Market Monitoring Report - Memo
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Summary:
Memorandum to ISO Board of Governors from Keith Casey, Director, Market Monitoring, Dated August 31, 2006, Re: Market Monitoring Report
Extract:
EXECUTIVE SUMMARY
The most significant market event of the summer season was the July heat wave, which resulted in record-breaking energy demand on several days and above average demands for most of July. Despite the unprecedented demands being placed on the western power grid during this period, wholesale energy markets and CAISO grid operations performed extremely well. However, the CAISO Real Time Market prices were well below prevailing bilateral prices during much of the heat wave period and this has raised concerns among several market participants. A detailed assessment of market performance during the July heat wave, including an assessment of the CAISO Real Time Market, is provided in this memo. The main observations and conclusions from this analysis are the following:
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