U.S. spot power and natural gas prices plummeted into negative territory across Texas, California, and Arizona on Tuesday, signaling a surplus in production amidst subdued demand and ample hydropower reserves.At the Waha hub, next-day gas prices plummeted to a three-week low of negative $2.72 per million British thermal units (mmBtu) on May 6. Next-day power prices at hubs in Arizona and Southern California plunged to one-week lows.
The dynamics driving negative prices suggest…
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