Executive Summary

This Report covers market performance for August, 2021. The key market performance highlights are presented here:

CAISO area performance:

  • Peak loads for ISO area exceeded 40,000 MW for 11 days in August due to hot weather.
  • 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 $22.012 million from $10.04 million in July. Majority of the congestion rents accrued on Malin500 (20 percent), NOB (11 percent) and Palo Verde (68 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $5.10 million, which was allocated to measured demand.
  • The monthly average prices decreased for regulation up, spin and non-spin reserve. There was no scarcity event this month.
  • The bid cost recovery inched up to $25.41 million from $24.51 million in July.
  • The real-time energy offset cost dropped to -$0.16 million from $7.61 million in July. The real-time congestion offset cost skidded to $17.14 million from $36.50 million in July.
  • The volume of exceptional dispatch rose to 263,787 MWh from 205,402 MWh in July. The main reasons for exceptional dispatch were ramping capacity and load forecast uncertainty.

Energy Imbalance market (EIM) performance:

  • In the FMM and RTD, SRP prices were elevated for a few days due to generation outage, net import reduction, upward load adjustment and renewable deviation, .
  • The monthly average prices in FMM for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $43.57, $56.17, $37.54, $44.78, $52.44, $42.03, $40.79, $38.46, $42.38, $45.96, $40.86, $40.58, $40.22, $49.78 and $56.48 respectively.
  • The monthly average prices in RTD for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $41.79, $52.35, $35.93, $41.24, $48.74, $37.84, $36.62, $36.09, $39.72, $42.23, $37.60, $38.32, $37.57, $45.21 and $52.63 respectively.
  • Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $2.09 million, -$2.38 million and -$4.84 million respectively.