Here's a summary of what went on in the energy markets last week:
Electricity peak prices varied across the country last week. In the West, the Palo Verde and SP 15 hubs increased by more than $23/MWh due to a sustained summer heat wave. Phoenix broke a record with 32 days over 110 degrees Fahrenheit. Cal-ISO issued several grid warnings and a Stage One emergency due to the heat. Peak prices modestly increased at NEPOOL and PJM West hubs, but declined by more than $7/MWh at the Entergy and ERCOT hubs (see pages 1 and 3).For the report click here. It is also located on NEI's Financial Center webpage.
Gas prices at the Henry Hub fell $0.68 to $5.57/MMBtu (see pages 1 and 3). Working gas in storage totaled 2,969 Bcf as of Friday, August 24, which is 12 percent above the 5-year average inventory level for the report week, according to EIA.
TradeTech’s uranium spot price fell $10 to $85/lb U3O8 last week. UxC’s uranium spot price remained unchanged. According to TradeTech, the decrease in the price is largely due to the presence throughout the month of sellers driven by cash requirements, such as the US Department of Energy (see pages 1 and 3).
The estimated U.S. nuclear plant availability factor averaged 98% for the week. A failure in the power supply to the reactor’s main feedwater pump was the cause of D.C. Cook 1’s shutdown. The cause of Vermont Yankee’s shutdown was still being determined after the event occurred while testing steam valves. The reactor had been operating at about 50% power due to a section of one of its two mechanical draft cooling towers collapsing the previous week (see pages 2 and 4).
By 2011, the following amounts of new generating capacity are expected to start up: 32,000 MW of coal; 47,000 MW of natural gas; and 33,000 MW of wind (see page 5).