Winter is back in Alberta following an unseasonably warm stint after an unseasonably cold one. January was a wild ride – averaging 219% higher than January 2019 at $120.67/MWh. January 2020 is the highest monthly settle since July 2014. February is currently trending considerably lower than last February when we again had freezing temperatures and extremely high settles. This week averaged $36.72/MWh with high supply availability across all generation.
Gas prices have dropped this week averaging $1.83/GJ, an 8% decrease week over week. The decrease was attributed to weather and the North Montney Mainline came into service on Friday. Field receipts averaged over 12/Bcf on the weekend, the first time since December.
Enbridge Line 3 received positive news this week with approval in Minnesota of a revised environmental impact statement. This is the last regulatory hurdle before the project can begin construction. It is expected to carry 390,000 barrels per day.