Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for August, 2023. The key market performance highlights are presented here:
CAISO area performance:
- Peak loads for ISO area increased in August due to increased temperatures.
- Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), default load aggregation point (DLAP) prices on average increased compared to the previous month, correlated with rising natural gas prices including gas price spikes on three days during the month.
- The cumulative total congestion rent for interties in August decreased to $5.22 million from $5.71 million in the previous month. Majority of the congestion rents in July accrued on NOB (59 percent) and Malin (40 percent) interties.
- In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $16.34 million compared to $21.02 million in the previous month, which was allocated to measured demand.
- The monthly average prices for regulation up and down decreased in August and increased for spinning and non-spinning reserves from the previous month. There were no scarcity events this month.
- The total bid cost recovery for August increased to $36.91 million from $27.08 million in the previous month.
- The real-time imbalance energy offset costs increased to $27.29 million in August from $25.82 million in the previous month. The real-time congestion offset costs decreased to $13.15 million from $22.63 million in the previous month.
- The total volume of exceptional dispatch in August increased to 133,000 MWh from 109,000 MWh in the previous month. The majority of the exceptional dispatch volumes in August were driven by ramping capacity (47.6 percent), planned transmission outage (17.2 percent) and reliability assessment (11.9 percent).
Western Energy Imbalance Market (WEIM) performance:
- In the FMM and RTD, ELAP prices in August decreased (with the exception of BCHA) and were less volatile than the previous month including a price spike on August 16th. Prices were lower than in the previous year.
- The monthly average ELAP prices in FMM and RTD for WEIM entities and the difference between the two (FMM minus RTD) are shown in Table 1 below.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2023-08 | AVA | $38.92 | $44.32 | -$5.40 |
| 2023-08 | AVRN | $39.79 | $44.00 | -$4.21 |
| 2023-08 | AZPS | $41.32 | $45.10 | -$3.78 |
| 2023-08 | BANC | $54.13 | $53.24 | $0.89 |
| 2023-08 | BCHA | $98.52 | $93.52 | $5.00 |
| 2023-08 | BPAT | $48.89 | $48.50 | $0.40 |
| 2023-08 | EPE | $37.13 | $39.91 | -$2.78 |
| 2023-08 | IPCO | $39.23 | $44.05 | -$4.82 |
| 2023-08 | LADWP | $50.08 | $55.12 | -$5.04 |
| 2023-08 | NEVP | $40.31 | $44.83 | -$4.52 |
| 2023-08 | NWMT | $39.45 | $45.54 | -$6.09 |
| 2023-08 | PACE | $38.42 | $43.06 | -$4.64 |
| 2023-08 | PACW | $38.57 | $42.38 | -$3.81 |
| 2023-08 | PGE | $43.40 | $45.16 | -$1.76 |
| 2023-08 | PNM | $40.08 | $43.72 | -$3.64 |
| 2023-08 | PSEI | $44.21 | $46.52 | -$2.30 |
| 2023-08 | SCL | $44.83 | $45.62 | -$0.79 |
| 2023-08 | SRP | $45.52 | $47.68 | -$2.16 |
| 2023-08 | TEPC | $38.46 | $44.00 | -$5.53 |
| 2023-08 | TIDC | $53.69 | $53.05 | $0.64 |
| 2023-08 | TPWR | $43.00 | $44.61 | -$1.61 |
| 2023-08 | WALC | $41.17 | $44.54 | -$3.37 |
- Bid cost recovery, real-time imbalance energy offset, and real-time imbalance congestion offset costs for WEIM entities were $2.53 million, $1.99 million and -$40.43 million, respectively.