January 2015   Volume 5 | Issue 1
New Reports Research On The Horizon Information
> EOX Live
> Nodal Exchange
> Southwest Power Pool (SPP)
> Eastern Power Outlook
> Scheduled Market Changes
> Completed Market Changes
> Contact Us
> Feedback

Morningstar is pleased to announce the availability of the following data sets. Please note our new Commodities Research section. To add any optional offering to your Morningstar data feed, please contact your Sales Director or email commoditydata-sales@morningstar.com.

New Reports - Marketplace

Nodal Exchange

Morningstar now offers the following from Nodal Exchange:
  End of Day Prices
  Mid Day Prices

Feed: NodalExchange_EndofDayPrices
Ex. Key: DNP GBZ 20150100
Granularity: Daily

Feed: NodalExchange_MidDayPrices
Ex. Key: DNP GBZ 20150100
Granularity: Daily

New Reports - Commodity DataServer and Marketplace

EOX Live

Morningstar now offers the following from EOX Live:
  NGL Data

Ex. Symbol: EOXLIVE.NGL.AA_2015F
Ex. Description: Saudi_Propane NA USC/Gallon
Path: TopRelation:Energy:Forwards:NaturalGas:EOXLive:NaturalGasLiquids:
Granularity: Daily

Southwest Power Pool (SPP)

Morningstar now offers the following from SPP:
  Monthly TCR Auction

Ex. Description: SPP Nodal, Monthly, Source Sink Clearing Price, Round 1, AEC
Path: TopRelation:Energy:Electricity:Iso:SppNodal:TCRAuctions:SourceSinkClearingPrices:Monthly:Round1:Node_A:
Granularity: Weekly or Greater

Commodities Research

Eastern Power Outlook

Although PJM's modifications since last winter might seem bullish at first glance, we think they will end up being bearish by encouraging fewer outages and lower prices. This winter, PJM has implemented increased reserves during cold weather events, raised energy offer caps to $1,800 per megawatt, and is encouraging the use of shortage pricing to procure emergency energy. We expect these moves could raise generators' expected value of nonperformance above their annual capacity payments, encouraging them to ensure they are available. Much lower oil prices also will lead to lower peak clears to the extent that oil is on the margin this winter and no shortage events are triggered. Based on our outlook for fewer outages, we think shortage events are very unlikely this winter and PJM sparks spreads versus TETCO-M3 are still overvalued at these levels. We also believe the new combined-cycle plants Warren County and West Deptford are a net gain to the baseload supply stack, given their high capacity factors. In NYISO zones G and J, we believe heat rates are overvalued, given the lower price of fuel oil at New York Harbor and the refiring of the Danskammer units (530 MW) in Zone G after their Hurricane Sandy mothballing. Although lower oil prices will be bearish fixed-price power in ISO New England, we believe lower Algonquin prices and the Vermont Yankee and Salem retirements carry upside potential at current Mass Hub heat rates versus Algonquin.

For more information about Morningstar Research or to recieve the full report please email Commodity-research@morningstar.com

On the Horizon

Scheduled Market Changes

Morningstar is planning on completing the following maintenance items:

Source: Nodal Exchange
Description: Migrate to new FTP and files
Live Date: End of January 2015

Source: Platts
Description: Platts FTP Upgrade
Live Date: March 2015

Please visit our website to learn more about these market changes.

Completed Market Changes

Morningstar has successfully completed the following maintenance items:
  London Platinum and Palladium Replacement
  OPIS Mt. Belvieu TET Butane Spot Changes

Please visit our website to learn more about these market changes.

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