WEST Soft index prices were the story throughout February as light demand and strong hydro and wind generation conspired to sink the implied heat rate. In the term market, however, prices are up after the projected water levels in the Pacific Northwest were revised down to 100% of normal.
ERCOT Term prices have ranged from staying flat to rising by a quarter out the curve as term heat rates and term natural gas continue to bobble. Real-time prices have been in the low $20s/MWh in all regions save, of course, the West Load Zone, where basis has averaged over $75/MWh to start the month. The new ORDC calculation methodology went into effect as of March 1, but the impact has been minimal over the first four days.
EAST Both DA and RT indexes remain low across trading hubs. So far this week, prices have printed in the high $10s/MWh to low $20s/MWh. With warm weather expected through next week, the emergence of any typical winter pricing trends looks doubtful at this point. This winter may go down as an overall quiet one.