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Market Analysis Report for January 2003 - Memorandum

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Summary:

Market Analysis Report for January 2003, Board of Governors Meeting, February 20, 2003

Extract:

Despite the continued increase in the price of natural gas to approximately $5 per million British Thermal Units (MMBtu), the average incremental price of real-time electricity fell in January to $60.97 per megawatt-hour (MWh) from $62.38 in December. This is due in large part to moderate loads resulting from unseasonably mild weather. In addition, significant rain has fallen recently in areas of the Pacific Northwest leading to increased hydroelectric production in the region. Meanwhile, competition in the decremental energy market continues to improve. The average decremental price increased to $16.88/MWh, as thermal generators are increasingly looking to avoid high fuel costs.

Document Locations:

• Market Monitoring - 2003 Reports and Presentations