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Prices Remain Elevated In Latest Pennsylvania Default Service Auction

June 29, 2022

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

The following story is brought free of charge to readers by EC Infosystems, the exclusive EDI provider of EnergyChoiceMatters.com

Winning prices in a June 2022 default service auction for the Pennsylvania FirstEnergy EDCs remained at elevated levels, though they have eased a bit versus the April 2022 procurement

The June 2022 auction was only for a portion of commercial default service supplies for the period September to November 2022

Specifically, winning prices at the FirstEnergy Pennsylvania EDCs in the June 2022 auction were as follows:

June 2022
Fixed-Price Auction
Commercial 3-months (September – November 2022)

              Tranches   % Of SOS      Winning
              Procured     Load        Price ($/MWh)
Met-Ed           4        30.77%       $122.81
Penelec          5        35.71%       $122.88
Penn Power       2        33.33%       $135.72
West Penn        5        29.41%       $112.03

For comparison, winning commercial prices from the April 2022 procurement were as follows (the auction included 12 and 3-month products)

April 2022
Fixed-Price Auction
Commercial 3-months (June – August 2022)

              Tranches   % Of SOS      Winning
              Procured     Load        Price ($/MWh)
Met-Ed           4        30.77%       $140.69
Penelec          5        35.71%       $137.83
Penn Power       2        33.33%       $142.86
West Penn        5        29.41%       $127.17



Fixed-Price Auction
Commercial 12-months (June 2022 – May 2023)

              Tranches   % Of SOS      Winning
              Procured     Load        Price ($/MWh)
Met-Ed           2        15.38%       $131.71
Penelec          2        14.29%       $131.69
Penn Power       1        16.67%       $130.60
West Penn        3        11.76%       $122.11

For further comparison, a January 2022 auction for part of the 12-month June 2022 to May 2023 commercial supply had generally produced prices in the $70 per MWh range (such January auction prices were already elevated versus then-current default service rates)

In the June 2022 auction, all of the tranches targeted for procurement were filled. The Pennsylvania PUC has accepted results of the auction

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