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US Power Update: Prices Mostly Higher Tuesday Afternoon, With Natural Gas Leading the Generation Mix

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US wholesale electricity markets were mostly higher Tuesday afternoon, with intraday prices ranging from a high of $372.39 per megawatt-hour to a low of -$102.90/MWh, according to GridStatus.io.

Electric Reliability Council of Texas' real-time locational marginal price was $36.99/MWh at 4 p.m. ET. Net load reached 41.59 gigawatts, while solar accounted for the largest share of the generation mix at 36.6%.

California Independent System Operator's real-time LMP was $27.25/MWh at 4 p.m. ET. Net load was 0.66 GW, with solar making up the largest share of the generation mix at 66.2%.

Southwest Power Pool's real-time LMP stood at $92.93/MWh at 4 p.m. ET. Net load reached 36.68 GW, while natural gas represented the largest share of the generation mix at 38%. Prices climbed to an intraday peak of $233.61/MWh at 4:25 p.m. ET.

PJM's real-time LMP was $66.99/MWh at 4 p.m. ET. Net load totaled 97.39 GW, with gas providing the largest share of the generation mix at 42.8%. Prices rose to an intraday high of $264.54/MWh at 4:10 p.m. ET.

Midcontinent Independent System Operator's real-time LMP was negative at -$69.78/MWh at 4 p.m. ET. Net load was 86.07 GW, while natural gas accounted for the largest share of the generation mix at 33.1%.

Prices reached an intraday high of $372.39/MWh at 5:20 a.m. ET, before falling to an intraday low of negative $102.90/MWh at 2:50 p.m. ET.

New York Independent System Operator's real-time LMP stood at $51.66/MWh at 4 p.m. ET. Net load reached 15.82 GW, with dual fuel making up the largest share of the generation mix at 29.6%. Prices advanced to an intraday high of $245.16/MWh at 2:25 p.m. ET.

Independent System Operator New England's real-time LMP was $31.83/MWh at 4 p.m. ET. Net load came in at 9.98 GW, while natural gas supplied the largest share of the generation mix at 37.1%.

Independent Electricity System Operator's real-time LMP reached $32.76/MWh at 4 p.m. ET. Net load was 15.15 GW at 3:55 p.m. ET, with nuclear accounting for the largest share of the generation mix at 43.1%.

The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across most of the US from Sept. 23-29, with below-normal readings in parts of the West.

What else is happening in Commodities?

Commodities

EPA Finalizes Repeal of 2024 Power Plant Emissions Rules, Proposes Scrapping Remaining Standards

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Commodities

US Treasury Amends Venezuela License to Block Citgo Governance Changes

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Commodities

US Natural Gas Update: Futures Climb on Demand Outlook and Crude

US natural gas futures pared gains in after-hours trading Monday but remained higher on crude gains and strong domestic demand.The front-month Henry Hub contract and the continuous contract both rose by 1.87% to $2.884 per million British thermal units.Oil prices rose Monday after attacks disrupted a key Saudi oil pipeline, while Houthi militants in Yemen tightened their control over the Bab al-Mandeb Strait, intensifying pressure on Middle East crude-export routes already strained by the US-Iran conflict.In the US, warmer weather forecasts for the second half of September also supported prices. Temperature outlooks trended hotter over the weekend, adding significant population-weighted cooling degree days for the coming week, Pinebrook Energy Advisors said.While late-September heat is less impactful on national energy demand than the extreme temperatures seen earlier this month, current forecasts point to elevated power burn persisting through month-end. Gelber & Associates said it expects the late cooling demand would further constrain storage builds, effectively taking 4.0 Tcf off the table and reducing the odds of inventories surpassing 3.9 Tcf before winter.Strong demand for LNG feedgas also helped keep prices up. Flows reached a fresh two-week high of 19.8 Bcf/d as deliveries recovered at the Freeport and Golden Pass LNG facilities, Gelber said. Aegis Hedging said commissioning activity at Golden Pass remained choppy, potentially signaling a slower ramp-up for additional trains at the facility.Supplies also supported higher prices, with Canadian imports falling to a two-week low of 4.2 Bcf/d and pulling total supply down to 117.4 Bcf/d, Gelber & Associates said adding that the decline in imported supply is becoming increasingly significant as warmer weather revisions across the Midwest, South Central and Northeast are expected to sustain cooling demand over the coming week.Average gas output across the Lower 48 states fell to a two-week low on Friday, Trading Economics said, but rebounded on Monday to 114.4 Bcf/d, Barchart said, citing BNEF data, a 5.2% increase over production this time last year.