25.04.2016, 14:08
SGX Electricity Market Report
OREANDA-NEWS. SGX Electricity Futures (EF) added 116 lots in the past two weeks, bringing month-to-date volume for April 2016 to 307 lots. This is slightly below the monthly high of 312 lots set in December last year, with one week of trading still to go in April. Total volume since trading start is now 1,583 lots (1,737 GWh). Open interest as at the end of last week was 708 lots (776 GWh). The forward curve continued to trend higher in the past two weeks.
During the week of 10 – 16 April 2016 (Week 16), the weekly USEP rebounded strongly to average at $47.12/MWh. Forecasted demand this week increased by 1.2% to average at 5,789 MW. On a week-on-week basis, the forecasted demand was higher on all days, except Sunday, which saw the forecasted demand decreased by 0.9%. Thursday posted the highest week-on-week increase in forecasted demand by 2.6% to average at 5,981 MW.
Total supply for Week 16 was down by 4.2% to 8,122 MW, ending the 3-week rally that started from Week 13. Supply was tighter due to a higher level of maintenance this week compared to the preceding week. CCGT supply dropped from 8,196 MW in the preceding week to 7,811 MW, a drop of 4.7%. ST and GT supply however inched up by 0.1% compared to the preceding week. On a week-on-week basis, total supply was lower on all days, with the most significant drop occurred on Thursday, when total supply decreased by 6.9% to 8,106 MW from 8,708 MW in the preceding week.
USEP surges higher after historical low
With total supply dropping by 4.2% and forecasted demand increasing by 1.2%, the supply cushion for Week 16 shrank significantly from 32.7% to 28.9%, causing the USEP to recover strongly after the preceding week’s historical low, rising by 17% from $40.27/MWh to $47.12/MWh, the second highest weekly growth after 19.3% growth rate was registered on Week 2.
On a week-on-week basis, the daily USEP was higher on all days except Sunday, with the highest week-on-week growth was observed on Thursday, when the USEP registered a 55.7% increase to average $59.83/MWh. On a periodic basis, the lowest and highest USEPs registered were $32.13/MWh and $136.53/MWh, both rising from the corresponding minimum and maximum USEPs of the preceding week by 31.30% and 67.64%, respectively.
During the week of 10 – 16 April 2016 (Week 16), the weekly USEP rebounded strongly to average at $47.12/MWh. Forecasted demand this week increased by 1.2% to average at 5,789 MW. On a week-on-week basis, the forecasted demand was higher on all days, except Sunday, which saw the forecasted demand decreased by 0.9%. Thursday posted the highest week-on-week increase in forecasted demand by 2.6% to average at 5,981 MW.
Total supply for Week 16 was down by 4.2% to 8,122 MW, ending the 3-week rally that started from Week 13. Supply was tighter due to a higher level of maintenance this week compared to the preceding week. CCGT supply dropped from 8,196 MW in the preceding week to 7,811 MW, a drop of 4.7%. ST and GT supply however inched up by 0.1% compared to the preceding week. On a week-on-week basis, total supply was lower on all days, with the most significant drop occurred on Thursday, when total supply decreased by 6.9% to 8,106 MW from 8,708 MW in the preceding week.
USEP surges higher after historical low
With total supply dropping by 4.2% and forecasted demand increasing by 1.2%, the supply cushion for Week 16 shrank significantly from 32.7% to 28.9%, causing the USEP to recover strongly after the preceding week’s historical low, rising by 17% from $40.27/MWh to $47.12/MWh, the second highest weekly growth after 19.3% growth rate was registered on Week 2.
On a week-on-week basis, the daily USEP was higher on all days except Sunday, with the highest week-on-week growth was observed on Thursday, when the USEP registered a 55.7% increase to average $59.83/MWh. On a periodic basis, the lowest and highest USEPs registered were $32.13/MWh and $136.53/MWh, both rising from the corresponding minimum and maximum USEPs of the preceding week by 31.30% and 67.64%, respectively.
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