A disruptive week for everyone on the announcement of the OPEC+ negotiations sending the market into a downward spiral. The news was hard to keep up with, as stocks plummeted and coverage of COVID-19 circulated from across the globe. Fortunately, Alberta power remained in the low 30s, averaging $34.46/MWh. The forward curve saw some downward pressure on price, trending with the rest of the market.
Gas prices settled similar week over week, averaging $1.74/GJ. The AECO forward curve increased with a narrowing basis against Nymex, which crashed yesterday with the rest of the market. Nymex has already seen some recovery this morning, as yesterday was a strong reaction.
Interestingly, coal fired power generation fell by 3% globally last year. Europe decreased by 24% with a move to renewables and the US decreased by 16% with a switch to more competitive gas.