January 2016   Volume 6 | Issue 1
New Reports Research On The Horizon Information
> CAISO
> CME
> Elexon
> ICIS Heren
> LEBA
> Nasdaqomx
> NationalGrid
> Nordpool
> PJM
> SKM
> FERC 745: Supreme Court Sides with FERC
> PJM Spark Outlook 2016-19
> Scheduled Market Changes
> Completed Market Changes
> Houston Client Event at Saint Arnolds Brewery!
> Contact Us
> Feedback

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New Reports - Commodity DataServer


Nasdaqomx

Morningstar now offers the following from Nasdaqomx:
  Electricity Nordic DSFuture Options
  Electricity Germany ARFuture Options

Ex. Symbol: NOMX.ENOAFUTBL.2016J.P17
Ex. Path: TopRelation:Options:NasdaqOMX:NOMX.ENOAFUTBL_Options:MonthlyData:Year2016
Granularity: Daily

Ex. Symbol: NOMX.EDEAFUTBL.2016M.C29
Ex. Path: TopRelation:Options:NasdaqOMX:NOMX.EDEAFUTBL_Options:MonthlyData:Year2016
Granularity: Daily

New Reports - Marketplace


CME

Morningstar now offers the following from CME:
 DME Futures

Feed: CME_DMEFuturesFIXML
Ex. Key: OQ1
Granularity: Daily

Elexon

Morningstar now offers the following from Elexon:
 Elexon Best View Prices for SBP & SSP
 Elexon Transmission Loss Multiplier

Feed: ELEXON_BestViewPrices
Ex. Key: System Buy Price BM
Granularity: Minutely

Feed: ELEXON_TransmissionLossMultiplier
Ex. Key: DF
Granularity: Minutely

LEBA

Morningstar now offers the following from London Energy Broker's Association:
 LEBA CER
 LEBA EUA
 LEBA EuroGas
 LEBA UK
 LEBA Euro Gas Forwards

Feed: LEBA_CER
Ex. Key: CER Index Calendar 26-Dec
Granularity: Daily

Feed: LEBA_EUA
Ex. Key: EUA Index Quarter 17-Sep
Granularity: Daily

Feed: LEBA_EuroGas
Ex. Key: TTF Day Ahead
Granularity: Daily

Feed: LEBA_UK
Ex. Key: Day Ahead Baseload (07:00 - 9:00)
Granularity: Daily

Feed: LEBA_EuroGasForwards
Ex. Key: Austrian VTP Winter - 2020
Granularity: Daily

NationalGrid

Morningstar now offers the following from NationalGrid:
 National Grid Operational Daily Data

Feed: NationalGrid_OperationalData
Ex. Key: Aggregate LNG Importations - Daily Flow
Granularity: Daily

Nordpool

Morningstar now offers the following from Nordpool:
 Elbas Prices and Turnover report
 Elspot Exchange Rate

Feed: Nordpool_ElbasPricesAndTurnover
Ex. Key: Product (PH)
Granularity: Hourly

Feed: Nordpool_ElspotExchangeRate
Ex. Key: SO;DKK/NOK
Granularity: Daily

SKM

Morningstar now offers the following from Svensk Kraftmakling:
 ElCertificate Prices
 Monthly Spot Close Prices
 Monthly Average Prices
 Weekly Average Prices

Feed: SKM_ElCertificatePrices
Ex. Key: Spot
Granularity: Daily

Feed: SKM_MonthlySpotClosePrices
Ex. Key: Monthly Spot
Granularity: Daily

Feed: SKM_MonthlyAveragePrices
Ex. Key: Spot
Granularity: Monthly

Feed: SKM_WeeklyAveragePrices
Ex. Key: Spot, March-15
Granularity: Weekly

New Reports - Commodity DataServer and Marketplace


CAISO

Morningstar now offers the following from CAISO:
  CAISO Schedule Point Tie LMP Fifteen Minute Market
  CAISO Schedule Point Tie LMP Real Time Dispatch

Path: TopRelation:Energy:Electricity:Iso:CaliforniaMRTU:FMMarket:SchedPointTie
Ex. Description: CAISO FMM Scheduling Point/Tie LMP AMARGOSA_1_SN001, AMARGO
Ex. Symbol: AMARGOSA_1_SN001.AMARGO.FMM
Granularity: Minutely
Ex. Feed: CAISO_SchedPointLMPFMM
Ex. Key: AMARGOSA_1_SN001;AMARGO

Path: TopRelation:Energy:Electricity:Iso:CaliforniaMRTU:RTMMarket:SchedPointTie
Ex. Description: CAISO RTD Scheduling Point/Tie LMP AMARGOSA_1_SN001, AMARGO
Ex. Symbol: AMARGOSA_1_SN001.AMARGO.RTD
Granularity: Minutely
Ex. Feed: CAISO_SchedPointLMPRTD
Ex. Key: AMARGOSA_1_SN001;AMARGO

ICIS HEREN

Morningstar now offers the following from ICIS Heren:
 Czech Day-ahead Peaks Index
 EDEM Traded Ranges Base/Peak load
 EDEM Traded Volumes
 ESGM Traded Volumes
 LMD East Asia Spot
 NBP Closing Index Day-ahead and Weekend
 OCM Trading figures
 PSV Day-ahead indices
 Spain FOB Reload

Path: TopRelation:Energy:EuropeanElectricity:Czechoslovakia:Heren
Ex. Description: Energy - Heren - Czech Day Ahead Peaks Index (Power - EDEM)
Ex. Symbol: HEREN.EDEM.CZECH.DAY.AHEAD.PEAK.INDEX
Granularity: Daily
Ex. Feed: Heren_EDEM_CzechDayAheadPeaksIndex
Ex. Key: Heren Czech Day Ahead Peaks Index

Path: TopRelation:Energy:EuropeanElectricity:TradedRanges:Heren
Ex. Description: Heren EDEM Report, Traded Ranges, GERMANY, Peakload Day Ahead Price
Ex. Symbol: HEREN.EDEM.TRADED.RANGES.GERMANY.PEAKLOAD.DAY.AHEAD
Granularity: Daily
Ex. Feed: Heren_EDEM_TradedRangesPeakload
Ex. Key: Day-ahead;Germany

Path: TopRelation:Energy:EuropeanElectricity:TradedVolume:Heren
Ex. Description: Heren EDEM, Traded Volumes, BELGIUM
Ex. Symbol: HEREN.EDEM.TRADED.VOLUMES.BELGIUM
Granularity: Daily
Ex. Feed: Heren_EDEM_TradedVolumes
Ex. Key: Belgium

Path: TopRelation:Energy:Products:Lmd:Heren:EastAsiaSpot
Ex. Description: Heren LMD, East Asia Spot Prices, Bid, H1 Dec, TBD, Japan
Ex. Symbol: HEREN.LMD.EAST.ASIA.SPOT.BID.H1.DEC.TBD.JAPAN
Granularity: Daily
Ex. Feed: Heren_LMD_EastAsiaSpotPrice
Ex. Key: Bid;H1 Dec; TBD; Japan

Path: TopRelation:Energy:EuropeanNaturalGas:HerenIndex:Heren
Ex. Description: Heren ESGM, NBP Closing Index, Day-Ahead
Ex. Symbol: HEREN.NBP.CLOSING.DAYAHEAD.INDEX
Granularity: Daily
Ex. Feed: Heren_ESGM_NBPClosingIndexDayAhead
Ex. Key: NBP Day Ahead

Path: TopRelation:Energy:EuropeanNaturalGas:OcmSmpSap:Heren:TradingFigures
Ex. Description: Heren ESGM, OCM Trading Figures, Daily Total
Ex. Symbol: HEREN.ESGM.OCM.DAILY.TOTAL
Granularity: Daily
Ex. Feed: Heren_ESGM_OCMTradingFigures
Ex. Key: Daily Total

Path: TopRelation:Energy:EuropeanNaturalGas:HerenIndex:Heren
Ex. Description: Heren Day Ahead Index, PSV Daily Index, ESGM Report (Euro/MWh)
Ex. Symbol: HERINX.PSV.DAILY
Granularity: Daily
Ex. Feed: Heren_ESGM_PSVDayaheadIndices
Ex. Key: Price

Path: TopRelation:Energy:Products:Lmd:Heren:Spain
Ex. Description: Heren LMD, Spain FOB Reload
Ex. Symbol: HEREN.LMD.SPAIN.FOB.RELOAD
Granularity: Daily
Ex. Feed: Heren_LMD_SpainFOBReload
Ex. Key: Spain Reload

PJM

Morningstar now offers the following from PJM:
 PJM Generation Outages For Seven Days By Type

Path: TopRelation:Energy:Electricity:Iso:Pjm:GenerationOutages
Ex. Description: PJM RTO Full Generation Outages Megawatts
Ex. Symbol: PJM.FULL.GEN.OUT
Granularity: Daily
Ex. Feed: PJM_GenerationOutagesForSevenDaysByType
Ex. Key: PJM RTO

Commodities Research


FERC 745: Supreme Court Sides with FERC, 6-2

Major Win for Demand Response but Impact Is Uncertain
The Supreme Court reversed and remanded the D.C. Court’s decision to vacate FERC 745 with a 6-2 decision in EPSA vs. FERC. The decision is a win for FERC and demand response providers. Justice Elena Kagan ruled that FERC acted within its powers granted to it under the Federal Power Act.

PJM Term Outlook 2016-19: Raising Spark Spread Forecast but New-Build Overhang Remains

After retiring 9.8 GW in 2015, PJM was able to clear at what we think was a respectable $24/MW West Hub on-peak spark spread versus Tetco-M3 in 2015 considering the mild summer. Since March, the 2017 and 2018 PJM spark spreads have sold off in dramatic fashion—a reasonable reaction to the new Marcellus-hungry combined-cycle fleet coming online in 2016-19. We believe PJM sparks are correctly in backwardation, but we are raising our 2016-19 spark spread forecast for several reasons. In a lower-for-longer Marcellus gas price world, we think coal generation will set marginal prices more often as the most expensive fuel during on-peak hours (besides fuel oil). There are still 52 GW of coal in the PJM stack, and much of it will still be needed to solve on-peak load. The story for 2015 was retirements, and the story for 2016-19 will be the new coal power floor reflecting rising environmental costs, less off-peak dispatch and shorter amortization period of VOM costs as life cycles shorten. We believe that some of the fixed costs will be recouped with a higher capacity price offer, but higher variable costs will need to be recouped in the energy market. This indicates bullish PJM spark spreads but does not fully offset the bearish impacts of the 18.5 GW of new combined cycles coming online burning cheap Marcellus gas.

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

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