After the first day of summer and continued storms across Alberta, power prices rose with continued unexpected thermal outages. The price averaged $47.22/MWh, a 34% increase week over week. The AESO put out a notice yesterday which encouraged that the tieline which remains derated from a lightning strike will likely have increased capacity soon. The forward curve remains steady with no major changes to supply availability or expected increased demand.
Gas prices averaged $1.75/GJ, consistent week over week. There have been no major deviations from forecast for gas on supply or demand – resulting in steady settles and forward curve.
Federal Natural Resource Minister Seamus O’Reagan said that the government is continuing to work on an aid package for the Oil & Gas sector that has been hit hard due to the OPEC+ discussions and decreased demand due to COVID-19.