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Bloomberg Energy Department

05/17 Bloomberg Daily Power Report

Table

                      Bloomberg U.S. Regional Electricity Prices
      ($/MWh for 25-50 MWh pre-scheduled packages, excluding transmission 
costs)

                            On-Peak
West Coast                   Index       Change       Low         High
 Mid-Columbia                153.60      +3.60       145.00      160.00
 Ca-Or Border                162.60      +22.60      160.00      166.00
 NP15                        163.21      +9.79       160.00      165.00
 SP15                        128.60      -11.07      120.00      137.00
 Ault Colorado               145.00      +20.00      120.00      137.00
 Mead                        130.00      -20.00      129.00      131.00
 Palo Verde                  141.67      -9.25       135.00      150.00
 Four Corners                139.00      -8.50       138.00      140.00

Mid-Continent
 ECAR                        40.51       -4.93       38.29       43.14
  East                       41.00       -3.50       40.00       42.00
  AEP                        40.50       -6.50       38.00       42.00
  West                       38.67       -5.83       37.00       41.00
  Central                    39.96       -6.29       38.00       45.00
  Cinergy                    39.96       -6.29       38.00       45.00
  South                      41.50       -3.07       36.00       44.00
  North                      42.00       -3.00       41.00       43.00
 Main                        40.71       -5.50       38.50       43.50
  Com-Ed                     37.96       -5.79       36.00       40.00
  Lower                      43.46       -5.21       41.00       47.00
 MAPP                        45.53       -6.97       43.50       47.00
  North                      45.00       -7.00       43.00       46.00
  Lower                      46.06       -6.94       44.00       48.00

Gulf Coast
 SPP                         46.50       -3.63       46.00       48.00
  Northern                   47.00       -4.00       46.00       48.50
 ERCOT                       52.00       -1.50       48.00       52.00
 SERC                        46.55       -1.22       43.68       48.60
  Va Power                   39.00       -3.00       38.00       40.00
  VACAR                      45.55       -2.78       45.00       48.00
  Into TVA                   41.50       -3.07       36.00       44.00
  Out of TVA                 45.18       -3.10       39.51       46.21
  Entergy                    48.43       -1.30       45.25       52.00
  Southern                   43.50       -4.25       42.00       45.00
  Fla/Ga Border              62.67       +8.92       60.00       65.00
 FRCC                        68.00       +10.50      62.00       74.00

East Coast
 NEPOOL                      50.20       -0.30       48.25       51.50
 New York Zone J             58.13       +2.13       57.50       58.75
 New York Zone G             52.50       +3.25       51.75       53.50
 New York Zone A             41.50       +4.25       41.25       41.75
 PJM                         39.40       +0.60       38.50       40.50
  East                       39.40       +0.60       38.50       40.50
  West                       39.40       +0.60       38.50       40.50
  Seller's Choice            38.90       +0.60       38.00       40.00
End Table


Northwest Spot Electricity Prices Rise With Reduced Snowmelt

     Portland, Oregon, May 17 (Bloomberg Energy) -- Peak spot
power prices for Friday-Saturday delivery in the Pacific
Northwest increased as less snowmelt and river runoff was
available for hydroelectric generation, traders said.
     A Bloomberg report shows accumulated precipitation in the
Western U.S. at 30.33 percent below typical levels and the snow
water equivalent for the region at 64.25 percent below average.
     At the Mid-Columbia trading point in Washington, the
Bloomberg index increased $24.82 from yesterday to $153.60 a
megawatt hour, with trades executed between $145.00-$160.00.
     "The rain has stopped in the Northwest, and unlike the
snowmelt and the river run-off we had yesterday, it's beginning
to slow down,'' said one Northwest trader.
     At the California Oregon Border, day-ahead peak power gained
$22.60 to a Bloomberg index of $162.60, selling in a range of
$160.00-$166.00.
     According to Weather Services Corp. of Lexington,
Massachusetts, temperatures in Astoria, Oregon, were expected to
reach 57 degrees Fahrenheit today, increasing tomorrow 2 degrees
to 59 degrees.
     "Northwest power prices are also rising with (the) Colstrip
unit down,'' said one Northwest marketer.
     Pennsylvania Power and Light Co.'s 700-megawatt Colstrip-3
coal-fired plant located in Colstrip, Montana, shut yesterday for
unplanned maintenance and is expected to restart tomorrow.
      At the NP-15 delivery point, peak power traded at $160.00-
$165.00, rising $9.79.
     Traders said power prices will likely increase over the next
few days as snowmelt continues to lessen and higher temperatures
are expected.
     According to Belton, Missouri-based Weather Derivatives
Inc., temperatures are expected to average 4.4 degrees Fahrenheit
above normal in the Pacific Northwest and 2.7 degrees above
normal in the Southwest 6-10 days from now.

-Robert Scalabrino


Most Northeast Spot Power Prices Remain Steady With Low Demand

     Philadelphia, May 17 (Bloomberg Energy) -- Values for next-
day delivery of peak power remained little changed throughout most
of the Northeast U.S. as moderate temperatures continue to curb
regional load requirements, traders said.
     In the Pennsylvania-New Jersey-Maryland Interconnection, peak
power scheduled for Friday delivery was assessed at a Bloomberg
volume-weighted index of $39.40 per megawatt hour, up only 60
cents from yesterday.
     "This is the annual calm before the storm," said one PJM-
based trader. "Prices are right where they should be for this time
of year, barring any unforeseen unit outages or sustained heat
waves, of course."
     Power scheduled for Friday delivery during this week last
year was valued at $36.50, representing an 8.2 percent departure
from today's comparative index.
     In the over-the-counter market, expectations for increased
supply and scant cooling demand further eroded next-week prices.
The five-day package was discussed at $38.29-39.25, compared to
$42.50-$43 yesterday.
     According to Weather Derivatives Corp. of Belton, Missouri,
temperatures in the Northeast will average 1.1 degree Fahrenheit
below normal May 21-May 25.
     Day-ahead values in the New England Power Pool were also
little changed at an index price of $51.50. Traders cited heavy
volume in the $51.50-$52.00 range, with an intra-day low and high
of $49.75 and $53.00, respectively.
     Next-week packages remained steady as well, as scheduled line
maintenance offset price reactions to the anticipated restart of
Entergy Corp.'s Pilgrim 1 nuclear unit.
     Data from the Independent System Operator of New England
shows the Alps-New Scotland transmission line that transmits power
to and from New York will be shut May 21-May 24 for breaker
repairs.
     New York was the Northeast's anomaly, with next-day values
trading higher across all three zones because of unit outages.
Zone A jumped $4.25 to an index of $43.00, while Zones G and J
posted increases of $3.25 and $2.13, respectively, to $54.00 and
$58.13 indices.
     Niagara Mohawk's 1,148-megawatt Nine Mile Point 2 nuclear
unit shut automatically yesterday due to a turbine trip. The
company is investigating the cause and hasn't released an expected
restart date.
     Mirant Corp. also lost a unit unexpectedly, its 447-megawatt
Tomkins Cove plant, following a boiler explosion. The plant is
located 25 miles north of New York City and is fueled by coal,
natural gas and oil. Company officials told Bloomberg the unit
will remain in shutdown until the cause of the explosion has been
determined.

-Karyn Rispoli


ECAR Power Prices Fall as Squeeze Ends; MAIN, MAPP Also Drop

     Cincinnati, May 16 (Bloomberg Energy) -- U.S. Mid-Continent
next-day power prices declined as traders finished covering short
sales in the East Central Area Reliability Council and cooler
weather moved into the Midwest, traders said.
     ECAR traders said prices fell across the region as the
Cinergy hub market returned to levels seen before yesterday's
"short squeeze," where many market participants had to buy power
to fulfill requirements from prior sales.
     The Bloomberg index price for power delivered Friday into
the Cincinnati-based Cinergy Corp. transmission system fell $6.29
to $39.96 a megawatt-hour, with trades ranging from $42.00 down
to $38.00 after options expiration.
     "There was still plenty of volume, and plenty of demand from
the South," one ECAR trader said. "The drop was just a return to
more fundamentally-based prices after yesterday's short squeeze
went as far as it could go."
     Over-the-counter prices at Cinergy continued to decline
after a bearish injection report from the American Gas
Association drove natural gas futures prices down further and
weather forecasts were revised cooler for next week.
     Peak Cinergy parcels for delivery from May 21-25 sold at
$35.00, down $5.00 from yesterday, while offers fell to $62.00
for June power and $95.00 for July-August parcels, the lowest
level seen this year.
     In the Mid-America Interconnected Network, day-ahead power
prices dropped as temperatures were expected to do the same, with
peak parcels selling $5.79 less on average at $36.00-$40.00 at
the Chicago-based Commonwealth Edison hub and $5.21 less on
average at $41.00-$47.00 in the lower half of the region.
     Lexington, Massachusetts-based Weather Services Corp.
predicted high temperatures in Chicago would fall from 84 degrees
Fahrenheit today to 75 degrees tomorrow.
     Mid-Continent Power Pool next-day electricity prices also
fell, as cooler weather reduced demand and lessened transmission
constraints, traders said.
     Peak power sold $7.00 less at $43.00-$46.00 in northern MAPP
and $6.94 less at $44.00-$48.00 in the southern half of the
region.
     Weather Services forecast tomorrow's high temperature in the
low-to-mid 70s degrees across MAPP, down from temperatures in
mid-80s to low-90s degrees earlier this week.

-Ken Fahnestock


Most Southeast Power Prices Drop as Cooler Weather Dominates

     Topeka, Kansas, May 17 (Bloomberg Energy) -- U.S.
Southeast spot electricity prices were mostly lower today as
cooler weather was projected to move through the region
tomorrow, traders said.
     The Bloomberg Southeast Electric Reliability Council
regional index price fell an average of $2.30 a megawatt-hour,
or 4.8 percent from equivalent trades made yesterday for
delivery today, to $45.47, amid trades in the $36.00-$65.00
range.
     "We're going to have a 15 degree (Fahrenheit) temperatures
change from today to tomorrow if the forecasts are right," said
one Southwest Power Pool utility trader. "Because quite a few
units are coming back from maintenance, next week's really
going to soften up."
     Forecasters from Lexington, Massachusetts-based Weather
Services Corp. predicted daily high temperatures in the Topeka
vicinity would peak tomorrow at 71 degrees Fahrenheit, off from
today's projected high of 84 degrees.
     In the Tennessee Valley, traders said expected high
temperatures will decline about 1-3 degrees through tomorrow,
cutting residential and commercial power demand for air
cooling.
     On the Tennessee Valley Authority grid, the Bloomberg peak
next-day index price slid $3.07 to $41.50 amid trades in the
$36.00-$44.00 range. Off-peak energy was discussed at $16-$18,
$2 higher on cooler expected overnight weather.
     Utility traders in the Virginia-Carolinas region said that
recent warm weather would continue through tomorrow and the
weekend, though temperatures would start out cooler through the
first half of next week.
     The Bloomberg VACAR index fell an average of $2.58 to
$45.55 amid trades at $45.00-$48.00.
     According to Belton, Missouri-based Weather Derivatives
Inc., cooling demand across the Southeast was expected to
average about a half degree above normal over the next week,
though temperatures could average 4.1 degrees below normal over
the next 6-10 days.

-Brian Whary


U.K. Power Prices Little Changed in Lackluster Trade

     London, May 17 (Bloomberg Energy) -- Power prices in the U.K.
were little changed today amid lethargic activity, traders said.
     June traded 10 pence higher at 18.45 pounds a megawatt-hour.
July traded 10 pence lower at 18.30 pounds a megawatt-hour.
     Activity was "directionless" today amid little new
information to trade on, traders said.
     Although many power plants have scheduled outages over the
coming months for maintenance, one trader said price gains were
offset by sufficient supply in the market.
     Winter 2001 baseload traded 15 pence higher than yesterday
following trades at 21.52 pounds a megawatt-hour.
     Day-ahead baseload started trade at 18.50 pounds a megawatt-
hour, 65 pence lower than yesterday.
     Day-ahead peak traded at 22.00 pounds a megawatt-hour, 40
pence lower than yesterday.

-Amal Halawi


Nordic Electricity Prices Close Higher on Elevated Spot Value

     Lysaker, Norway, May 16 (Bloomberg Energy) -- Electricity
prices on the Nordic Power Exchange in Lysaker, Norway, rose in
active afternoon trade after generators set tomorrow's spot price
above expectations, traders said.
Participants rushed to close positions ahead of a Norwegian
holiday tomorrow that will keep the market closed. Nordpool is
scheduled to re-open on Friday.
     Winter-2, 2001 jumped 1.75 kroner a megawatt-hour to close at
a record high of 218.25 kroner a megawatt-hour with 449.00
megawatts exchanged. Winter-1, 2002 gained 2.10 kroner after
166.00 megawatts traded between 216.00-218.75 kroner a megawatt-
hour.
     Although industrial end-user demand was anticipated to drop
tomorrow as Norway celebrates Constitution Day, Thursday's system
area average price was set at 195.41 kroner a megawatt-hour, more
than 10 kroner above traders' expectations of 185.00 kroner a
megawatt-hour and down 2.97 kroner from today's price.
     Producers in western Norway retained control over inflowing
molten snow, pushing prices higher, an Oslo-based trader said. The
minimum hourly spot price in Trondheim, Norway was set at 190.88
kroner a megawatt-hour, only 4.53 kroner lower than the system
area average price.
     Nordpool reported an expected 2.5 percent increase in
Norwegian reservoirs to 34.7 percent of total capacity at the end
of week 19 from the previous week, compared to 49.9 percent of
total capacity a year ago. In Sweden, reservoirs were up 7.9
percent to 33.2 percent of total capacity, beating expectations of
a 5.2 percent gain.
     Snowmelt in Norway was likely to peak in the next ten days,
delaying water tank refilling, while in Sweden it peaked last
week, traders said.
     Limited snow accumulation in the important hydro-producing
region of western Norway has also minimized the effect of
anticipated supply increases.
     In the shorter-term, week 21 closed 1.50 kroner higher at
195.00 kroner a megawatt-hour after a total 286.00 megawatts
traded as low as 190.75 kroner a megawatt-hour. Week 22 jumped
5.00 kroner a megawatt-hour to 204.00 kroner a megawatt-hour.
     Total volumes more-than-quadrupled in afternoon trade to
3,717 gigawatt-hours generation compared to this morning's 738
gigawatt-hours.

-Alejandro Barbajosa
-0- (BES) May/17/2001 19:21 GMT
$


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