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Energy Markets Report (November 3 - November 7, 2008)
Highlights:
- Peak electricity prices barely moved last week. Entergy, ERCOT, and NEPOOL fell between $1-4/MWh and PJM West, Palo Verde and SP 15 increased only $2-4/MWh. Mild weather, low demand and low gas prices allowed ERCOT prices to decline again to its lowest level in over six years (see pages 1 and 3).
- Gas prices at the Henry Hub rose $0.21 to $6.60/MMBtu. “Factors contributing to the rising natural gas prices likely included cooling temperatures in most parts of the Lower 48 States and continuing production shut-ins of 2.1 Bcf per day in the Gulf of Mexico” (EIA, see pages 1 and 3).
- The uranium spot price strengthened to $48/lb U3O8 this week “on the heels of several developments involving negative news from the production sector, increasing demand, and the establishment of a new uranium fund” (TradeTech, see pages 1 and 3).
- Estimated nuclear plant availability increased to 80 percent last week. One unit began a refueling outage, four units exited refueling outages, and two units shut down for maintenance. Sequoyah 2 shut down due to the failure of a feedwater regulating valve. Oconee 3 experienced an automatic reactor trip due to a reactor protection system (RPS) actuation (NRC and Platts, see pages 2 and 4).
- According to EIA’s latest Short Term Energy Outlook, “the economic slowdown will impact electricity consumption in all sectors during 2009, particularly the industrial sector, which is now expected to decline by 2.5 percent next year in contrast to the 0.2% decline projected in last month’s Outlook .” Total electricity consumption is projected to decline 0.6% in 2009. The STEO also projects WTI oil prices to average $63.50 per barrel in 2009 compared with $112 per barrel projected in last month’s Outlook. Henry Hub gas prices are projected to average $6.82 per Mcf in 2009 compared with $8.17 in the previous Outlook (see pages 1 and 3).
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