PJM and MISO deal flow has remained elevated over the past month, keeping the pricing desk active as customers responded to heightened market volatility. Market movements motivated customers to lock in fixed price and price lock deals as the market ran up on weather demand and natural gas disruptions created by Winter Storm Fern in the last 30 days. As temperatures moderated, customers also took advantage of favorable entry points as the market sold off. PJM markets are still holding a modest premium compared to early January 2025 levels.

Another weather event, Winter Storm Hernando, is bringing record amounts of snow, high winds and power outages to the East Coast this week, but so far PJM power prices have remained in check as blizzard warnings for New York City expired Monday evening.

As of Monday afternoon, PJM Cal 2027 West Hub On Peak is trading around $69.75/MWh, with Cal 28 and Cal 29 hovering around $69.45/MWh. Natural gas futures for March delivery are around $2.98/MMBtu.

Source:  Steve Hammack, Pricing and Load Management, ENGIE