Power prices averaged $30.24/MWh, an 80% decrease week over week. Multiple thermal units came back online this week combined with higher wind generation and lower demand led to extremely depressed settles. Against settles, the forward curve surged over $1/MWh, with some calendar years up as much as $3/MWh. The movement is based on activity in the traded market.
AECO gas averaged $0.60/GJ this week. Summer forwards moved up significantly, however the pipeline maintenance schedule does not support this movement alone. Anticipation of restrictions due to wildfires or other forced outages may be playing into the increase.
It was announced this week that Canada is looking to ban single use plastics which may include grocery bags and straws. This commitment comes from the G7 summit last year, with 21 countries having signed on to the initiative. The federal government has started that this can generate 42,000 jobs with innovation to replace these products.