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, 2024. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area remained low this month due to low temperatures.
Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices for SDGE were elevated for a few days due to transmission congestion.
The cumulative total congestion rent for interties fell to $0.15 million in December from $1.01 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $6.25 million in December compared to $5.31 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement decreased for regulation up, regulation down and spin reserve compared to the previous month. The monthly IFM average prices decreased for all four types of ancillary services in December compared to the previous month.
The total bid cost recovery for December fell to $9.23 million from $13.45 million in the previous month.
The real-time imbalance energy offset costs increased to -$2.45 million in December from -$4.98 million in the previous month. The real-time congestion offset costs in December dropped to $9.43 million from $21.15 million in the previous month.
The total volume of exceptional dispatch in December declined to 71,444 MWh from 83,373 MWh in the previous month. The majority of the exceptional dispatch volume in December was driven by planned transmission outage (13.1 percent) and voltage support (70.5 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices for NEVP spiked for a few days due to market separation driven by transmission outage.
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 $2.06 million, $3.49 million and $4.74 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2024-12 | AVA | $35.32 | $36.32 | -$1.00 |
| 2024-12 | AVRN | $36.40 | $37.32 | -$0.92 |
| 2024-12 | AZPS | $31.10 | $33.74 | -$2.64 |
| 2024-12 | BANC | $44.62 | $45.56 | -$0.94 |
| 2024-12 | BCHA | $34.34 | $34.35 | -$0.01 |
| 2024-12 | BPAT | $35.28 | $36.00 | -$0.71 |
| 2024-12 | EPE | $30.35 | $31.99 | -$1.64 |
| 2024-12 | IPCO | $34.72 | $35.73 | -$1.00 |
| 2024-12 | LADWP | $37.64 | $38.35 | -$0.71 |
| 2024-12 | NEVP | $37.14 | $52.98 | -$15.84 |
| 2024-12 | NWMT | $33.03 | $34.23 | -$1.21 |
| 2024-12 | PACE | $32.96 | $34.37 | -$1.41 |
| 2024-12 | PACW | $35.52 | $36.42 | -$0.90 |
| 2024-12 | PGE | $35.42 | $36.27 | -$0.86 |
| 2024-12 | PNM | $29.45 | $30.72 | -$1.26 |
| 2024-12 | PSEI | $36.20 | $36.54 | -$0.34 |
| 2024-12 | SCL | $36.82 | $36.28 | $0.54 |
| 2024-12 | SRP | $29.89 | $32.09 | -$2.20 |
| 2024-12 | TEPC | $30.81 | $32.30 | -$1.49 |
| 2024-12 | TIDC | $45.34 | $46.20 | -$0.86 |
| 2024-12 | TPWR | $35.71 | $36.53 | -$0.82 |
| 2024-12 | WALC | $31.64 | $32.61 | -$0.98 |