WEST As frigid weather has increased both commercial and residential demand for natural gas in the Pacific Northwest, pushing up natural gas spot prices, Mid-C has had to send price signals above those of CAISO to keep gas from flowing south. Consequently, Day Ahead prices have cleared around $53/MWh and $57/MWh in SP15 and Mid-C, respectively, since Tuesday. In the forward market, prices are slightly higher than last week.
ERCOT After an overnight swell due both to extended cold and to intermittency in some resources currently online, real-time prices actually hit quadruple digits this morning! Consequently, the MTD average of Hub pricing in Houston has climbed to more than $52/MWh, whereas it was around only $28/MWh through day 22. Term prices have increased by $1-$2/MWh out the curve because of developments in the natural gas market, where prices are on the rise not only because of the aforementioned cold but also because of volatility in crude oil prices. The newly approved ORDC has reduced the price cap from $9,000/MWh to $5,000/MWh, but its steeper slope does allow higher prices in times of scarcity.
EAST Prices continue to level out in ISO-NE and NYISO and are now in double digits. In MassHub, Day Ahead is averaging $69/MWh, $12/MWh above Real Time. These Day Ahead and Real Time averages are 30% and 50% lower than last week, respectively. Similarly, the Day Ahead and Real Time averages have dropped to $60/MWh and $58/MWh in both Hudson Valley and NYC. Both Day Ahead and Real Time in the main PJM and MISO hubs are holding steady in the $40s/MWh.