WESTIn Mid-C, Day Ahead prices have averaged around $39/MWh so far this month because of a dearth of precipitation, current fish spill policies, and above-average demand in the Pacific Northwest. In the forward market, prices for Q3 2021 and 2022 continue to climb amid the National Oceanic and Atmospheric Administration’s prediction of a hot summer due to aftereffects of La Niña and worsening drought conditions in California and Nevada.
ERCOT Real-time prices have retreated considerably since last week. Despite continuing outages close to 30,000 MW, available reserves have been about 10,000 MW higher than expected because of lower loads. Consequently, the 7x24 real-time average for the week has shriveled to the upper $20s/MWh from approximately $100/MWh last week. The real-time recoil also sparked a selloff in Bal-21 7x24 forward prices, which, after rallying by more than $2.50/MWh last week, gave up more than half of that gain and are currently around $34/MWh. Meanwhile, CY strips for 2022 and beyond have been relatively steady after rising by approximately $1/MWh last week. in the curve over the last few weeks.
EAST Cold weather has raised prices slightly this week. Averages are highest in MISO’s Indiana Hub, where Day Ahead is at $30/MWh and Real Time is at $37/MWh. In ISO-NE’s Mass Hub, both Day Ahead and Real Time are averaging $29/MWh. Day Ahead is also averaging $29/MWh in PJM’s West Hub, but Real Time there is coming in at $26/MWh.