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, 2024. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area decreased generally in August compared to the previous month due to cooler weather.
Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices for SCE, SDGE and VEA were elevated due to transmission congestion.
The cumulative total congestion rent for interties decreased to $4.60 million in August from $6.19 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $8.81 million in August compared to $3.52 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased slightly for regulation down and non-spin reserve compared to the previous month. The monthly IFM average prices fell for all four types of ancillary services compared to the previous month.
The total bid cost recovery for August inched up to $7.35 million from $7.17 million in the previous month.
The real-time imbalance energy offset costs dropped to $4.93 million in August from $21.63 million in the previous month. The real-time congestion offset costs in August fell to $7.69 million from $31.46 million in the previous month.
The total volume of exceptional dispatch in August declined to 52,441 MWh from 65,832 MWh in the previous month. The majority of the exceptional dispatch volume in August was driven by planned transmission outage (48.4 percent) and unit testing (11.2 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices for LADWP spiked on August 5 due to import reduction and tight supply.
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.
Bid cost recovery, real-time imbalance energy offset, and real-time imbalance congestion offset costs for WEIM entities were $1.61 million, $1.76 million and -$7.75 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2024-08 | AVA | $28.06 | $27.82 | $0.24 |
| 2024-08 | AVRN | $27.75 | $27.80 | -$0.05 |
| 2024-08 | AZPS | $29.82 | $31.63 | -$1.81 |
| 2024-08 | BANC | $36.58 | $34.43 | $2.16 |
| 2024-08 | BCHA | $36.14 | $36.09 | $0.05 |
| 2024-08 | BPAT | $31.16 | $29.46 | $1.70 |
| 2024-08 | EPE | $25.16 | $24.35 | $0.81 |
| 2024-08 | IPCO | $28.37 | $27.85 | $0.53 |
| 2024-08 | LADWP | $40.45 | $44.89 | -$4.44 |
| 2024-08 | NEVP | $29.11 | $28.80 | $0.31 |
| 2024-08 | NWMT | $28.06 | $27.54 | $0.52 |
| 2024-08 | PACE | $28.47 | $27.37 | $1.10 |
| 2024-08 | PACW | $26.87 | $26.97 | -$0.10 |
| 2024-08 | PGE | $26.92 | $26.95 | -$0.03 |
| 2024-08 | PNM | $29.23 | $28.59 | $0.63 |
| 2024-08 | PSEI | $27.82 | $27.17 | $0.65 |
| 2024-08 | SCL | $27.22 | $27.13 | $0.09 |
| 2024-08 | SRP | $30.63 | $31.18 | -$0.55 |
| 2024-08 | TEPC | $25.53 | $25.78 | -$0.25 |
| 2024-08 | TIDC | $37.04 | $34.84 | $2.20 |
| 2024-08 | TPWR | $27.15 | $27.09 | $0.06 |
| 2024-08 | WALC | $29.16 | $28.54 | $0.63 |