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, 2025. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area continued to be below 30,000 MW throughout this month due to cold weather.
Across the fifteen-minute market (FMM) and real-time dispatch market (RTD), prices for SDGE were elevated on February 13 due to transmission congestion.
The cumulative total congestion rent for interties increased to $1.54 million in February from $0.62 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $2.60 million in February compared to $5.76 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased for regulation down and non-spin while decreased for regulation up and spin reserve compared to the previous month. The monthly IFM average prices increased for all four types of ancillary services in February compared to the previous month.
The total bid cost recovery for February fell to $10.35 million from $14.29 million in the previous month.
The real-time imbalance energy offset costs increased to $0.04 million in February from -$1.91 million in the previous month. The real-time congestion offset costs in February inched up to $12.85 million from $12.67 million in the previous month.
The total volume of exceptional dispatch in February fell to 61,916 MWh from 207,909 MWh in the previous month. The majority of the exceptional dispatch volume in February was driven by planned transmission outage (26 percent) and voltage support (40 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices for PNM were depressed on February 12 and 14 due to 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 $0.69 million, $2.52 million and -$2.48 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2025-02 | AVA | $41.12 | $40.95 | $0.17 |
| 2025-02 | AVRN | $43.67 | $41.48 | $2.19 |
| 2025-02 | AZPS | $22.12 | $23.20 | -$1.08 |
| 2025-02 | BANC | $40.13 | $38.76 | $1.38 |
| 2025-02 | BCHA | $45.87 | $45.23 | $0.64 |
| 2025-02 | BPAT | $44.73 | $42.82 | $1.91 |
| 2025-02 | EPE | $19.19 | $19.25 | -$0.07 |
| 2025-02 | IPCO | $34.69 | $34.14 | $0.55 |
| 2025-02 | LADWP | $30.30 | $30.01 | $0.29 |
| 2025-02 | NEVP | $25.59 | $25.52 | $0.07 |
| 2025-02 | NWMT | $39.45 | $38.72 | $0.73 |
| 2025-02 | PACE | $30.21 | $30.31 | -$0.10 |
| 2025-02 | PACW | $43.36 | $41.14 | $2.22 |
| 2025-02 | PGE | $42.98 | $41.35 | $1.63 |
| 2025-02 | PNM | $14.18 | $14.90 | -$0.71 |
| 2025-02 | PSEI | $42.73 | $41.46 | $1.27 |
| 2025-02 | SCL | $42.78 | $41.41 | $1.37 |
| 2025-02 | SRP | $22.14 | $22.56 | -$0.42 |
| 2025-02 | TEPC | $22.51 | $22.75 | -$0.24 |
| 2025-02 | TIDC | $40.40 | $39.22 | $1.18 |
| 2025-02 | TPWR | $42.73 | $41.48 | $1.25 |
| 2025-02 | WALC | $21.92 | $22.27 | -$0.35 |