POWER MARKETS
WEST Above-average wind generation reinforced the strong hydro production in the Pacific Northwest last week, and the combination yielded very low index prices in Mid-C. From May 20 through May 22, Day Ahead prices averaged negative $0.26/MWh as the grid ac-tually had to start curtailing the excess generation from renewables.
ERCOT For the past week, real-time prices at all hubs and Load Zones have averaged in the high $10s/MWh as moderating temper-atures and a decent bit of rainfall have kept a lid on spot prices. Term heat rates have risen modestly for the week and lifted term fixed prices in the process. Because of the new calculation methodol-ogy, the ORDC adder for the month is averaging nearly $1.00/MWh, almost twice what it was during May 2019.
EAST A drop in Phase II imports from Quebec gave the green light to RT prices yesterday afternoon. They reached $135/MWh in ISO-NE and a whopping $333/MWh in NYISO Zone A. PJM and MISO have also seen more RT price volatility this week because of warmer weather and a thinner generation stack.