Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for February, 2024. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area decreased slightly in February compared to the previous month as temperatures remained 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. Prices were lower than the same month in the previous year.
The cumulative total congestion rent for interties in February remained at $0 compared to the previous month (no congestion rent on interties).
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $10.22 million compared to $80.38 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased for regulation up, regulation down and non-spinning reserves, and decreased for spinning reserves compared to the previous month. The monthly IFM average prices increased for regulation up and spinning reserves, and decreased for regulation down and non-spinning reserves compared to the previous month.
The total bid cost recovery for February decreased to $11.98 million from $16.25 million in the previous month.
The real-time imbalance energy offset costs decreased to -$3.32 million in February from $14.48 million in the previous month. The real-time congestion offset costs in February decreased to $6.34 million from $15.41 million in the previous month.
The total volume of exceptional dispatch in February increased to 87,900 MWh from 51,100 MWh in the previous month. The majority of the exceptional dispatch volumes in February were driven by voltage support (71.7 percent), reliability assessment (16.6 percent) and planned transmission outage (4.5 percent)..
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices in February decreased and were less volatile compared to the previous month. Prices decreased for all WEIM Entities.
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 $0.87 million, $2.70 million and -$19.89 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2024-02 | AVA | $38.44 | $37.24 | $1.20 |
| 2024-02 | AVRN | $38.07 | $37.37 | $0.70 |
| 2024-02 | AZPS | $27.58 | $26.30 | $1.28 |
| 2024-02 | BANC | $40.78 | $39.05 | $1.73 |
| 2024-02 | BCHA | $53.99 | $52.59 | $1.40 |
| 2024-02 | BPAT | $39.05 | $37.44 | $1.61 |
| 2024-02 | EPE | $24.47 | $23.66 | $0.81 |
| 2024-02 | IPCO | $34.94 | $33.92 | $1.02 |
| 2024-02 | LADWP | $31.83 | $30.14 | $1.69 |
| 2024-02 | NEVP | $30.49 | $29.19 | $1.31 |
| 2024-02 | NWMT | $37.85 | $37.43 | $0.42 |
| 2024-02 | PACE | $31.20 | $29.74 | $1.45 |
| 2024-02 | PACW | $37.81 | $37.03 | $0.78 |
| 2024-02 | PGE | $37.65 | $36.96 | $0.70 |
| 2024-02 | PNM | $34.56 | $34.07 | $0.50 |
| 2024-02 | PSEI | $39.22 | $37.49 | $1.73 |
| 2024-02 | SCL | $39.84 | $37.49 | $2.35 |
| 2024-02 | SRP | $25.47 | $24.10 | $1.37 |
| 2024-02 | TEPC | $27.21 | $27.64 | -$0.43 |
| 2024-02 | TIDC | $41.48 | $39.58 | $1.90 |
| 2024-02 | TPWR | $38.52 | $37.37 | $1.15 |
| 2024-02 | WALC | $29.40 | $27.88 | $1.51 |