Power prices throughout the West were relatively tame heading into the Fourth of July, with prices generally unchanged over two or three days.
North and South of Path 15 daytime power, for example, gained roughly 14 percent in the abbreviated June 27 to July 3 trading period.
Markets were closed Thursday, July 4.
Palo Verde peak power prices made a 105-percent jump July 1, which translated into a $10.75 gain by the end of trading, when values reached $32/MWh. By July 3, peak Western power prices ranged from $22.95/MWh at NP15 to $32/MWh at Palo Verde.
Western nighttime prices generally followed suit, but the greatest gains amounted to only a couple of dollars. Mid-Columbia gained the most value, up $2.80 to $19.20/MWh. NP15 off-peak power was the exception, eroding 60 cents to $21.60/MWh.
Nighttime values ranged from $16.75 at Palo Verde to $23.10 at SP15 by July 3.
Meanwhile, Western natural gas prices deflated in June 27 to July 4 trading, with values dipping between 11 cents and 36 cents. PG&E CityGate gas lost the most value, shedding 36 cents to $1.94/MMBtu. Notably, El Paso-Permian Basin natural gas slipped back into the negative. It last traded at negative 7 cents/MMBtu.
Exceptions were SoCal Border natural gas, which gained 9 cents by the end of trading to reach $1.71/MMBtu, and SoCal CityGate natural gas, which added a dime to end at $1.87/MMBtu.
Henry Hub gas spot prices eroded 6 cents, ending at $2.24/MMBtu.
Working natural gas in storage was 2,390 Bcf as of June 28, according to the U.S. Energy Information Administration. This was a net increase of 89 Bcf compared with the previous week.
The agency typically issues its natural gas market analysis on Thursdays, but did not publish a report this week due to the federal holiday.
California Independent System Operator demand reached 33,752 MW July 1, which should be the week’s high.
Total renewables on the CAISO grid reached 17,474 MW July 2, meeting almost 53 percent of demand. That same day, solar generation resources fulfilled 11,411 MW, or roughly 34 percent of demand.
In June, the average high peak price at Henry Hub was $2.47/MMBtu, 54 cents less than in 2018 (see “Price Trends,” next page).
Western natural gas hub prices in June varied. While SoCal Border gas increased by 32 cents compared with the year prior, Malin values were down 38 cents to $2.10/MMBtu.
Average Western power prices increased by between $8.75 and as much as $39.35 year over year compared with June 2018. Mid-C gained the most, up $39.95 to $65.90/MWh.