Executive Summary
This Report covers market performance for April, 2023. The key market performance highlights are presented here:
CAISO area performance:
- Peak loads for ISO area remained at low levels in April as temperatures stayed mild.
- Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices on average fell compared to the previous month, correlated with declining natural gas prices.
- The cumulative total congestion rent for interties in April decreased to $0.10 million from $1.25 million in the previous month. Majority of the congestion rents in April accrued on IID-SCE (89 percent) and COTPISO (11 percent) interties.
- In the congestion revenue rights (CRR) market, the balancing account for April had a surplus of approximately $18.77 million compared to $7.53 million in the previous month, which was allocated to measured demand.
- The monthly average prices for spinning reserves, non-spinning reserves and regulation up decreased while regulation down prices increased in April, compared to the previous month. There was no scarcity event this month.
- The total bid cost recovery for April dropped to $15.42 million from $43.19 million in the previous month.
- The real-time imbalance energy offset costs were $6.05 million in April from $5.40 million in the previous month. The real-time congestion offset costs were $36.42 million from $22.62 million in the previous month.
- The total volume of exceptional dispatch in April fell to 65,492 MWh from 54,165 MWh in the previous month. The majority of the exceptional dispatch volumes in April were driven by planned transmission outage (49.3 percent), voltage support (25.4 percent) and unit testing (14.8 percent)
Western Energy Imbalance Market (WEIM) performance:
- In the FMM and RTD, ELAP prices in April were similar to the previous month, though prices experienced greater volatility than the previous month. Prices were similar to the previous year.
- The monthly average ELAP prices in FMM and RTD for WEIM entities are shown in Table 1 below.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2023-04 | AVA | $63.82 | $55.88 | $7.93 |
| 2023-04 | AVRN | $61.00 | $55.91 | $5.09 |
| 2023-04 | AZPS | $50.37 | $41.48 | $8.89 |
| 2023-04 | BANC | $58.48 | $49.30 | $9.18 |
| 2023-04 | BCHA | $79.47 | $76.73 | $2.75 |
| 2023-04 | BPAT | $62.46 | $57.20 | $5.26 |
| 2023-04 | EPE | $34.21 | $28.02 | $6.19 |
| 2023-04 | IPCO | $58.92 | $51.16 | $7.77 |
| 2023-04 | LADWP | $48.53 | $41.48 | $7.05 |
| 2023-04 | NEVP | $49.65 | $41.94 | $7.71 |
| 2023-04 | NWMT | $61.52 | $55.74 | $5.78 |
| 2023-04 | PACE | $52.27 | $44.82 | $7.45 |
| 2023-04 | PACW | $61.35 | $55.86 | $5.49 |
| 2023-04 | PGE | $62.36 | $56.45 | $5.91 |
| 2023-04 | PNM | $67.27 | $52.63 | $14.64 |
| 2023-04 | PSEI | $61.69 | $56.20 | $5.49 |
| 2023-04 | SCL | $61.26 | $55.72 | $5.54 |
| 2023-04 | SRP | $49.92 | $44.53 | $5.40 |
| 2023-04 | TEPC | $46.80 | $40.32 | $6.48 |
| 2023-04 | TIDC | $61.30 | $51.83 | $9.47 |
| 2023-04 | TPWR | $61.57 | $56.10 | $5.47 |
| 2023-04 | WALC | $55.05 | $38.78 | $16.27 |
- Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for WEIM entities were $1.63 million, $0.99 million and -$26.62 million, respectively.