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Energy Markets Report - April 22 - April 26, 2013

Summary of Market Developments

Electricity peak prices were mixed across the country last week with the more significant movement at the PJM West hub, where prices fell $8 to average $44/MWh. Increases at NEPOOL and the Southwest hubs all remained under $2/MWh. “Next-day power markets across the U.S. ended the workweek on a mixed note Friday, April 26. Expectations for a bump higher in many regional demand outlooks following the lower-load weekend coupled with worries over a still tenuous generation supply picture were met by softer natural gas prices.” (SNL Energy’s Power Daily – April 29, 2013)
Natural gas spot prices at the Henry hub rose four cents last week to average $4.28/MMBtu. “Next-day natural gas prices were lower Friday [April 26] for a three-day product delivered through April 29. Natural gas futures' slide into expiration at the close of business added to diminished weather and weekend demand to drive the retreat. ... Cool conditions in the week to April 19 limited natural gas inventories to a modest build of 30 Bcf, according to the latest inventory data from the U.S. Energy Information Administration. The injection was within the broad range of outlooks that called for a build of 19 Bcf to 41 Bcf and was slightly below consensus estimates formed near a 32-Bcf build.” (SNL Energy’s Daily Gas Report – April 29, 2013)
Uranium spot prices rose 25 cents last week to average $40.50/lb U3O8. “Spot uranium demand is relatively thin and remains largely discretionary, but buyers were generally willing to pay slightly higher prices in order to secure material, particularly for delivery later in the year. As buyers returned to the market, sellers raised offer prices.” (TradeTech’s Nuclear Market Review – April 26, 2013)
Average U.S. nuclear plant availability rose two percent last week, to 76 percent. McGuire 1 and Comanche Peak 1 returned to service following refueling and maintenance outages. Clinton closed to investigate “low hydraulic pressure on the control system that regulates the speed on the main turbine.” LaSalle 2 returned to service for part of a day, then shut down again to investigate a “loss of condenser circulating water.” Fermi 2 closed for a “planned outage to repair a turbine control valve.” Waterford 3 closed for a “planned outage to repair a safety injection tank and a volume control tank pipe.” (Platts)

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