The California ISO Department of Market Monitoring (DMM) has scheduled a stakeholder call on May 23, 2019 to discuss the analysis and findings of its 2018 Annual Market Issues and Performance Report, which is available on the ISO website at http://www.caiso.com/Documents/2018AnnualReportonMarketIssuesandPerformance.pdf.
The 2018 Annual Report provides highlights of significant market changes and performance. The report finds that the ISO and energy imbalance markets continued to perform efficiently and competitively overall. In the ISO, total wholesale electric costs increased to $10.8 billion or about $50/MWh. Day-ahead prices, which reached historic highs on a few days, were often driven by gas prices in the next-day gas market for SoCal Citygate, where gas prices increased significantly. Prices in the day-ahead market were consistently higher than real-time prices in most hours due in part to additional real-time supply from renewables and other balancing areas, manual adjustments to load, and additional energy from out-of-market dispatches.
Payouts to holders of auctioned congestion revenue rights (CRRs) exceeded the auction revenues by over $131 million in 2018. Ancillary service costs increased to $189 million and bid cost recovery payments in the ISO increased to the highest value since 2011, totaling $153 million, or about 1.4 percent of total energy costs. The frequency and impact of automated local market power bid mitigation provisions increased notably in 2018 but remained relatively low overall. DMM concludes the ISO’s energy markets were generally competitive in 2018. However, analysis indicates that prices were significantly in excess of competitive levels in some hours when net load that must be met by gas-fired units is highest.
Information related to market monitoring can be found at http://www.caiso.com/market/Pages/MarketMonitoring/Default.aspx
Meeting Details:
Date: May 23, 2019
Time: 1 p.m. - 2 p.m. PDT
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Participation information
Step 1: call 1-877-369-5230, access code: 0579950##
Step 2: join web conference
Technical support: call the AT&T Help Desk at 1-888-796-6118
