[Market Update] Forward Power Prices in Eastern PJM Through 2025, Have Increased Another 1% Over the Past Week and Have Increased a Total of 5% Over the Past Month
The Mid-Atlantic Region forward power prices continue to experience a 1% incremental increase over the past week, as a pending correction in the oversupply in the natural gas market seems to be keeping a persistent upward trend in the market alive. Forward power prices in eastern PJM through 2025, have increased another 1% over the past week and have increased a total of 5% over the past month. The calendar 2021 strip has increased by 6% on the front part of the curve and by only 3% for calendar, 2025 strip on the backend of the price curve. Increases above the all-time lows continue to creep up as well, with 2021 posting a price that is 8% off the low for that contract year, while 2025 is still 3% above its low. Day-ahead index prices in West Hub are still averaging 22% below last year’s index price of $26.22/MWh and 41% below the five-year average of 30.40/MWh for April, while the Eastern Hub is priced at $17.12/ MWh, which is 27% below last year’s index price of $27.01/MWh and 47% below the five-year average of 32.30/MWh for April.