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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 06/06 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 52.00 -8.00 49.00 60.00 Ca-Or Border 60.00 -8.33 55.00 65.00 NP15 51.80 -23.47 45.00 60.00 SP15 64.79 -13.94 54.00 88.00 Ault Colorado 52.50 -2.50 54.00 88.00 Mead 77.50 -2.50 70.00 85.00 Palo Verde 78.57 -13.11 62.00 105.00 Four Corners 72.50 -18.50 70.00 75.00 Mid-Continent ECAR 28.87 +4.74 26.71 30.00 East 30.00 +5.00 29.00 31.00 AEP 29.83 +5.91 25.00 32.00 West 27.17 +3.92 25.00 28.00 Central 27.31 +4.10 25.00 28.00 Cinergy 27.31 +4.10 25.00 28.00 South 28.00 +3.15 27.00 29.00 North 32.50 +7.00 31.00 34.00 Main 28.29 +3.65 26.00 31.25 Com-Ed 27.08 +3.81 25.50 28.50 Lower 29.50 +3.50 26.50 34.00 MAPP 23.92 +2.02 22.00 27.00 North 22.33 +1.66 20.00 27.00 Lower 25.50 +2.37 24.00 27.00 Gulf Coast SPP 28.13 +3.13 26.50 30.13 Northern 24.25 +2.25 22.00 27.25 ERCOT 35.95 -2.68 35.50 36.50 SERC 34.84 +1.38 33.30 36.51 Va Power 33.50 +4.50 33.00 34.00 VACAR 32.00 +3.60 31.50 32.50 Into TVA 28.00 +3.15 27.00 29.00 Out of TVA 31.90 +3.13 30.99 33.05 Entergy 34.11 +0.42 33.60 35.00 Southern 38.50 +1.00 37.00 40.00 Fla/Ga Border 45.83 -6.17 40.00 52.00 FRCC 60.00 -2.13 55.00 65.00 East Coast NEPOOL 34.40 +0.35 34.25 35.00 New York Zone J 48.50 -1.50 47.00 50.00 New York Zone G 40.50 +1.70 39.50 42.50 New York Zone A 28.63 +0.88 28.25 29.00 PJM 28.85 +1.25 28.25 29.75 East 28.85 +1.25 28.25 29.75 West 28.85 +1.25 28.25 29.75 Seller's Choice 28.35 +1.25 27.75 29.25 End Table Western Power Prices Continue To Fall Amid Increased Supply Los Angeles, June 6 (Bloomberg Energy) -- Day-ahead power prices continued to fall today for Thursday parcels, as supply continues to out-strip supply, traders said. The California Independent System Operator reported 6,247.89 megawatts of generation that was curtailed in California for planned and unplanned maintenance, a decline of 49.9 percent from a month ago. The Bloomberg Mid-Columbia day-ahead heavy load index price slipped $8.00 a megawatt-hour to $52.00 amid trades at $49.00- $60.00. Off-Peak power fell $1.61, with trades completed from $30.00-$35.00. According to Lexington, Massachusetts-based Weather Services Corp., temperatures in San Francisco were expected to peak today at 70 degrees Fahrenheit and fall 3 degrees tomorrow to 67 degrees. Forecasters expect temperatures in the Pacific Northwest would average 4.3 degrees below normal and remain normal in the Southwest over the next 6-10 days. At the NP-15 delivery point in Northern California, peak power declined 30.6 percent from yesterday, with trades completed at $50.00-$55.00, to a Bloomberg index at $52.25. "Prices are continuing to fall as dams are still generating electricity from mountain run-off and generation is looking healthier in California, topped with normal weather conditions,'' said one Northwest trader. At the SP-15 delivery point in Southern California peak power declined $14.46 to a Bloomberg index low for the year at $64.27, with sales completed at $54.00-$85.00, a decline of 84.2 percent from the average price for electricity during the week of May 7. In the Southwest, power prices sank an average of $13.03 at the Palo Verde switchyard to a Bloomberg average of $78.65 amid trades in the $62.00-$105.00 range. Traders said they don't expect prices to remain this low. Eventually power prices will firm up. There will be no more snowmelt and temperatures will increase. -Robert Scalabrino PJM Spot Power Prices Rise With Higher Marginal Pool Rates Philadelphia, June 6 (Bloomberg Energy) -- Next-day power prices in the Pennsylvania-New Jersey-Maryland Interconnection rose again today on continued support from higher locational marginal pool rates, traders said. While technical problems with the PJM software application made LMPs unavailable during this morning's trading session, traders said $40 prices seen yesterday afternoon were substantial enough to carry through previous gains. Repairs to the "eSuite" system later revealed morning peaks as high as $35.00, and an overnight spike of $107.00. On-peak power scheduled for Thursday delivery to the Western Hub of PJM was assessed at a Bloomberg volume-weighted index of $28.85 per megawatt hour, up $1.25 from yesterday. Today's move marked the fourth consecutive increase in day- ahead values, though cumulative gains amounted to only $5.22, or 22.1 percent. Some marketers suggested prices were pushed higher to serve as a cushion against an expected pull from today's American Gas Association storage report, rather than as a function of fundamental drivers. Analysts and traders surveyed by Bloomberg estimated on average that U.S. working natural gas inventories increased 98 billion cubic feet during the week ended June 1. Estimates ranged from 85 to 115 billion cubic feet injected. "A lot of people are anticipating a triple-digit injection number," said one Northeast power trader. "Electricity has been very closely tied to natural gas these past couple of weeks. So if that number does in fact come in as high as expected, it's going to have a bearish effect that will ripple throughout the power markets." In the over-the-counter market, next-week packages sold $3.00 higher on revised weather forecasts. Parcels for June 11-15 were discussed at $40.00-$41.00, compared to $37.00-$38.00 yesterday. According to Weather Derivatives Corp. of Belton, Missouri, temperatures in the Northeast will average 4.9 degrees Fahrenheit above normal over the next 6-10 days. The weather forecaster predicted yesterday, temperatures for the equivalent period would average 2.4 degrees below normal. New England and New York day-ahead prices also moved higher, though traders couldn't identify any fundamental reasons that might have prompted those increases. "Gains made in New York and New England have to be financial, possibly an attempt to narrow the spreads to PJM," one trader said. "Next week should bring with it some warmer weather, but there's absolutely nothing bullish about tomorrow's forecast." New England dailies were assessed 35 cents higher at an index price of $35.90, while New York's Zones A and G were valued 88 cents and $1.70 higher, respectively, at $30.13 and $42.00 indices. -Karyn Rispoli Midwest Power Prices Rise With Transmission Concerns, Weather Cincinnati, June 6 (Bloomberg Energy) -- Peak next-day power prices climbed today in the Mid-Continent U.S. as transmission constraints surfaced in the East Central Area Reliability Council and warmer weather was forecast in the southern Plains. ECAR traders said Transmission Line Loading Relief (TLR) measures, which began in several areas this morning because of the large amount of power being moved south from yesterday's transactions, drove up hourly and day-ahead prices on concerns they could continue tomorrow. The Bloomberg index price for power delivered Thursday into the Cincinnati-based Cinergy Corp. transmission system climbed $4.10 to $27.31 a megawatt-hour, with trades ranging from $26.50 up to $28.00. In Mid-America Interconnected Network trading, prices for peak power at the Chicago-based Commonwealth Edison hub rose in line with the Cinergy market, up $3.81 on average at $26.50- $28.50. Power in lower MAIN sold $3.50 higher at $26.50-$34.00. MAIN traders said the ComEd market tracked prices at the Cinergy hub and should continue to do so into next week, since warmer weather was expected in Cincinnati than in Chicago. In the over-the-counter market, short-term prices rose today as weather forecasts were revised warmer. Cinergy parcels for delivery from June 11-15 were offered at $41.50, up from $37.25 late yesterday. Belton, Missouri-based Weather Derivatives Inc. predicted high temperatures in Cincinnati would average 5 degrees Fahrenheit above normal 6-10 days from now, compared to 2 degrees below normal for that period yesterday. "Next week's still overvalued, even if it does warm up," one ECAR trader said. "The entire market's long, and it'd have to be over 85 for a week or so to see any heat buildup. I think $35 is more than likely where dailies will be, not $40." Day-ahead peak power prices also rose in the Mid-Continent Area Power Pool, trading up $1.66 in northern MAPP at $20.00- $27.00 and up $2.37 at $24.00-$27.00 in the southern half of the region. MAPP traders said forecasts for temperatures to reach 80 degrees in Nebraska pulled southern prices up, while sales to the south and the higher-priced eastern hub markets pulled northern values higher. They said the market could move up again tomorrow if temperatures reach expected levels in southern MAPP. -Ken Fahnestock Most Southeast Power Prices Rise With Warmer Weather Nashville, Tennessee, June 6 (Bloomberg Energy) -- Most U.S. Southeast spot electricity prices for delivery tomorrow rose because of increased weather-related demand, traders said. Electricity parcels for delivery into the Tennessee Valley Authority transmission grid traded at $27.00-$29.00 a megawatt- hour, with the Bloomberg index price up $3.15 to $28.00. According to Weather Services Corp., of Lexington Massachusetts, temperatures in Nashville were forecasted to peak at 86 degrees Fahrenheit today and 83 degrees tomorrow. Forecasters predict temperatures in the Southeast to be 2.4 degrees above normal over the next 6-10 days. The Bloomberg Southeast regional average price increased $1.38 a megawatt-hour from yesterday to a Bloomberg index of $34.84 amid trades at $26.75-$29.00. "Prices are increasing as temperatures are rising causing air conditioning load to boost,'' said one Southeast trader. On the New Orleans-based Entergy Corp. grid, peak power for Wednesday delivery traded at $33.60-$35.00 and averaged $34.11, 42 cents higher than yesterday. In the Southern section of the Southwest Power Pool, peak power increased $4.00 to a Bloomberg index of $32.00, with sales completed at $31.00-$33.00. -Robert Scalabrino U.K. Spot Power Prices Drop as Major Players Sell Contracts London, June 6 (Bloomberg Energy) -- Power prices in the U.K fell today on robust selling by several major players, traders said. Day-ahead baseload was assessed at 17.50 pounds a megawatt- hour, which was down 1.25 pounds or almost 7 percent from yesterday. Although the majors sold contracts at lower levels, traders reported strong buying support at those prices, preventing prices from falling further. Weekend baseload power traded four times today between 16.60- 16.80 a megawatt hour, down 40 pence from yesterday. Winter 2001 electricity traded actively from the start of trade, falling steadily from this morning at 21.57 pounds to 21.53 pounds, before dropping to trade at 21.40 pounds a megawatt hour this afternoon. -Armorel Kenna Nordic Power Closes at Record Highs on Winter Supply Worries Lysaker, Norway, June 6 (Bloomberg Energy) -- Electricity seasonal contract prices on the Nordic Power Exchange in Lysaker, Norway, reached record highs today following renewed buying interest for seasonal structures because of expected hydro-supply shortages next winter, traders said. Winter-2, 2001 closed at an all-time high of 222.00 Norwegian kroner a megawatt-hour after 394.00 megawatts were exchanged, up 1.50 kroner. Winter-1, 2002 jumped 3.50 kroner to close at a record high of 227.50 kroner a megawatt hour, with 203.00 megawatts traded. "Yesterday the market sent a very clear technical buying signal when year 2002 contracts closed at an all-time high of 191.75 kroner a megawatt-hour,'' a trader said, adding expected winter supply shortages were affecting prices of yearly structures. Today, year 2002 forwards rose further to a new record high of 194.00 kroner a megawatt-hour, up 2.25 kroner. The larger gain by winter-1, 2002 than that of winter-2, 2001 came after worries of limited hydro-supply shifted from the last 3 months of 2001 to the first 4 months of 2002, a Trondheim, Norway- based trader said earlier today. While abundant precipitation between September and November could offset the limited effect that scarce snowmelt has had on reservoirs this year, participants remained concerned that increased power consumption for space heating between January and April would render hydro-supply insufficient. On May 4, winter-2, 2001 closed at 206 kroner a megawatt- hour, 1 kroner higher than winter-1, 2002, which closed at 205 kroner a megawatt-hour. "The spread between the 2 winter contracts has now reversed from an unusual situation where winter-2, 2001 was valued higher than winter-1, 2002 a few week ago,'' another trader said. Across Scandinavia, rainfall was forecast to remain above average over the next 5 days, according to Weather Services Corp. in the U.S. Still, actual precipitation was unlikely to even reach normal levels, traders said. At the end of week 22, Norwegian dams rose in line with expectations by 4.5 percent to 46.8 percent of total capacity, equivalent to 38,265 gigawatt-hours generation, compared to 63.5 percent of total capacity or 51,918 gigawatt-hours at the same time last year, according to Statistics Norway. Swedish reservoirs climbed 3.5 percent at the end of week 22, to 49.8 of total capacity, compared to 61.9 percent a year ago, according to the Swedish Power Association. Thursday's spot price unexpectedly rose 8.96 kroner to 222.83 kroner a megawatt-hour "because producers wanted to show that they were presently in control of prices,'' a trader said. Still, producers were reported "comfortable'' selling at current "high'' prices, another trader said earlier today. Week 24 and week 25 rose 2.00 kroner. Week 24 closed at 212.00 kroner a megawatt-hour, while week 25 climbed to 207.75 kroner a megawatt-hour. A total of 3,301 gigawatt-hours generation traded on the Nordic Power Exchange today, up from yesterday's 1,317 gigawatt- hours. -Alejandro Barbajosa -0- (BES) Jun/06/2001 19:53 GMT =04 - daily.pdf
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