Western Price Survey
June 10, 2016
Energy prices across the West cooled this week, as did temperatures throughout the region after daytime high temperatures moderated.
With less need for air conditioning, Western daytime power prices lost as much as $17.90/MWh in June 3-10 trading. After posting the greatest gains last week, Mid-Columbia tumbled $17.90 to $15.10/MWh.
Similarly, average nighttime power prices dropped between 90 cents and as much as $12 in trading. Prices June 10 ranged from $11.65/MWh at Mid-C to $21.05/MWh at South of Path 15.
Working natural gas in storage was 2,972 Bcf as of June 3, according to U.S. Energy Information Administration estimates. This is a net increase of 65 Bcf compared to the previous week. Storage levels are now 28.5 percent greater than a year ago and 32.1 percent greater than the five-year average.
Henry Hub gas spot values added 2 cents in Thursday-to-Thursday trading, ending at $2.32/MMBtu June 9.
Western natural gas values also fell as the heat dissipated. Average prices dropped between 2 cents and as much as 62 cents. Sumas posted the greatest loss, down 62 cents to end at $1.30/MMBtu Thursday.
Some of the drop may be attributed to Canadian import prices, noted the EIA in its weekly analysis. "Prices at western import points fell substantially this week, and are well below the Henry Hub price," said the agency, which reports on a Wednesday-to-Wednesday basis. The Northwest Sumas hub fell 30 cents/MMBtu to $1.59/MMBtu, while "the price at Kingsgate, which reflects the price of imported gas into Idaho, fell from $2.06/MMBtu to $1.87/MMBtu."
Demand peaked on the CAISO grid at 40,091 MW June 3, which was the high for the June 3-9 period. Total renewables production on the CAISO grid reached 12,269 MW June 6. Total solar production reached 7,223 MW June 3, while thermal generation peaked that same day at 18,660 MW.
Northwest Power Pool demand reached a high of 60,598 MW June 6.
Diablo Canyon Unit 2, which began its return to service June 2 after refueling and maintenance, was fully operational as of June 9, according to the U.S. Nuclear Regulatory Commission [Linda Dailey Paulson].
Archives of the Western Price Survey for the past year are also available online.
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