Executive Summary

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

CAISO area performance:

  • Peak loads for ISO declined further and stayed below 30,000 MW in November due to lower temperatures.
  • Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), PGAE prices were elevated for a few days due to transmission congestion.
  • Congestion rents for interties rose to $1.58 million from $0.10 million in October. Majority of the congestion rents accrued on Palo Verde (97 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $6.21 million, which was allocated to measured demand.
  • The monthly average prices increased for regulation up, spin and non-spin reserves. There was no scarcity event this month.
  • The bid cost recovery increased to $20.58 million from $17.29 million in October.
  • The real-time energy offset cost dropped to -$1.75 million from $0.24 million in October. The real-time congestion offset cost fell to $8.82 million from $19.70 million in October.
  • The volume of exceptional dispatch continued to decrease to 49,598 MWh from 88,523 MWh in October. The main reasons for exceptional dispatch were planned transmission outage, market disruption, and ramping capacity.

Western Energy Imbalance Market (WEIM) performance:

  • In the FMM and RTD, the prices for PNM were deeply depressed on November 9 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 $86.05, $79.64, $94.70, $81.85, $85.75, $83.66, $86.83, $79.40, $86.70, $72.04, $84.70, $87.23, $64.09, $85.15, $85.10, $75.67, $76.50, $95.38 and $85.00 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 $83.31, $76.95, $92.42, $80.30, $83.32, $80.44, $80.52, $76.15, $86.30, $69.80, $83.01, $84.14, $63.26, $83.03, $82.35, $71.86, $72.91, $93.93 and $82.48 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 $3.50 million, -$4.65 million and $4.36 million respectively.