Weekly Power Outlet US - 2025 - Week 14

Welcome to the weekend. Not much to report this week as the news flow has been slow, reminiscent of a nice late summer week.

Ok, so some "stuff" happened. Over the last couple days, we've been asked about tariffs, electricity, and natural gas. Our response has gone something along the lines of, 'we aren't tariff experts, and frankly, anyone that claims to have a grasp right now is making it up as they go'. Obviously, there has been a lot of prognostication and comments over the last couple days. We try not to get caught up in every opinion and tend to let the markets give us insight. One of the most interesting things we've seen is the European gas market come off. As pointed out in this article by Reuters at the beginning of the week, Europe needs extra cargo to fill their storage this year after some winter draw downs. While this should be bullish, it was offset by the thought that the war might be ending, and Russian gas could be flowing by fall. After yesterday, adding to the narrative is if China and the US get into a big trade dispute, it would hurt China's gas demand making ample LNG available to Europe.

The US gas market has sold off today with the overall commodities market. European demand and the US ability to export LNG are the big talking points for bulls. It's fair to say those are all in wait and see mode now.

This week, FERC approved filings by two National Grid subsidiaries in MA to allow distribution fees for energy storage while participating in the ISO-NE wholesale markets through order 2222. The MA attorney general, and the Alliance for Climate Transition, filed an argument against. Their case basically said that asset owners should not be allowed to pass along fees to customers while also participating in the wholesale market's ancillary programs. They stated that FERC 841 exempts storage from being charged transmission fees when acting on ISO ancillary dispatch signals, so the reciprocal should be true for charging fees. FERC sided with National Grid saying that "rates reasonably reflect the costs of serving customers".

This is just another of the many issues FERC will be asked to clarify regarding order 2222. While the FERC approved, we found interesting Chairman Christie's response on X.

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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