Power demand continued to run high this week on the heels of last week’s all-time summer record, forcing prices in 8 of the hours to settle between $50/MWh and $100/MWh. Poor plant availability and weak wind generation also contributed to higher prices. The week as a whole ended up averaging $25.79/MWh.
With the Clearwater outages now ended, AECO gas moved up 70.5% from last week’s low of $0.95/GJ to average $1.62/GJ this week.
Enmax has filed a legal action with Court of Queen’s Bench, suing the Balancing Pool, the provincial agency responsible for handling the PPAs. The suit is intended to resolve Enmax’s return of the PPAs for the Keephills and Battle River power generating units. The Balancing Pool estimates cancelling these agreements could save consumers $336 million and is reviewing its options as the legal matter is set to proceed in September.