The first quarter 2019 Market Issues and Performance Report includes coverage of market performance in both the day-ahead and energy imbalance market. The report highlights price increases in both the day-ahead and real-time markets relative to the first quarter of 2018. Higher gas costs drove average day-ahead, 15-minute and 5-minute market prices significantly higher in comparison to the same quarter in 2018, despite increased renewable and hydroelectric production. The ISO became a net exporter on average during peak solar hours (12 to 15) over the entire quarter, as imports fell and exports increased in these hours relative to prior quarters. During the first quarter of 2019, congestion revenue rights auction revenues were $1.5 million less than payments made to
non-load-serving entities purchasing these rights, compared to a difference of $43 million in the first quarter of 2018. This reduction is due in part to changes in the auction design implemented for the 2019 auction, as well as a significant decrease in congestion and change in congestion patterns compared to Q1 2018.