Weekly Power Outlet US - 2024 - Week 40

The weekly EIA storage report showed a larger than expected injection of 82 Bcf with the consensus around 70 Bcf. This along with some above normal forecasts took natural gas winter futures lower retracing a spike started a couple weeks ago.

Along with the larger than expected build, SP Global still puts weekly production at 101.5 Bcf. As we've pointed out in the past, if the demand picture remains the same, the market will look to supply and the magic 100 Bcf number. For now, plenty of gas and tepid demand.

The Northern Lights were not so northern last night as people as far south as Alabama and New Mexico were treated to the light show. As pretty as the Aurora Borealis can be, it can be problematic for the grid. NOAA issued a severe geomagnetic storm watch and MISO and PJM were right behind with warnings of their own. As of this morning there have been no reports of damage. There is some thought that this will be extended into this evening.

In the past we've touched upon the Texas Energy Fund. To remind, basically this was a fund set up by the state of Texas to help finance new projects to keep the grid reliable. If you haven't been following along, it's starting to take on some real soap opera/sitcom characteristics. While the story is more complicated, here is some of the story line. A couple weeks ago, the Texas PUC declined a loan application by Aegle Power to build a 1,290 MW gas plant. Basically, the application was rejected because NextEra was named on the application which was problematic because NextEra pretty much said 'we have no idea what you're talking about'.

If that's not good enough, according to the US Attorney's office, Southern District of TX, the CEO of Aegle Power pled guilty to embezzling money from another power company in 2017. This would make for a good story, but wait, there's more.

This week, in what turned out to be a truly grab your popcorn event, the Texas Senate Energy Fund Advisory Committee held a hearing on this. The Aegle CEO couldn't make it since she was stuck in Florida, so left to take the brunt of the committee's outrage to be tackled by Deloitte, hired for $107 million to vet applicants. At one point one of the Senators had to yield his time because he was so outraged he couldn't talk. This is a long stream, but there are some real highlights that are laughable and maddening.

NOAA WEATHER FORECAST

DAY-AHEAD LMP PRICING & SELECT FUTURES

RTO ATC, PEAK, & OFF-PEAK CALENDAR STRIP

DAILY RTO LOAD PROFILES

COMMODITIES PRICING

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