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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 06/07 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 38.00 -14.00 33.00 43.00 Ca-Or Border 43.50 -16.50 42.00 45.00 NP15 41.43 -10.37 33.00 55.00 SP15 47.88 -16.92 38.00 58.00 Ault Colorado 42.50 -10.00 38.00 58.00 Mead 65.00 -12.50 60.00 70.00 Palo Verde 52.14 -26.43 48.00 70.00 Four Corners 48.50 -24.00 47.00 50.00 Mid-Continent ECAR 32.26 +3.39 30.68 34.14 East 34.00 +4.00 33.00 35.00 AEP 32.00 +2.17 29.00 34.00 West 31.33 +4.16 30.00 34.00 Central 31.40 +4.09 29.00 34.50 Cinergy 31.40 +4.09 29.00 34.50 South 32.17 +4.17 31.75 33.00 North 33.50 +1.00 33.00 34.00 Main 31.28 +2.99 29.00 33.25 Com-Ed 31.12 +4.04 30.00 32.50 Lower 31.45 +1.95 28.00 34.00 MAPP 27.70 +3.78 26.00 30.00 North 26.33 +4.00 25.00 27.00 Lower 29.07 +3.57 27.00 33.00 Gulf Coast SPP 30.57 +2.44 29.25 32.00 Northern 30.64 +6.39 28.50 33.00 ERCOT 35.56 -0.39 35.00 36.00 SERC 36.93 +2.09 35.23 38.42 Va Power 32.00 -1.50 31.50 32.50 VACAR 37.67 +5.67 35.00 40.00 Into TVA 32.17 +4.17 31.75 33.00 Out of TVA 36.31 +4.41 35.88 37.17 Entergy 36.67 +2.56 35.50 37.25 Southern 39.67 +1.17 38.00 41.00 Fla/Ga Border 44.00 -1.83 39.00 48.00 FRCC 60.50 +0.50 60.00 61.00 East Coast NEPOOL 21.50 -12.90 21.25 21.75 New York Zone J 46.00 -2.50 44.00 48.00 New York Zone G 38.38 -2.13 37.25 38.50 New York Zone A 27.38 -1.26 27.25 27.50 PJM 30.38 +1.53 29.90 31.00 East 30.38 +1.53 29.90 31.00 West 30.38 +1.53 29.90 31.00 Seller's Choice 29.88 +1.53 29.40 30.50 End Table Western U.S. Electricity Prices Fall Amid Less Weekend Demand Los Angeles, June 7 (Bloomberg Energy) -- Power prices for Friday-Saturday deliveries in the Western U.S. fell today, the fourth consecutive decline in day-ahead values, amid less weekend demand, traders said. The Bloomberg Mid-Columbia day-ahead heavy load index price slipped $14.00 a megawatt-hour to $38.00 amid trades at $33.00- $43.00. Off-peak power fell $11.41, with trades completed from $20.00-$27.00. Traders said that prices typically fall on Thursday because demand is significantly lower over the weekend with businesses and schools closed. "Between all of the generation that is available to the grid and with less weekend demand and cooler temperatures, this is why we are seeing prices crumble,'' said one Northwest trader. The California Independent System Operator reported 6,017.77 megawatts of generation was curtailed in California for planned and unplanned maintenance, 230.12 megawatts less than Wednesday and 52.2 percent less than a month ago. At the NP-15 delivery point in Northern California, the Bloomberg index for peak power declined $10.37 from yesterday to $33.00-$55.00, with trades completed to at $41.43. According to Lexington, Massachusetts-based Weather Services Corp., temperatures in San Francisco were expected to peak today at 67 degrees Fahrenheit. At the SP-15 delivery point in Southern California peak power declined $16.91 to a Bloomberg index of $47.88, the low for the year, with sales completed at $38.00-$58.00. In the Southwest, power prices sank an average of $26.43 at the Palo Verde switchyard to a Bloomberg average of $52.14 amid trades in the $48.00-$70.00 range. -Robert Scalabrino PJM Spot Power Prices Climb With Air Conditioning Loads Philadelphia, June 7 (Bloomberg Energy) -- Next-day power prices rose for the fifth consecutive day in the Pennsylvania-New Jersey-Maryland Interconnection as higher temperatures were expected to increase regional cooling loads, traders said. According to Weather Derivatives Corp. of Belton, Missouri, temperatures in Philadelphia will average 2 degrees Fahrenheit above normal over the next seven days, generating a 23 percent greater than normal cooling demand. Friday, temperatures are forecast to reach as high as 80 degrees. Peak power scheduled for Friday delivery to the Western Hub of PJM was assessed at a Bloomberg volume-weighted index of $30.28 per megawatt hour, up $1.53 from yesterday and $6.75 from the week-ago price. Short-term over-the-counter products also traded higher on expectations for heat. Next-week power sold as high as $45.00 this morning, compared to $40.50 yesterday, and balance of the month dealt as high as $47.50, compared to $44.50 yesterday. Weather Derivatives Corp. predicted temperatures in the Northeast would average 4.8 degrees normal over the next 6-10 days. Philadelphia temperatures are expected to reach 80 degrees again Monday and increase 2 degrees each subsequent day through Wednesday. "Finally, we've got some heat coming in, or so they say," said one PJM-based trader. "There's still some skepticism as to whether or not it will actually happen, but if it warms up tomorrow I think you'll see a lot more bullish conviction. An 80- degree day would give this market the boost of confidence it's looking for." In the New England Power Pool, for-Friday power traded 85 cents higher at a Bloomberg index price of $36.75, also supported by rising temperatures. Traders cited deals in the $36.50-$37.00 range. Day-ahead values fell across all three zones of the New York Power Pool amid increased nuclear generation and a lack of market liquidity, traders said. Entergy Corp. returned its Indian Point 3 nuclear facility to full capacity today, following completion of condenser pump maintenance and motor replacement. The station is located in Buchanan, New York, and has a total output of 980 megawatts. While Zones A and G traded $1.25 and $2.13 lower at $28.88 and $39.88 indexes, respectively, traders said no deals were executed in Zone J "because the market was just too wide to get anything done," with a bid and offer range of $44.00-$48.00. "As far as liquidity goes, this is one of the worst days I've ever seen," said one New York trader. "New England will bounce around a few cents here and there because there's enough liquidity to support the market, but in New York you just don't have that luxury." Traders said they're often reticent to take on new positions for fear illiquid market conditions won't allow them to abandon those positions when necessary. -Karyn Rispoli Mid-Continent Power Prices Climb on Southern Heat, Transmission Cincinnati, June 7 (Bloomberg Energy) -- Increasing weather- related demand from the South and a possible unit outage in the East Central Area Reliability Council drove peak spot power prices up again today in the Mid-Continent U.S., traders said. The Bloomberg index price for power delivered Friday into the Cincinnati-based Cinergy Corp. transmission system rose $4.09 to $31.40 a megawatt-hour, with trades ranging from $29.00 when the market opened up to $34.50 after options expired. ECAR traders said both higher prices in the Southeast and transmission problems limiting the amount of power that could be sent there drove Cinergy prices up in early trading. They said late higher-priced transactions came as marketers who oversold power south were forced to buy replacement energy at a premium because most sellers had left the market. Day-ahead volume at the Cinergy hub was limited by transmission problems, leading most players to focus on the short-term over-the-counter market, where power for delivery from June 11-15 was offered at $45.00 on expectations of warmer weather. "There's more money to be made in the next week market right now," an ECAR trader said, "so more of the focus is there. I do think its still overvalued without a definite weather forecast; the only thing bullish could be the Zimmer outage." Traders said Cinergy Corp.'s 1,300-megawatt Zimmer coal- fired plant shut yesterday afternoon for unknown reasons and could remain down into next week, forcing utilities to run higher-cost gas-fired generation if hot weather arrives. In the Mid-America Interconnected Network, traders said prices at the Chicago-based Commonwealth Edison hub continued to follow Cinergy up, climbing $4.04 to $30.00-$32.50 as marketers bought ComEd power to replace parcels sold into Cinergy. Power in the lower half of MAIN sold $1.95 higher on average at $28.00-$34.00 as marketers there sold excess power into the high-priced Entergy Corp. grid, where power traded $2.56 higher at $35.50-$37.25. The Mid-Continent Area Power Pool next-day market also climbed today on increased demand from the south, with peak power selling $4.00 higher on average in northern MAPP at $25.00-$27.00 and $3.57 higher in southern MAPP at $27.00-$33.00. MAPP traders said activity was light, with most sales from north to south. They said forecasts for temperatures over 80 degrees Fahrenheit boosted demand from the Southwest Power Pool, where day-ahead power sold $6.39 higher at $28.50-$33.00. -Ken Fahnestock Most Southeast Prices Continue to Rise With Increased Demand Nashville, Tennessee, June 7 (Bloomberg Energy) -- Spot electricity prices rose throughout most of the Southeast U.S. this morning because of increased weather-related demand, traders said. "Prices are rising with warmer weather," said one Southeast trader. "Temperatures in New Orleans are warming up, and it's causing prices at the Entergy Hub to increase.'' Peak power scheduled for Friday delivery to the Entergy Corp. grid traded between $35.50-$37.25 a megawatt hour, increasing $2.56 to a Bloomberg index of $36.67. According to Weather Services Corp., of Lexington Massachusetts, temperatures in New Orleans will peak at 86 degrees Fahrenheit today and 87 degrees tomorrow. Forecasters predict the warm weather will continue into next week, with temperatures in Southeast expected to average 2.4 degrees above normal over the next 6-10 days. Electricity parcels for delivery into the Tennessee Valley Authority transmission grid traded at $31.75-$33.00, putting the Bloomberg index price at $32.17, up $4.17 from yesterday. "Prices are increasing as rising temperatures are causing air conditioning loads to boost,'' said one Southeast trader. The Bloomberg Southeast regional average price for next-day power increased $1.08 from yesterday to a Bloomberg index of $35.92, amid trades in the $26.75-$48.00 range. In the Northern section of the Southwest Power Pool, peak power increased $6.39 to a Bloomberg index of $30.64, with sales completed at $28.50-$33.00. Traders said Northern SPP power prices increased because of transmission problems, which hampered deliveries to the region. -Robert Scalabrino U.K. Power Prices Fall Amid Active Selling of Contracts London, June 7 (Bloomberg Energy) -- Power prices in the U.K fell for a third consecutive day as participants continued to sell contracts deemed over-valued, traders said. Winter 2001/02 baseload traded 26 pence lower having last traded at 21.28 pounds a megawatt-hour. Heavy selling persisted as participants looked at continuously falling near-term prices for the future direction of further-out prices under the New Electricity Trading Arrangements, traders said. Since the launch of NETA last March, participants have been trading actively in an effort to discover new prices levels. September baseload traded 10 pence lower, having been last bid at 19.55 pounds a megawatt-hour. The contract has fallen by over 2.70 pounds since the start of May. Traders contributed the fall in short-term prices to excess supply. "There is constant selling pressure. You can only buy so much, there are only so many customers and therefore there's always spare generation going," one trader said. Winter 2001 peakload contracts fell 25 pence following trades at 28.10 pounds a megawatt-hour. Although prices fell on "genuine" selling interest, another trader said prices fell amid profit-taking as several participants sold contracts they had purchased earlier this month. Recent price gains created profitable opportunities for traders to buy the contracts and sell them back later at a profit, once they had risen above their purchase price. -Amal Halawi Seasonal Nordic Power Jumps as Rainfall Expected to Decrease Lysaker, Norway, June 7 (Bloomberg Energy) -- Seasonal electricity contract prices on the Nordic Power Exchange in Lysaker, Norway, closed at new record highs today on anticipation that decreased precipitation would curb hydro-supply, traders said. Winter-2, 2001 jumped 1.75 Norwegian kroner to a new record high of 223.75 kroner a megawatt-hour after 372.00 megawatts were exchanged. Winter-1, 2002 gained 2.25 kroner to close at a record 229.75 kroner a megawatt-hour. "Everybody was just waiting for signals of decreasing rainfall to resume buying,'' an Oslo-based trader said earlier today. Reduced generation next week because of planned maintenance at several nuclear plants would also contribute to continued price gains, another trader said. System area average prices next week could be set above 230 kroner a megawatt-hour, the trader added. Still, shorter-term structures fell after Friday's spot price averaged an unexpectedly low 208.45 kroner a megawatt-hour, down 14.38 kroner from today's price because industrial end-users typically reduce consumption ahead of the weekend. Week 24 fell 1.0 kroner to 211.0 kroner a megawatt-hour after 346.0 megawatts traded. Week 25 closed little changed at 207.5 kroner a megawatt-hour with 217.0 megawatts exchanged. A total of 2,827 gigawatt-hours generation traded on Nordpool today, down from 3,301 gigawatt-hours yesterday. -Alejandro Barbajosa -0- (BES) Jun/07/2001 19:29 GMT =04 - daily.pdf
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