Executive Summary

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

CAISO area performance:

  • Peak loads for ISO area stayed low this month due to cold weather.
  • Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), SDGE prices were elevated due to transmission congestion.
  • Congestion rents for interties dropped to $4.51 million from $9.88 million in November. Majority of the congestion rents accrued on Malin500 (22 percent), NOB (53 percent) and Palo Verde (22 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $5.68 million, which was allocated to measured demand.
  • The monthly average prices increased for regulation up, spin and non-spin reserves. There were no scarcity events this month.
  • The bid cost recovery rose to $11.22 million from $8.60 million in November.
  • The real-time energy offset cost increased to $4.82 million in December from -$0.75 million in November. The real-time congestion offset cost rose to $6.52 million from $1.81 million in November.
  • The volume of exceptional dispatch skidded to 71,707 MWh from 190,289 MWh in November. The main reasons for exceptional dispatch were unit testing, voltage support and planned transmission outage.

Energy Imbalance market (EIM) performance:

  • In the FMM and RTD, ELAP prices for NWMT were elevated for a few days due to upward load adjustment, renewable deviation and net import reduction.
  • 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 $40.92, $59.83, $39.15, $46.40, $57.06, $44.66, $44.11, $37.73, $43.51, $43.14, $36.03, $40.74, $41.33, $37.45 and $60.78 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 $36.74, $54.41, $36.54, $42.82, $50.45, $40.19, $41.21, $34.79, $41.64, $40.98, $31.29, $39.02, $38.99, $33.34 and $56.21 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 $2.13 million, $2.35 million and -$1.44 million respectively.