Market Performance Report for January 2007
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Summary:
To facilitate dissemination of market information in a timely manner, the California ISO will be posting on a planned and scheduled monthly basis the Market Performance Report for the previous month. The intention is to publish the report mid-month for the previous month's market information. This Market Performance Report will be similar to the information provided to the Board and market, however available on a more consistently timed basis.
Extract:
Highlights for January 2007:
• Average loads were about 1,000 MW higher in CAISO control area in January 2007 relative to one year ago as severely cold weather swept across California and much of the U.S.
• Spot natural gas prices rose steadily during January and finished the month at $7.77, almost $2 above December's close of $5.93.
• Overall real-time energy prices declined from $50.79 to $47.25 as decremental volumes increased and incremental volumes declined.
• The rate of forced outages declined sharply to an unusually low average of 1,400 MW on the month, while scheduled outage rates increased 700 MW relative to December to an average of 3,700 MW.
• On average, real-time dispatch prices were more volatile in January exceeding $250 on 102 occasions as compared to 28 in December. Most of January's price events (67 out of 102) occurred on Monday, January 15th, when a cold snap swept across the Pacific Southwest impacting multiple control areas.
• January's incremental Out-of-Sequence dispatch volumes doubled to 42,000 MW, and incremental costs increased five-fold to $2.7 million as RMR contract volumes are sharply reduced in 2007. Decremental volumes and prices declined by approximately 60%.
• The average total cost of Ancillary Services increased slightly in January to $0.54 from December's $0.50 primarily due to an increase in the average price of Regulation Up.
• Total unit commitment costs increased to $2.6 million in January from $2.2 million in December. Transmission line maintenance was responsible for about 50% of the total, while 35% was driven by the decline in RMR resources.
• Total inter-zonal congestion costs fell to $4 million in January from $6 million in December. A majority of the congestion costs were incurred due to transmission line maintenance on the Palo Verde branch group.
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