Volume 18, Issue 10 June 7, 2021
In this Issue
Celebrating 25 Years of Providing Local, Trusted, and Reliable Solutions
Editor's Note
PJM Capacity Clears Low for June 2022 May 2023
Weather
Washington, D.C. Area Cooling/Heating Degree Days
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Editor's Note
PJM Capacity Clears Low for June 2022 May 2023
Week in Review for May 30 June 5, 2021

On Thursday, the U.S. Energy Information Administration (EIA) reported that working gas in storage as of Friday May 28, 2021 was 2,313 BCF.  This was an increase of 98 BCF from the previous week slightly higher than average market expectations. Inventories are now 386 BCF lower than last year at this time, and 61 BCF below the 5-year average.

Forward energy markets were up this week, almost entirely from action on Tuesday as the market absorbed hotter weather forecasts that came out over the weekend. The NYMEX natural gas 12-month strip (Jul 21-Jun 22) ended up 2.8% and the PJM Western Hub ATC (7X24) 12-month strip was up 2.2%.  

In potentially better news for energy consumers, PJM Base Residual Capacity auction for June 2022 - May 2023 resulted in much lower prices than for the previous year (June 2021 - May 2022).  Resulting prices were also lower than most market expectations.  Prices vary by zone but patterns are similar throughout the Mid-Atlantic as partially illustrated in the BGE and PPL Capacity graphs shown below.  PJM auctions result in a $/MW-day price, and thus individual customer’s $/MWh impact will vary based on their Capacity PLC to Annual MWh consumption, but typical customers saw an $4-$6/MWh increase in June 2021 – May 2022 price impact versus the previous two years, but most of that reverses with the impact coming back down $3-$5 in June 2022-May 2023.  Please contact your WGL Energy Business Development Manager for more information.

 


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