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Energy Markets Report - May 13 - May 17, 2013

Summary of Market Developments

Electricity peak prices were mixed but calm across the country last week. Average prices increased $4 at the Palo Verde hub and $2 at the SP 15 hub, to average $38/MWh and $52/MWh, respectively. Declines at the NEPOOL and PJM hubs remained under $2 with average prices holding near $46/MWh. “Most day-ahead power prices rallied at major market centers across the U.S. on Friday, May 17, as traders looked to rising post-weekend load outlooks, shrugging off prior-session weakness in natural gas.” (SNL Energy’s Power Daily – May 20, 2013)
Natural gas spot prices at the Henry hub rose two cents last week to average $3.93/MMBtu. “Next-day natural gas prices were lower Friday [May 17] for a three-day product to be delivered through May 20. Natural gas futures' recent weakness on the back of a bearish inventory report from the EIA added to the downside pressure of milder weather and lower demand on regional power grids to soften values at hubs across the country. At the benchmark Henry Hub in the Gulf producing region, next-day gas deals were transacted from the upper $3.80s to low $3.90s, sinking more than 10 cents on the day, with demand-side pressures feeding the decline.” (SNL Energy’s Daily Gas Report – May 13, 2013)
Uranium spot prices fell 20 cents last week to average $40.50/lb U3O8, according to Ux Consulting. TradeTech reported that spot prices remained unchanged at $40.75/lb U3O8 during the week. “Seventeen percent of the U3O8e delivered [to U.S. utilities] in 2012 was U.S.-origin uranium [a 90 percent increase over 2011] at a weighted-average price of $59.44 per pound. Foreign-origin uranium accounted for the remaining 83 percent of deliveries at a weighted-average price of $54.07 per pound.” (EIA’s Uranium Marketing Annual Report – May 16, 2013)
Average U.S. nuclear plant availability remained at 80 percent last week, unchanged from the previous week. Millstone 3, Nine Mile Point 1, and Perry returned to service following refueling outages. Calvert Cliffs 2, Turkey Point 3, and Wolf Creek returned to service after brief maintenance outages. Columbia closed for a refueling outage. Harris closed to repair its reactor vessel head. Brunswick 1 shut down for planned maintenance on its recirculating water pump seals and transformers. South Texas Project 1 closed briefly for a planned maintenance outage, and then returned to service. (Platts and company reports)

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