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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 05/16 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 128.78 -107.65 135.00 150.00 Ca-Or Border 140.00 -106.67 135.00 145.00 NP15 153.42 -87.75 144.00 163.00 SP15 139.67 -73.33 135.00 145.00 Ault Colorado 125.00 -70.00 135.00 145.00 Mead 150.00 -82.50 149.00 151.00 Palo Verde 150.92 -72.20 133.00 180.00 Four Corners 147.50 -72.50 140.00 155.00 Mid-Continent ECAR 45.44 +4.28 41.86 49.00 East 44.50 +4.50 43.00 46.00 AEP 47.00 +5.80 42.00 50.00 West 44.50 +3.50 42.00 46.00 Central 46.25 +6.11 42.00 50.00 Cinergy 46.25 +6.11 42.00 50.00 South 44.57 +0.24 40.00 53.00 North 45.00 +3.67 42.00 48.00 Main 46.21 +2.63 43.00 49.00 Com-Ed 43.75 +2.46 40.00 46.00 Lower 48.67 +2.79 46.00 52.00 MAPP 52.50 +0.67 50.00 55.00 North 52.00 +1.00 50.00 55.00 Lower 53.00 +0.33 50.00 55.00 Gulf Coast SPP 50.13 +0.13 46.75 53.50 Northern 51.00 +0.00 46.00 56.00 ERCOT 53.50 -4.13 52.00 55.00 SERC 47.77 +0.39 43.95 52.51 Va Power 42.00 -1.50 41.50 42.50 VACAR 48.33 +2.08 45.00 50.00 Into TVA 44.57 +0.24 40.00 53.00 Out of TVA 48.28 -0.57 43.64 57.04 Entergy 49.73 -0.02 45.00 55.00 Southern 47.75 +1.25 45.00 50.00 Fla/Ga Border 53.75 +1.25 47.50 60.00 FRCC 57.50 +0.07 50.00 65.00 East Coast NEPOOL 50.50 -0.25 50.00 51.00 New York Zone J 56.00 +0.25 55.00 57.00 New York Zone G 49.25 -0.55 48.00 50.50 New York Zone A 37.25 -1.25 36.50 38.00 PJM 38.80 +0.65 38.00 40.00 East 38.80 +0.65 38.00 40.00 West 38.80 +0.65 38.00 40.00 Seller's Choice 38.30 +0.65 37.50 39.50 End Table Western Spot Power Prices Sink Amid River Runoff, Mild Weather Portland, Oregon, May 16 (Bloomberg Energy) -- Western U.S. peak spot power prices for delivery tomorrow plummeted as hydroelectric operators were forced to generate power, traders said. At the Mid-Columbia trading point in Washington, peak power declined 38.4 percent from yesterday to a Bloomberg index of $140.55 a megawatt hour, with executed trades between $135.00- $150.00. "Run-off is increasing hydroelectric supplies," said one Northwest trader. Traders said that smaller dams in the Portland area don't have the capability to store excess water from mountain snowmelt, so they have to generate power or spill water. "The weather is mild in the Northwest, causing snow melt to run off into the reservoirs," said one Northwest trader. According to Weather Services Corp., of Lexington, Massachusetts, temperatures in Portland, Oregon were expected to reach 63 degrees Fahrenheit today, increasing tomorrow 2 degrees to 65 degrees. At the California Oregon Border, day-ahead peak power sank $106.67 to a Bloomberg index of $140.00. Traders completed trades in the $135.00-$145.00 range. In the Pacific Northwest, federal power marketer Bonneville Power Administration offered up to 200 megawatts of delivered energy for tomorrow at the Dow Jones Mid-Columbia and California- Oregon Border firm electricity index price. At the Palo Verde switchyard in Arizona, peak power slipped $72.20, to a Bloomberg index of $150.92 as traders executed transactions in the $140.50-$150.00 range. Traders said they sold off-peak power as low as $21.00 and as high as $40.00. Traders said that Arizona Public Service Co.'s 1,270- megawatt Palo Verde 1 nuclear plant in Wintersburg, Arizona, increased production 20 percent from yesterday to 70 percent of capacity following the completion of a scheduled refueling outage that began March 31. At the SP-15 delivery point in Southern California, peak power slumped $73.33 to a Bloomberg index of $139.67 amid trades in the $135.00-$145.00 range. -Robert Scalabrino Northeast Spot Power Prices Steady Amid Idle Market Conditions Philadelphia, May 16 (Bloomberg Energy) -- Spot power prices in the Northeast U.S. were little changed this morning, amid expectations for continued increases in available generation and stagnant cooling loads, traders said. According to Weather Derivatives Corp. of Belton, Missouri, temperatures in the Northeast will average within one degree Fahrenheit of normal over the next seven days, keeping heating and cooling demands 89 and 97 percent below normal, respectively. In the Pennsylvania-New Jersey-Maryland Interconnection, peak power scheduled for Thursday delivery was assessed 65 cents higher, at a Bloomberg volume-weighted index of $33.80 per megawatt hour. Traders said tomorrow's projected load requirements and generation outages were virtually unchanged, leaving little room for movement in the day-ahead market. The Interconnection projected loads for the first six on-peak hours of tomorrow to average just 100 megawatts greater than today, and increases in available generation were estimated at only 23 megawatts. The next-week market was volatile however, as revised weather forecasts, calling for cooler temperatures, left many marketers scrambling to readjust positions. "The weather forecast for next-week has been drastically revised," said one PJM-based trader. "Anyone holding excess power for that period was looking to unload it this morning, and the market just fell out of bed from there." Traders said early morning trades topped out at $48.00, before trailing off to lows in the $40.00-$41.00 range. In the New England Power Pool, day-ahead power sold 25 cents lower amid trades in the $51.50-$52.50 range, with most deals executed at $52.00. Entergy Corp. said it began the process of restarting its 670-megawatt Pilgrim 1 nuclear reactor at 3:07 a.m., although traders agreed the additional megawatts didn't affect tomorrow's market. "It's not a very big unit, so a minimal increase in production isn't going to make a noticeable difference," said one Northeast trader. "I'm sure it will be reflected in tomorrow's day-ahead market, when output will be closer to capacity." Next-week packages traded heavily in New England, as they did in PJM, though prices for the 5-day block there remained firm at $55.00. Traders said heavy purchases from one of the region's load serving entities might have helped support the market, by offsetting forecasts for cooler temperatures. Temperatures in Boston, one of New England's primary load centers, are forecast to average less than 60 degrees through the early part of next week. -Karyn Rispoli Southeast Demand Again Drives Mid-Continent Power Prices Up Cincinnati, May 16 (Bloomberg Energy) -- Continued high weather-related demand from the Southeast and a combination of unit outages and transmission problems in the Midwest drove Mid- Continent peak power prices up again today, traders said. East Central Area Reliability Council prices rose for the fourth consecutive day as heavy weather-related demand from the Tennessee Valley Authority grid continued, traders said. The Bloomberg index price for day-ahead power delivered into the Cincinnati-based Cinergy Corp. transmission system rose $6.11 to $46.25 a megawatt-hour and has gained almost $19.00 this week. Trades ranged from $44.50 up to $50.00 after options expiration. Cinergy traders said the late price rise came as marketers oversold to TVA and had to buy power back from there to cover short positions. In contrast to the daily market, short-term over-the-counter prices dropped, with power for Friday delivery offered $2.00 less than yesterday's price for Thursday-Friday parcels at $41.00 and power for delivery from May 21-25 offered $7.00 less at $40.50. "There's a new weather forecast out, and it's going to be a lot cooler next week now than we originally thought," one trader said. "I wish I'd sold myself way short on the next week package yesterday, but what can you do?" In Mid-America Interconnected Network trading, peak power at the Chicago-based Commonwealth Edison hub sold $2.46 higher on average at $40.00-$46.00 and power in the lower half of the region $2.79 higher on average at $46.00-$52.00. MAIN traders said transmission constraints all but eliminated the ability to sell power west into the Mid-Continent Area Power Pool, causing market focus to shift to the South and East. With several unit outages and transmission problems, continued hot weather and imports from MAIN unavailable, day- ahead power prices in MAPP were the highest in the region again today, traders said. Next-day power sold $1.00 higher on average in northern MAPP at $50.00-$55.00 and 33 cents higher in the southern half of the region at $50.00-$55.00. Traders said activity was limited, as most utilities had no excess power available. "It's still in the 80s (degrees) here, which is much hotter than we're used to this early in the year," one trader said. "Add to that these unit outages, and you get what we have right now; a pretty big mess." -Ken Fahnestock Southeast Power Prices Mixed as Recent Heat Moderates Atlanta, May 16 (Bloomberg Energy) -- U.S. Southeast spot electricity prices were mixed today as several major regional population centers expected cooler weather tomorrow, while others expected weather to remain hot, utility traders said. The Bloomberg Southeast Electric Reliability Council regional index price rose an average of 39 cents a megawatt- hour from equivalent trades made yesterday for delivery today, to $47.77, amid trades in the $36.50-$60.00 range. Forecasters from Lexington, Massachusetts-based Weather Services Corp. predicted daily high temperatures in the Atlanta vicinity would peak tomorrow at 87 degrees Fahrenheit, unchanged from today's projected high. In sections of the Southwest Power Pool, tomorrow's projected highs for Topeka, Kansas, were expected to decline to the high-70s to low-80s tomorrow, utility traders said. "There was not a lot of trading done in the next-day markets because we expect to see a break in the weather," said one SPP-based utility trader. "Our temperatures, which are expected to hit the 92-94 degree mark today, will decline to about 10 degrees below normal tomorrow." According to Belton, Missouri-based Weather Derivatives Inc., cooling demand across the Southeast was expected to average about normal over the next week. Over the next 6-10 days, temperatures in the Southeast are expected to average 3.1 degrees below normal, the forecaster said. On the Tennessee Valley Authority grid, power for tomorrow traded in a "broad" range of $40.00-$53.00, though the majority of energy trades were reported at a Bloomberg index of $44.57, 24 cents more than yesterday. Expectations for continued warm weather on the U.S. Gulf Coast and troubling transmission line loading relief measures between sections of southern Mid-Continent Area Power Pool and the northern SPP, kept Entergy Corp. prices from falling, traders said. The Bloomberg day-ahead peak Entergy index fell 2 cents from yesterday to $49.73 amid trades in the $45.00-$55.00 range. Traders said prices could dip tomorrow in the Gulf Coast region because natural gas futures for June delivery on the New York Mercantile Exchange were slipping. June futures declined 28.3 cents per million British thermal units to $4.38 per million Btu. -Brian Whary U.K. Winter Power Contracts Little Changed in Heavy Trade London, May 16 (Bloomberg Energy) -- Winter 2001 power prices in the U.K. closed little changed today, although the contract was unusually active, traders said. Winter 2001 baseload was last assessed 10 pence lower at 21.30-21.40 pounds a megawatt-hour. Although Winter 2001 traded over 60 times, one trader said the contract traded "range-bound'' throughout the day, as participants purchased and sold the contract in an effort to create liquidity in the market. "Its unprecedented for over 800 megawatts to have traded and we've seen little change. It's evident a player out there is very keen to get liquidity going in the market,'' another trader said. Traders said the two major trading houses that have been trading the contract aggressively over the past week were the main market participants again today. Day-ahead prices tumbled today even though reports of outage problems persisted, traders said. British Energy's Sizewell B nuclear plant was reported to have shut for maintenance last Friday because of an acid leak, although this couldn't be confirmed. "The spot market continued to be volatile. We are still seeing a lot of panic buying and selling,'' one trader said. "It seems people must have overbought in preparation for these planned outages and now need to sell.'' Day-ahead baseload started trade at 23.50 pounds a megawatt- hour, before plummeting to trade at 18.00 pounds a megawatt-hour, 5.00 pounds lower than yesterday. -Amal Halawi Nordic Electricity Prices Close Higher on Elevated Spot Value Lysaker, Norway, May 16 (Bloomberg Energy) -- Electricity prices on the Nordic Power Exchange in Lysaker, Norway, rose in active afternoon trade after generators set tomorrow's spot price above expectations, traders said. Participants rushed to close positions ahead of a Norwegian holiday tomorrow that will keep the market closed. Nordpool is scheduled to re-open on Friday. Winter-2, 2001 jumped 1.75 kroner a megawatt-hour to close at a record high of 218.25 kroner a megawatt-hour with 449.00 megawatts exchanged. Winter-1, 2002 gained 2.10 kroner after 166.00 megawatts traded between 216.00-218.75 kroner a megawatt- hour. Although industrial end-user demand was anticipated to drop tomorrow as Norway celebrates Constitution Day, Thursday's system area average price was set at 195.41 kroner a megawatt-hour, more than 10 kroner above traders' expectations of 185.00 kroner a megawatt-hour and down 2.97 kroner from today's price. Producers in western Norway retained control over inflowing molten snow, pushing prices higher, an Oslo-based trader said. The minimum hourly spot price in Trondheim, Norway was set at 190.88 kroner a megawatt-hour, only 4.53 kroner lower than the system area average price. Nordpool reported an expected 2.5 percent increase in Norwegian reservoirs to 34.7 percent of total capacity at the end of week 19 from the previous week, compared to 49.9 percent of total capacity a year ago. In Sweden, reservoirs were up 7.9 percent to 33.2 percent of total capacity, beating expectations of a 5.2 percent gain. Snowmelt in Norway was likely to peak in the next ten days, delaying water tank refilling, while in Sweden it peaked last week, traders said. Limited snow accumulation in the important hydro-producing region of western Norway has also minimized the effect of anticipated supply increases. In the shorter-term, week 21 closed 1.50 kroner higher at 195.00 kroner a megawatt-hour after a total 286.00 megawatts traded as low as 190.75 kroner a megawatt-hour. Week 22 jumped 5.00 kroner a megawatt-hour to 204.00 kroner a megawatt-hour. Total volumes more-than-quadrupled in afternoon trade to 3,717 gigawatt-hours generation compared to this morning's 738 gigawatt-hours. -Alejandro Barbajosa -0- (BES) May/16/2001 19:32 GMT =04 - daily.pdf
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