Fuel prices in 2006 continued at record levels, with uranium continuing upward unabated and coal, SO2 emission allowances, and natural gas all softening. This softening did not continue for natural gas, however, whose prices rose, fell and rose again, first following weather influences and, by the second quarter of 2007, continuing at high levels without any support from fundamentals. This article reviews these trends and describes the remarkable increases in fuel expenses for power generation.The most significant illustration of these forces was the early 2007 suspension of development plans by a large power company, well before the Supreme Court's ruling on CO2 as a tailpipe pollutant and President Bush's call for global goals on CO2 emissions.
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