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WEEKLY MARKET UPDATE
December 12, 2019
Natural Gas

Natural gas futures prices continue to trend downward. January 2020 contracts have fallen over 10 cents since last week down to $2.243/MMBtu.

Today's withdrawal of 73 Bcf was slightly smaller than anticipated and moves total gas in storage 14 Bcf behind the 5 year average.
Electricity

The 30 day average price of real time power is down over $1/MWh from last week to $25.12/MWh.

Electricity futures have plunged lower as the 12 month strip has dropped below $29/MWh. The lowest the strip has been in 2019.
 
 
12 & 24 Month NYMEX Strip
12 & 24 Month Zone A Power Strip
 
 
 
This document is intended for indicative purposes only. All information contained within this report is acquired from third party sources and EnergyMark makes no representations or warranties, express or implied, as to the accuracy of the information provided herein. EnergyMark is not liable for any actions or decisions made in reliance on the information provided in the report.
As a broader debate over the future of fossil fuels and the reliability of the state’s energy resources continues to unfold, the New York Independent System Operator (NYISO) recently announced that it’s prepared to meet forecasted electricity demand this winter and maintain operating reserves to battle severe cold.
The state’s grid operator said it expects a peak demand of 24,123 MW this winter season. The projection is based on composite statewide temperatures of 15 degrees fahrenheit. More extreme temperatures of five degrees fahrenheit statewide would result in higher forecasted peak demand of 25,724 MW, NYISO said. A MW of electricity can serve roughly 800-1,000 homes.
While the state has lofty decarbonization goals, and its policies have pressured some utilities into finding alternatives for fossil fuel infrastructure, New York still relies heavily on those fuels to keep the lights on. About 49% of statewide generating capacity is provided by dual-fuel facilities, or those that run on oil and natural gas. Nuclear (14%), Hydropower (11%) and gas-fired plants (10%) make up other leading sources, while renewables and coal round out the rest, according to NYISO’s annual Power Trends report.

Read the full article here
 
WEATHER WATCH
 
NOAA 8-14 Day Outlook
NOAA 30 Day Outlook
 
Check out this video explaining community solar from the New York State Energy Research and Development Authority!
 
 
 
 

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