Executive Summary

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

CAISO area performance:

  • Peak loads for ISO area were at low levels due to low temperatures.
  • 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 $11.68 million from $3.74 million in February. Majority of the congestion rents accrued on Malin500 (57 percent) and NOB (36 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $6.70 million, which was allocated to measured demand.
  • The monthly average prices rose for all four types of ancillary services. There were four scarcity events this month.
  • The bid cost recovery rose to $10.38 million from $7.67 million in February.
  • The real-time energy offset cost skidded to $0.70 million from $5.30 million in February. The real-time congestion offset cost escalated to $20.21 million from $6.78 million in February.
  • The volume of exceptional dispatch increased to 54,663 MWh from 27,072 MWh in February. The main reasons for exceptional dispatch were planned transmission outage, voltage support, conditions beyond the control of the CAISO and load forecast uncertainty.

Western Energy Imbalance Market (WEIM) performance:

  • On March 2, 2022, Avista Utilities (AVA) and Tacoma Power (TPWR) became the new members of the Western Energy Imbalance Market.
  • In the FMM, the prices for AZPS, BANC, LADWP, NEVP, PNM, SRP and TIDC spiked on March 19 due to transmission congestion.
  • The monthly average prices in FMM for EIM entities (AVA, AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP, TIDC and TPWR) were $34.67, $31.23, $47.54, $32.03, $35.18, $40.82, $34.76, $34.33, $31.75, $31.62, $32.69, $30.02, $30.75, $30.92, $33.48, $47.70 and $30.52 respectively.
  • The monthly average prices in RTD for EIM entities (AVA, AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP, TIDC and TPWR) were $28.96, $31.25, $49.32, $31.13, $29.60, $38.83, $33.09, $28.48, $27.82, $27.50, $26.43, $28.27, $27.97, $28.20, $33.06, $49.66 and $27.71 respectively.
  • Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for EIM entities (AVA, AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP, TIDC and TPWR) were $1.38 million, -$0.32 million and -$8.30 million respectively.