the mid-80s degrees led ECAR and MAIN marketers to sell excess power south, pushing prices up in early trading. The Bloomberg index price for power delivered Wednesday into the Cincinnati-based Cinergy Corp. transmission system climbed $1.82 to $23.21 a megawatt-hour, trading from $22.00-$24.00 for most of the morning. In MAIN, for-Wednesday power at the Chicago-based Commonwealth Edison hub sold $1.02 higher on average at $22.00- $23.00 early. However, traders said low local demand and recent soft prices led marketers to oversell, driving spot prices up to $26.00 at Cinergy and $25.00 at the ComEd hub after options expiration. "We definitely saw a short squeeze late. With the market being slow for so long, people got a bit excited and oversold stuff to the south," an ECAR trader said. Short-term over-the-counter prices in ECAR and MAIN fell today, with power for delivery from June 11-15 offered at $38.50 at Cinergy and $39.30 at ComEd. Traders said a reduced possibility of warmer weather caused the decline and the market should fall further as forecasts became more certain. "If no heat comes in, the market for next week's going to crash, for sure," one trader said. "Most of the market's been long and wrong, and is trying to do something about that, but I don't think it's going to materialize." In the Mid-Continent Area Power Pool, peak next-day power prices were little changed again today as cool weather continued to blanket the region and there was little demand for power elsewhere, traders said. For-Wednesday parcels sold at $18.00-$22.00 in the northern half of the region and at $20.00-$27.00 in southern MAPP, up 17 and 13 cents from yesterday on average, respectively. Traders said the market could rise next week if warmer weather arrives as expected. In its 6-10 forecast, Belton, Missouri-based Weather Derivatives Inc. predicted temperatures would average 2 degrees above normal, up from 1 degree below normal over the next week. -Ken Fahnestock Most Southeast Power Prices Rise With Weather-Related Demand Atlanta, June 5 (Bloomberg Energy) - Most U.S. Southeast spot electricity prices for delivery tomorrow rose because of increased weather-related demand, traders said. The Bloomberg Southeast regional average price increased $1.42 a megawatt-hour from yesterday to a Bloomberg index of $33.46 amid trades at $24.00-$53.00. "Heat is coming in from the Midwest, which is causing prices to rise,'' said one Southeast trader. In the Northern section of the Southwest Power Pool, peak power increased 83 cents to a Bloomberg index of $22.00, with sales completed at $21.00-$23.00. According to Lexington, Massachusetts-based Weather Services Corp., temperatures in Dallas were expected to peak today at 91 degrees Fahrenheit and decline two degrees tomorrow to 89 degrees. In the Electric Reliability Council of Texas, "UB'' firm power sold for tomorrow at $38.00-$39.50, gaining 13 cents from yesterday to a Bloomberg index at $38.63. "Rain is expected in Texas, which should cause prices to decline (tomorrow),'' said one Southeast trader. Forecasters predict temperatures in the Southeast will remain close to normal levels over the next seven days. On the New Orleans-based Entergy Corp. grid, peak power for Wednesday delivery traded at $32.75-$35.00 and averaged $33.69, $3.04 higher than yesterday. The Bloomberg index price for peak next-day parcels at the Florida-Georgia border increased $2.00 to a Bloomberg index at $52.00 with trades completed at $50.00-$53.00. "Temperatures are high in the Florida markets causing air conditioning load to increase," said one Southeast marketer. ~ -Robert Scalabrino U.K. Spot Power Prices Climb on Continued Outage Rumors London, June 5 (Bloomberg Energy) -- U.K. spot power prices rose for a second consecutive day amid continued rumors of an outage at the Connah's Quay power plant, traders said. Day-ahead baseload power traded as low as 18.00 pounds a megawatt-hour, before rising to 18.75 pounds a megawatt-hour, 25 pence higher than yesterday's close. This morning, buying interest was high as rumors persisted that Connah's Quay, Powergen's 1,400-megawatt combined-cycle gas turbine power plant, closed because of technical problems, traders said. Unconfirmed reports of the outage yesterday pushed day-ahead baseload prices up 1.50 pounds to 18.50 pounds. One trader said he was skeptical of the rumors of the plant outage, though. "I don't think Connah's Quay is down; there were no different buyers out there today," the trader said. "People bought up this morning, scared by the rumors and worried there'd be no sellers left out there but there was actually around 400 megawatts left today." By midday, though, activity was scant, traders said. "We tried to sell, and there were no bids," another trader said. Week 24 traded 60 pence higher at 17.75 pounds a megawatt- hour. Seasonal contracts remained little changed for the fifth consecutive day amid lackluster activity, traders said. Winter 2001 last traded at 21.58 pounds a megawatt-hour, 1 pence lower than yesterday. -Amal Halawi Nordic Electricity Prices Close Mixed on Weather Uncertainty Lysaker, Norway, June 5 (Bloomberg Energy) -- Electricity prices on the Nordic Power Exchange in Lysaker, Norway, closed mixed today because wetter-than-normal weather forecasts were offset by concern that actual precipitation would remain around average levels, traders said. Week 24 was the most heavily traded contract today with 385.00 megawatts exchanged between 207.50-210.00 Norwegian kroner a megawatt-hour, down 0.50 kroner. Week 25 closed down 1.25 kroner at 205.75 kroner a megawatt-hour. "Weather forecasts can't be taken straightforwardly; adjustments are always necessary to assess prices,'' a trader said. Although Scandinavian precipitation over the last four days was forecast 2.0 terawatt-hours above normal, actual rainfall was 0.5 terawatt-hours below normal, raising concerns of unexpectedly low hydro-supply this week, an Oslo-based trader said earlier today. Water supply worries pushed Wednesday's system area average price 5.35 kroner higher than today's price to 213.87 kroner a megawatt-hour, in line with expectations. While a national holiday in Denmark today kept industrial demand at a minimum, tomorrow's expected consumption increase contributed to a higher spot price, another trader said. In the longer-term, winter-2, 2001 closed little changed at 220.50 kroner a megawatt-hour with 128.00 megawatts exchanged. Limited trade on longer-term structures came after participants distanced themselves from an uncertain market, awaiting further weather signals, traders said. Nordpool's total trade volumes amounted to 1,317 gigawatt- hours generation, compared with Friday's 1,292 gigawatt-hours. -Alejandro Barbajosa -0- (BES) Jun/05/2001 20:06 GMT =04 - daily.pdf
|