WEST Spot prices have increased recently because of a late winter storm. To say that the significant cloud cover from the storm has made it difficult for grid operators to forecast the amount of behind-the-meter solar generation available on the grid is an understatement, considering that, for example, the Real Time average on March 12 was around $114/MWh. In the term market, forward prices for the balance of the year have dropped on expectations of lower demand.
ERCOT Term prices have been down over the week; the Summer 2020 on-peak price has dropped by nearly $45/MWh from just one month prior! However, real-time prices remain resilient in the low $20s/MWh to mid-$20s/MWh in all zones except the West Load Zone, where the MTD average is nearly $70/MWh. Last week featured a few instances of early cooling load during seasonal maintenance for certain baseload units, yielding several triple-digit price intervals this week.
EAST In response to COVID-19, futures have gone down in the front of the curve while curves for coming years have remained flat for the most part. Terms from 3 to 6 months have dropped by more than $1/MWh. For instance, 3-month terms in Mass Hub and NYISO Zone G have dropped by $1.45/MWh and $1.26/MWh, respectively, from last week. In those same regions, 6-month terms have dropped by $1.27/MWh and $1.08/MWh, respectively.