Monday, February 11, 2008

NEI's Energy Markets Report - January 28-February 1, 2008

Here's a summary of what went on in the energy markets last week:

Electricity peak prices fell $20-33/MWh at the PJM West and NEPOOL hubs as temperatures returned to normal. The ERCOT and Entergy hubs both decreased around $12/MWh and the Palo Verde and SP 15 hubs increased about $1/MWh (Platts, see pages 1 and 3).

Gas prices at the Henry Hub decreased $0.18 to $7.96/MMBtu due to moderating temperatures and easing pipeline constraints. Natural gas in storage was 2,062 billion cubic feet (Bcf) as of February 1, which is 3 percent above the 5-year average (2003-2007). At 200 Bcf, the net withdrawal from storage last week was the second-largest withdrawal reported during the current heating season (EIA, see pages 1 and 3).

Estimated nuclear plant availability fell to 92 percent last week. Fermi 2 was manually scrammed after the trip of both reactor recirculation pumps. Limerick 2 shut down automatically due to an indication of a fault on the electrical turbine distribution side of the plant. North Anna 2 was shut down for scheduled maintenance to replace a seal on one of the unit's three reactor coolant pumps. St. Lucie 2 shut down to repair a reactor coolant pump seal package. Comanche Peak 1 was temporarily down for two days (Platts and NRC, see pages 2 and 4).

Crude oil prices fell $2.10 from the previous week to $89.41/barrel. This is the first time oil prices have fallen below $90/barrel in six weeks (see pages 1 and 3).

The spot price of uranium fell to $75/lb U3O8 according to UxConsulting and TradeTech (see pages 1 and 3). According to UxC, on February 1, the U.S. signed a Russian Suspension Agreement Amendment, which is intended to give Russia limited access to U.S. commercial markets between now and 2020.
For the report click here. It is also located on NEI's Financial Center webpage.

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