Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for December, 2023. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area increased slightly in December compared to the previous month as temperatures increased slightly but stayed low.
Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), default load aggregation point (DLAP) prices on average decreased compared to the previous month, correlated with falling natural gas prices. Prices were less volatile compared to the previous month.
December increased to $0.66 million from $0.39 million in the previous month. 100% of the congestion rent in December accrued on PALOVRDE_ITC intertie. The congestion rent on PALOVRDE_ITC was $0.66 million in December from $0 in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $4.25 million compared to $5.85 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement and average prices increased for regulation up and spinning reserves, and decreased for regulation down and non-spinning reserves compared to the previous month. There were no scarcity events this month.
The total bid cost recovery for December decreased to $18.10 million from $31.37 million in the previous month.
The real-time imbalance energy offset costs decreased to $4.59 million in December from $6.46 million in the previous month. The real-time congestion offset costs in December decreased to $8.78 million from $12.19 million in the previous month.
The total volume of exceptional dispatch in December decreased to 36,100 MWh from 45,000 MWh in the previous month. The majority of the exceptional dispatch volumes in December were driven by voltage support (59.4 percent), planned transmission outage (15.6 percent) and reliability assessment (15.1 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices in December decreased compared to the previous month except for RTD prices in EPE which increased slightly. Prices were lower than 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.
Bid cost recovery, real-time imbalance energy offset, and real-time imbalance congestion offset costs for WEIM entities were $3.32 million, $1.25 million and -$16.54 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2023-12 | AVA | $46.58 | $47.83 | -$1.25 |
| 2023-12 | AVRN | $47.69 | $47.95 | -$0.25 |
| 2023-12 | AZPS | $38.32 | $40.52 | -$2.20 |
| 2023-12 | BANC | $52.85 | $53.30 | -$0.45 |
| 2023-12 | BCHA | $62.00 | $61.20 | $0.80 |
| 2023-12 | BPAT | $47.12 | $47.36 | -$0.24 |
| 2023-12 | EPE | $19.78 | $23.16 | -$3.37 |
| 2023-12 | IPCO | $45.18 | $45.97 | -$0.80 |
| 2023-12 | LADWP | $46.05 | $45.50 | $0.55 |
| 2023-12 | NEVP | $41.73 | $42.68 | -$0.94 |
| 2023-12 | NWMT | $46.04 | $47.92 | -$1.88 |
| 2023-12 | PACE | $39.56 | $40.27 | -$0.71 |
| 2023-12 | PACW | $46.95 | $47.49 | -$0.54 |
| 2023-12 | PGE | $46.91 | $47.23 | -$0.32 |
| 2023-12 | PNM | $40.03 | $42.17 | -$2.14 |
| 2023-12 | PSEI | $47.70 | $47.43 | $0.27 |
| 2023-12 | SCL | $46.57 | $46.99 | -$0.42 |
| 2023-12 | SRP | $37.59 | $39.07 | -$1.48 |
| 2023-12 | TEPC | $38.61 | $40.27 | -$1.65 |
| 2023-12 | TIDC | $54.09 | $53.63 | $0.46 |
| 2023-12 | TPWR | $46.87 | $47.08 | -$0.21 |
| 2023-12 | WALC | $39.64 | $40.33 | -$0.69 |