Midcontinent Independent System Operator power prices spiked Thursday as the footprint region was under a conservation operation notice and a maximum generation alert due to hot weather expected across the region, forced generation outages and higher-than-expected load.
Michigan Hub on-peak real-time prices topped $1,500/MWh as of 2:10 pm EDT Thursday, while the Indiana Hub price was over $1,400/MWh and Illinois Hub was over $1,100/MWh. In comparison, on-peak real-time prices across the region have averaged in the low $30s/MWh this month and averaged in the mid-$30s/MWh in September 2016.
MISO issued a conservation operation notice around noon Thursday for its entire balancing authority area, effective from 11 am to 8 pm Thursday, calling for maintenance on all transmission and generation resources to be suspended and that outage plans for current or scheduled maintenance be deferred or canceled.
MISO also declared a maximum generation alert from noon through 8 pm Thursday for its entire footprint due to higher-than-forecast load, above-normal temperatures and forced outages, according to the alert declaration.
The National Weather Service issued hazardous a weather outlook for portions of central, east-central, southeast and west-central Illinois, cautioning heat index approaching 100 degrees Thursday afternoon.
High temperatures in Indianapolis were expected at 89 on Thursday, 15 degrees above normal, while lows were expected at 70, 17 degrees above normal, according to CustomWeather data.
The ISO projected peakload to reach 107 GW at 4 pm Thursday, compared with the to-date September average of 85 GW and the September 2016 average of 93 GW. For the hour ending 2 pm Thursday, load was coming in at about 102 GW, below the expected level at 104 GW.
Outages were estimated to reach around 30 GW Thursday and range between 28-32 GW from Friday to September 27, compared with the average of 25 GW this month and year-ago level of 27 GW.
