Executive Summary

This Report covers market performance for December, 2022. The key market performance highlights are presented here:

CAISO area performance:

  • Peak loads for ISO continued to be low due to cold weather.
  • Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), PGAE prices were elevated due to transmission congestion.
  • Congestion rents for interties increased to $6.15 million from $1.58 million in November. Majority of the congestion rents accrued on Palo Verde (84 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $15.54 million, which was allocated to measured demand.
  • The monthly average prices fell for regulation up, spin and non-spin reserves. There was no scarcity event this month.
  • The bid cost recovery rose to $53.33 million from $20.58 million in November.
  • The real-time energy offset cost skidded to -$9.46 million from -$1.75 million in November. The real-time congestion offset cost dropped to $1.57 million from $8.82 million in November.
  • The volume of exceptional dispatch slipped to 37,752 MWh from 49,598 MWh in November. The main reasons for exceptional dispatch were planned transmission outage, voltage support and reliability assessment.

Western Energy Imbalance Market (WEIM) performance:

  • In the FMM and RTD, The ELAP prices were generally high in December driven by increased natural gas price.
  • The monthly average prices in FMM for EIM entities (AVA, AZPS, BANC, BCHA, BPAT, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP, TEPC, TIDC and TPWR) were $245.56, $250.65, $251.89, $211.51, $251.29, $237.05, $256.23, $243.22, $243.32, $192.89, $244.00, $244.11, $114.23, $248.77, $248.53, $157.13, $222.21, $266.26 and $248.10 respectively.
  • The monthly average prices in RTD for EIM entities (AVA, AZPS, BANC, BCHA, BPAT, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP, TEPC, TIDC and TPWR) were $241.39, $239.84, $249.36, $209.39, $247.06, $232.55, $243.49, $234.89, $240.42, $191.99, $239.33, $239.36, $122.62, $247.21, $246.53, $148.92, $215.09, $262.68 and $246.36 respectively.
  • Bid cost recovery, real-time imbalance energy offset, and real-time congestion offset costs for EIM entities (AVA, AZPS, BANC, BCHA, BPAT, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP, TEPC, TIDC and TPWR) were $9.97 million, $44.50 million and $50.58 million respectively.