Energy News

Weekly trends and insights on the Natural Gas and Electricity Markets
Electricity Markets Pricing continued to rise across all ISOs in relation to the underlying cost of gas. Texas saw the most dramatic increase as peak summer rates continue to climb.
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Electricity Markets Electricity continued to experience a slight rebound this week as sustained winter temperatures and conditions were observed throughout most of the US.ISO-NE held its 14th forward capacity auction for 2023-2024 and cleared at $2.00/KW-month. This will continue the downward descent of forward capacity pricing in the region which currently stands at $7.03/KW-month, slated to drop to $5.30/KW-month for 2020-2021, $4.63/KW-month for 2021-2022, and then $3.80/KW-month for 2022-2023.
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Electricity Markets Electricity rebounded slightly across all markets as near-term pricing reacted to a brief rise in the underlying cost of natural gas.
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Electricity Markets The downward trend continues with a softer slope than has been observed in previous weeks. ISO-NE, heavily affected by near-term lows, is at some of its most competitive levels in the last decade. Forward fixed rates remain extremely attractive even when comparing relatively higher outward year pricing.
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Electricity Markets All markets experienced a similar drop in pricing as the near-term underlying cost of gas falls in response to limited demand in the face of mild winter weather. The forward 12M average of ISO-New England is particularly affected by the unseasonably low trading cost of this winter’s electricity. Though winter 2020-2021 is still historically competitive, this 12M forward average is likely to rise as we pick up next winter’s trading months.
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Electricity Markets Continued mild temperatures and steady low gas futures led to a quiet week across most electric markets. ERCOT saw another bump upwards in response to rising summer 2020 prices.
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Electricity Markets Electric markets saw a small bump upwards over the last market week but month over month continue to remain extremely competitive. Pricing across all regions has been primarily driven by the low underlying cost of natural gas. ISO-NE’s forward average is highly reflective of uncharacteristic near-term lows; 2021 rates of this same timeframe are not quite as similarly competitive.
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Electricity Markets Electric markets continue to trend down and are now reminiscent of pre-2017 levels. Mild winter weather has kept the underlying cost of natural gas low and volatility isolated to short spikes in the daily markets.
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Electricity Markets Electric markets saw another drop as we moved into the holiday week. Warmer temperatures and lower demand brought down rates in the near-term and continue to afford incredible value in outward years.
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Electricity Markets Electric markets saw the slightest tick up over the report week. On a broad scale, the overall wholesale cost of energy is down. It remains a good time to take advantage of opportunities in the market you can control, as many other non-energy related components are expected to continue driving up costs into the future.
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Electricity Markets Electric pricing has continued to drop across all markets and represent some of the most favorable rates seen since 2017. The continued drop in the 12M forward averages is primarily driven by near-term winter months; rates in Winter 2020-2021 are higher as they fall in a more normal range. The NYISO is approaching historic lows even while upcoming plant closures draw nearer.
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Electricity Markets Electric pricing in ISO-NE saw a slight increase over the report week. The remaining ISO’s were mainly flat or saw minimally movement downward.
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Electricity Markets Electric pricing in Texas and New York was quiet last week while New England and Pennsylvania continued to drop off. Rates now mirror some of the lowest we’ve seen since this past summer.
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Electricity Markets Electric prices were broadly flat with Texas observing a slight drop. Forward pricing is still very attractive and trading quite near the lows of this past summer. Upward pressure is likely to be seen in the NYISO due to the impending closures of the first generator at Indian Point nuclear power plant in April 2020 as well as the just-announced closure of the coal-fired Kintigh Generating Station in Somerset, NY.
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Electricity Markets Electric prices in all ISO’s dropped pretty significantly over the report week. The run up was likely in part based on the anticipation of cold weather. Most recently predictions are calling for December to be milder than normal.  
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Electricity Markets ERCOT continued to climb, facing lingering capacity concern. The remaining ISO’s saw a minimal drop week over week. ISO-NE is about even to where the market was last month. Although NYISO is up since a month ago, in combination with the capacity market, prices are still at attractive levels. Nuclear closures, an uncertain winter outlook, and natural gas fundamentals could all effect market conditions moving forward.
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Electricity Markets On the heels of climbing natural gas prices, electric prices in all the ISO’s were up over the report week.
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Electricity Markets Another week of slow downward movement on the electric markets. Markets may see some more easing on prices depending on how natural gas storage performs over the next few weeks. Winter speculation does tend to bring some fear however, so be prepared that fundamentals could always quickly reverse course.
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Electricity Markets ISO- NE prices soften a bit, although the recent run ups can be attributed to elevated Algonquin basis gas prices. As the NYMEX remains attractive, so does NYISO electric prices. The upside risk for ERCOT over the next few years (2021-2023) especially in the summer months remains, as tight generation reserves are likely to strain the system.
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Electricity Markets ERCOT remained flat week over week, while the remaining electric markets all moved up slightly.
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Electricity Markets NYISO, PJM and ERCOT all remained generally flat week over week. ISO-NE spiked up but should come as no surprise as we tend to see these swings and volatility just prior to approaching the winter months.
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Electricity Markets ERCOT flattened over the report week, however current electric prices remain elevated after the lingering heat and lack of wind. The situation in Texas is a prime example of how quickly a stabilized market can become disrupted. Electric prices in ISO-NE and PJM and NYISO were all down, with NYISO reporting the largest slide.
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