Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for April, 2026. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area decreased a little in April compared to the previous month.
The cumulative frequency of prices in FMM above $250/MWh decreased from 0.15 percent in March 2026 to 0.10 percent in April 2026, while the cumulative frequency of negative prices increased from 23.34 percent in March 2026 to 30.61 percent in April 2026. Average FMM DLAP prices across PGAE, SCE, SDGE, and VEA decreased relative to the previous month.
The cumulative frequency of prices in RTD above $250/MWh decreased from 0.49 percent in March 2026 to 0.10 percent in April 2026, while the cumulative frequency of negative prices increased from 23.32 percent in March 2026 to 31.31 percent in April 2026. Average RTD DLAP prices across PGAE, SCE, SDGE, and VEA decreased relative to the previous month.
The cumulative total congestion rent for interties decreased from $3.43 million in March 2026 to $2.06 million in April 2026. Majority of the congestion rents in April accrued on MALIN500_ISL(72.6%) and NOB_ITC(18.4%). Congestion rents on the MALIN500_ISL decreased from $2,464,640 in March 2026 to $1,497,049 in April 2026. Congestion rent of NOB_ITC decreased from $905,579 in March 2026 to $378,732 in April 2026.
Net Monthly Balancing Surplus in April was $6,509,731. The auction revenues credited to the balancing account for April were $5,245,918. As a result, the balancing account had a surplus of approximately $11.756 million compared to $17.697 million in the previous month, which was allocated to measured demand.
In April, the monthly IFM average procurement decreased for regulation up and spinning reserves, while increasing for regulation down and non-spinning reserves compared to the previous month. The monthly IFM average prices decreased for all ancillary service products compared to the previous month.
The total bid cost recovery increased from $12.43 million in March 2026 to $12.90 million in April 2026. Out of the total monthly bid cost recovery payment for the three markets in April, the IFM market contributed 12.7 percent, RUC contributed 52.9 percent, and RTM contributed 34.4 percent of the total bid cost recovery payment.
RTIEO increased from $3.72 million in March 2026 to $5.87 million in April 2026. RTCO increased from $22.40 million in March 2026 to $24.66 million in April 2026.
The monthly exceptional dispatch uplift payments decreased from $6,549,624 in March 2026 to $4,317,762 in April 2026.
The number of market disruptions increased from 27 in March 2026 to 63 in April 2026. On Apr 15, there were 24 (7 FMM, 1 HASP, 16 RTD) disruptions.
The total volume of exceptional dispatch decreased from 134,011 MWh in March 2026 to 85,761 MWh in April 2026.
The curtailment of renewable energy increased in April 2026 compared to the previous month. Most curtailments continued to be solar.
Flexible ramping up uncertainty payment increased from -$97,261 in March 2026 to $16,075 in April 2026. Flexible ramping down uncertainty payment decreased from $107,832 in March 2026 to $20,495 in April 2026.
Western Energy Imbalance Market (WEIM) performance:
Total WEIM RTIEO increased from -$1.33 million in March 2026 to $0.98 million in April 2026. Total WEIM RTCO increased from -$9.69 million in March 2026 to -$5.75 million in April 2026.
The cumulative frequency of FMM ELAP prices above $250/MWh decreased from 0.14 percent in March 2026 to 0.03 percent in April 2026. The cumulative frequency of negative FMM ELAP prices increased from 18.94 percent in March 2026 to 25.85 percent in April 2026. The cumulative frequency of RTD ELAP prices above $250/MWh decreased from 0.30 percent in March 2026 to 0.05 percent in April 2026. The cumulative frequency of RTD ELAP negative prices increased from 20.44 percent in March 2026 to 27.91 percent in April 2026.
Total WEIM BCR increased from $0.32 million in March 2026 to $0.45 million in April 2026.
Total flexible ramping up uncertainty payment increased from $0.14 million in March 2026 to $0.20 million in April 2026.
Total flexible ramping down uncertainty payment decreased from $200,623 in March 2026 to $38,352 in April 2026.
Total forecast payment increased from -$564,169 in March 2026 to $4,664 in April 2026.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2026-04 | AVA | $8.28 | $8.16 | $0.12 |
| 2026-04 | AVRN | $8.21 | $7.57 | $0.63 |
| 2026-04 | AZPS | $3.82 | $4.39 | -$0.57 |
| 2026-04 | BANC | $12.41 | $12.20 | $0.21 |
| 2026-04 | BCHA | $6.84 | $6.40 | $0.43 |
| 2026-04 | BPAT | $9.82 | $8.86 | $0.96 |
| 2026-04 | EPE | $5.99 | $6.62 | -$0.63 |
| 2026-04 | IPCO | $8.49 | $8.52 | -$0.03 |
| 2026-04 | LADWP | $7.55 | $7.21 | $0.34 |
| 2026-04 | NEVP | $7.85 | $8.13 | -$0.28 |
| 2026-04 | NWMT | $8.23 | $8.23 | $0.00 |
| 2026-04 | PACE | $7.92 | $8.08 | -$0.16 |
| 2026-04 | PACW | $8.47 | $8.01 | $0.46 |
| 2026-04 | PGE | $10.88 | $10.12 | $0.76 |
| 2026-04 | PNM | $3.64 | $3.20 | $0.44 |
| 2026-04 | PSEI | $9.55 | $9.13 | $0.42 |
| 2026-04 | SCL | $9.31 | $9.38 | -$0.07 |
| 2026-04 | SRP | $6.87 | $10.64 | -$3.76 |
| 2026-04 | TEPC | $4.89 | $5.68 | -$0.79 |
| 2026-04 | TIDC | $13.17 | $12.78 | $0.39 |
| 2026-04 | TPWR | $9.40 | $8.88 | $0.52 |
| 2026-04 | WALC | $3.73 | $3.78 | -$0.06 |