Executive Summary

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

CAISO area performance:

  • Peak loads for ISO area stayed low this month due to cold weather.
  • Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), PGAE prices were elevated for more than ten days due to transmission congestion.
  • Congestion rents for interties skidded to $3.74 million from $15.56 million in January. Majority of the congestion rents accrued on Malin500 (59 percent) and NOB (39 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $7.04 million, which was allocated to measured demand.
  • The monthly average prices rose for all four types of ancillary services. There was one scarcity event this month.
  • The bid cost recovery edged down to $7.67 million from $8.07 million in January.
  • The real-time energy offset cost fell to $5.30 million from $5.83 million in January. The real-time congestion offset cost increased to $6.78 million from $1.75 million in January.
  • The volume of exceptional dispatch dropped to 27,072 MWh from 36,080 MWh in January. The main reasons for exceptional dispatch were planned transmission outage and voltage support.

Energy Imbalance Market (EIM) performance:

  • In the FMM, the price for NEVP spiked on February 24 due to limited EIM transfer and tight internal supply. In the RTD, February 24 saw high price for PNM due to limited EIM transfer and renewable deviation.
  • The monthly average prices in FMM for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $33.96, $47.72, $33.73, $40.63, $41.92, $38.43, $37.15, $34.71, $34.83, $35.30, $34.22, $34.41, $34.28, $33.61, and $48.70 respectively.
  • The monthly average prices in RTD for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $29.39, $41.87, $32.08, $35.79, $35.34, $31.21, $33.94, $30.09, $32.33, $32.40, $31.34, $32.01, $32.29, $29.36, and $42.85 respectively.
  • Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $1.19 million, -$0.17 million and -$2.90 million respectively.