The past week’s increased demand due to high temperatures was offset by a well-supplied market with strong unit availability and abundant wind power. The week as a whole averaged $19.51/MWh, $2.52/MWh lower than the previous week. Demand for the coming week is forecasted soft as we move closer to typical shoulder season weather with daily highs between 10°C and 15°C. School’s back in and there’s a chill moving into the morning air. Welcome to fall.
The AECO-C natural gas spot price averaged an anemic $0.70/GJ, $1.13/GJ (61.7%) lower than the previous week’s average. This significant but short lived drop in price was due to an oversupply from curtailed exports during planned maintenance at the Empress border. September has averaged $1.06/GJ.
A study out of the Fraser Institute reports the average monthly power bill for Toronto residences ($201) is almost twice that of both Calgary and Edmonton residences ($109). Ontario’s payments for wind, solar and biomass constitute roughly 30% of the “Global Adjustment,” the cost of electricity above the wholesale market price. By 2032, the Global Adjustment will have cost Ontarians roughly $170 billion on top of market prices.