Mid-Atlantic forward power prices have ceased their recent surge upward, as NYMEX forward gas prices have retreated over the past week, with prompt-month prices trading almost $0.30/MMBtu lower than the high established earlier in May. This “leveling-off” of power prices comes after an almost two-month climb in prices as seasonal appreciation from the lows, along with expectations for a cut in gas supply continued to provide price support.

Forward power prices in eastern PJM through 2025 were unchanged again this past week and are now only 3% higher than the past month.

The Cal’21 strip has seen the largest increase month-over-month at 6%, while 2025 has increased only 2%.

Forward prices vs. all-time lows turned a bit more favorable with 2021 posting a price that is 11% off the low for that contract year, while 2025 is still about 4% higher than its low.

Day-ahead index power prices in PJM are averaging $15.86/MWh month-to-date at West Hub, while at the Eastern Hub, the average thus far for the month is $20.63/MWh. Both hubs are roughly 20-25% lower year-over-year.

Read the complete market update courtesy of Constellation.