The Alberta electricity market has seen almost everything this week – three emergency alerts, price at the market cap, a new winter peak of 11,698 MW – up 1 MW from the peak set in January last year, and finally prices back into the normal range of $30-40/MWh. The weekly average is $295.73/MWh – 28 hours settled above $900/MWh and 62 settled with triple digits. With thermal generation unexpectedly offline and almost no wind generation the AESO issued an EEA1 meaning all available assets had been dispatched. With only nine days left in the month, January is expected to settle over $100/MWh. Volatility in settles has also created volatility in the near term forwards.
Gas prices remained flat week over week with continued high demand and draws from storage. The price averaged $2.39/GJ. Markets have been relatively quiet as yesterday was a US trade holiday. Forwards remain consistent.