This week saw greater variability compared to last with a ~20% price increase settling at $24.89/MWh. The increased average can be attributed to a price spike on Monday afternoon, caused by weak wind generation and an unexpected decrease in thermal (coal and gas) availability. Average demand was down ~50MW from last week, but overall demand remains constant as temperatures remain cooler.
The AECO-C spot price has seen significant volatility in September due to scheduled and unscheduled pipeline maintenance. This week averaged ~0.77/GJ, a decrease of 50% from $1.50/GJ last week. This week saw pipeline maintenance on Mainline and Foothills, as well as greater than expected storage injections.
The Alberta government has set a target of 30% renewable energy by 2030, and the work has already begun. Round 1 of the Renewable Electricity Program presented 29 qualified projects, all of which are invited to participate in the Request for Proposal stage that is now open. National and international companies are expected to present projects of ~400 MW, to be operational by 2019.