Executive Summary

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

CAISO area performance:

  • Peak loads for ISO area exceeded 30,000 MW in six days due to high 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 rose to $15.31 million from $2.17 million in April. Majority of the congestion rents accrued on Malin500 (54 percent) and NOB (32 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $6.93 million, which was allocated to measured demand.
  • The monthly average prices declined for all four types of ancillary services. There was no scarcity event this month.
  • The bid cost recovery increased to $17.98 million from $11.41 million in April.
  • The real-time energy offset cost skidded to $0.47 million from $12.23 million in April. The real-time congestion offset cost rose to $29.55 million from $15.27 million in April.
  • The volume of exceptional dispatch increased to 79,593 MWh from 68,661 MWh in April. The main reasons for exceptional dispatch were planned transmission outage and reliability assessment.

Western Energy Imbalance Market (WEIM) performance:

  • On May 3, 2022, the Bonneville Power Administration and Tucson Electric Power both formally joined the WEIM.
  • In the FMM, BANC and TIDC prices were elevated in a few days due to transmission congestion.
  • 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 $41.28, $51.76, $68.60, $46.07, $45.92, $47.14, $56.91, $53.16, $41.05, $43.17, $42.31, $42.65, $46.92, $44.28, $44.62, $55.61, $53.71, $76.17 and $43.80 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 $53.75, $37.20, $56.37, $49.58, $57.56, $52.78, $45.33, $41.88, $53.33, $38.84, $56.90, $56.65, $34.99, $57.50, $57.61, $41.11, $45.28, $60.04 and $57.13 respectively.
  • Bid cost recovery, real-time imbalance energy offset, and real-rime 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 $1.64 million, $1.34 million and -$9.29 million respectively.