Executive Summary
This Report covers market performance for March, 2023. The key market performance highlights are presented here:
CAISO area performance:
- Peak loads for ISO stayed low in February due to cooler weather.
- Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices in all four areas fell further in February.
- Congestion rents for interties fell to $9.00 million from $10.59 million in December. Majority of the congestion rents accrued on Palo Verde intertie (95 percent).
- In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $10.11 million compared to $10.54 million in January, which was allocated to measured demand.
- The monthly average ancillary service prices declined for regulation up, regulation down and spinning reserves. Prices increased for non-spinning reserves. There was no scarcity event this month.
- The bid cost recovery slid to $18.73 million compared to $46.08 million in January.
- The real-time imbalance energy offset cost fell to $3.25 million in February from $26.76 million in January. The real-time congestion offset cost in February jumped to $11.7 million from $5.33 million in January.
- The total volume of exceptional dispatch in February fell to 71,045 MWh from 76,964 MWh in January. The main reasons for exceptional dispatch were planned transmission outage, voltage support and reliability assessment.
Western Energy Imbalance Market (WEIM) performance:
- In the FMM and RTD, the prices were generally quiet, but higher than a year ago.
- The monthly average ELAP prices in FMM and RTD for WEIM entities are shown in Table 1 below.
| WEIM | FMM ELAP Prices | RTD ELAP Prices |
|---|---|---|
| AVA | $72.39 | $67.35 |
| AZPS | $66.05 | $65.43 |
| BANC | $75.27 | $70.95 |
| BCHA | $79.11 | $77.21 |
| BPAT | $72.79 | $68.09 |
| IPCO | $71.14 | $66.26 |
| LADWP | $72.85 | $67.36 |
| NEVP | $66.41 | $62.27 |
| NWMT | $72.15 | $67.11 |
| PACE | $63.35 | $58.99 |
| PACW | $71.04 | $66.19 |
| PGE | $71.35 | $65.94 |
| PNM | $63.61 | $59.89 |
| PSEI | $72.89 | $68.05 |
| SCL | $74.51 | $68.57 |
| SRP | $52.30 | $49.35 |
| TEPC | $62.67 | $59.57 |
| TIDC | $75.91 | $71.75 |
| TPWR | $71.47 | $66.97 |
- Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for WEIM entities were $3.21 million, $4.94 million and -$1.65 million, respectively.