Spark Spread Biweekly
Tracking Changes in Power Commodities
41 pages
citigroupgeo.com
In This Issue — PCG: Regulatory Chess Match To Begin Shortly. DUK: SC Rate
Case Settlement – In line with NC; CIRA Estimates. ED: NY Electric Rate Case
Settlement - Neutral; Tweaking Estimates. NVE: Post 3Q Tweaks; Nevada Data
Lags US. PPL: Hidden Beneficiary of Weak Dollar. NRG: Investor Day Focuses
On Long Term Strategy. D: Downgrading to Sell; Valuation Stretched. AEP:
Staff's SEET Recommendation A Potential Negative. EIX: Still Waiting For The
Dawn. PNW: ALJ Approves Settlement Essentially As Is; Maintain Buy Rating.
FE: Tweaking Estimates; Reducing '11 Outlook - Maintaining Buy. And more...
See page 33 for details.
Long Term Gas Up — In the past two weeks, longer-term gas prices increased
1.47%. The 2009 price is now at $3.95/MMbtu, the 2010 price is $5.59/MMbtu
and the 2011 price is $6.59/MMbtu. This compares to our previous report’s,
$3.95/MMbtu for 2009, $5.34/MMbtu for 2010, $6.32/MMbtu for 2011; see page
16 for further details.
Market Heat Rates Flat — In the past two weeks, longer term market heat rates
increased 0.11%. Current flat market rates are 7,835 btu/KWh for 2009, 7,330
btu/KWh for 2010, and 7,195 btu/KWh for 2011. This compares to our previous
report’s 7,764 btu/KWh for 2009, 7,340 btu/KWh for 2010 and 7,226 btu/KWh for
2011; see page 30.
Sparks, CAPP Darks & PRB Darks Up – For the last two weeks, forward 2010E and
2011E sparks, CAPP darks, and PRB dark spreads were all up. |
