The fourth quarter 2018 Market Issues and Performance Report includes coverage of market performance in both the day-ahead and energy imbalance market. Highlights include price increases in both the day-ahead and real-time markets, relative to the fourth quarter of 2017. These increases were driven in part by high natural gas prices, particularly at the SoCal Citygate trading hub, as well as seasonally high load and lower hydro generation. Bid cost recovery payments declined to about $31 million, a decrease from $88 million in the previous quarter and slightly higher than $27 million in the fourth quarter of 2017. Real-time imbalance offset charges decreased to about $13 million from $75 million in the third quarter. Congestion revenue rights auction revenues were $29 million less than payments made in the fourth quarter to non-load-serving entities purchasing these rights.