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U.S. EIA natural gas inventories for the week ending July 24 were 28 billion cubic feet, compared to an expected 35 billion cubic feet and a previous reading of 32 billion cubic feet.On July 30, the Thailand Futures Exchange issued an announcement stating that due to a 2.50% drop in the USD/JPY futures trading price compared to the most recent settlement price, and in accordance with the guidelines for suspending trading of derivatives due to triggering daily price fluctuation limits, the Thailand Futures Exchange decided to temporarily suspend futures trading of this currency pair from 21:04:41 local time, and resume formal trading at 21:06:41.On July 30th, after the Bank of England kept interest rates unchanged and stated that domestic inflationary pressures were easing, UK short-term government bonds saw their biggest single-day gain in over a month. The yield on the most sensitive monetary policy gilt fell 11 basis points to 4.34%, the largest single-day drop since June 12th. Bank of England Governor Bailey stated at a press conference that he did not want people to "leave the meeting with the impression that the committee is gradually moving towards raising interest rates," after which UK government bonds further extended their gains. Influenced by the Bank of Englands dovish stance, the money market expects the Bank of England to raise interest rates by a cumulative total of about 32 basis points by the end of this year, lower than the 38 basis points before the decision was announced. The markets probability of a rate hike at the September meeting has also fallen from nearly 60% to less than 40%. James Lynch, portfolio manager at Aberdeen Asset Management, said, "The threshold for a Bank of England rate hike is very high." He expects the Bank of England to keep interest rates unchanged for the remainder of the year. He stated that Bailey was "more definitive than I expected."Ukrainian President Volodymyr Zelenskyy signed a decree appointing Oleksiy Sobolev as Deputy Chief of Staff of the Presidential Office of Ukraine.The U.S. EIA natural gas storage figures for the week ending July 24 will be released in ten minutes.

The Texas Heat Wave Reveals Electricity Grid Congestion Issues

Charlie Brooks

May 18, 2022 10:14

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A plea over the weekend for Texans to limit their air conditioner and appliance use after six power plants went down reveals a weakness in the state's grid: transmission line congestion.


Since last year's February freeze, which caused more than 200 deaths amid widespread blackouts and power-price hikes that forced at least five power marketers into bankruptcy, power system reliability has been a concern. Electric Reliability Council of Texas (ERCOT), the state's grid operator, established obligatory reliability criteria for utilities to prevent future disruptions.


In contrast to natural gas shortages and frozen power plants, the weekend power alert had nothing to do with fuel availability. According to the state, six power plants producing 2,900 megawatts of energy "trip off," triggering the caution.


According to energy analysts, the consequent wholesale prices of almost $4,000 per megawatt hour in Houston and negative prices 150 miles (241 kilometers) distant demonstrated that power was unable to meet demand elsewhere.


According to Ramanan Krishnamoorti, chief energy officer at the University of Houston, pricing anomalies and negative prices may have resulted from transmission issues.


According to Joshua Rhodes, a research associate at the University of Texas at Austin Energy Institute and Webber Energy Group, the likelihood of many power plants being offline for their own unique reasons is vanishingly unlikely.


ERCOT declined to make an official request for comment on Monday, and a spokesman refused to identify the cause of the shutdown of six power facilities. The operator stated that it will have enough power for the state this summer.


Neal Dikeman, a partner at the investment firm Energy Transition Ventures and former director of a smart grid startup that supplies power flow management, predicts that congestion will continue to be a problem in Texas as the summer progresses.


"During the summer, there is often congestion due to people turning on their air conditioners, which causes the temperature limitations of the transmission lines to be reached."

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