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, 2026. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area decreased a little in February compared to the previous month.
The cumulative frequency of prices in FMM above $250/MWh remained at 0 from January 2026 to February 2026, while the cumulative frequency of negative prices increased from 2.21 percent in January 2026 to 10.8 percent in February 2026. Average FMM DLAP prices across PGAE, SCE, SDGE, and VEA decreased relative to the previous month.
Average RTD DLAP prices across PGAE, SCE, SDGE, and VEA decreased relative to the previous month. The cumulative frequency of prices in RTD above $250/MWh increased from 0.01 percent in January 2026 to 0.025 percent in February 2026, while the cumulative frequency of negative prices increased from 2.59 percent in January 2026 to 11.6 percent in February 2026.
The cumulative total congestion rent for interties decreased from $2.63 million in January 2026 to $0.469 million in February 2026. Majority of the congestion rents in February accrued on MALIN500_ISL(49.1%) and NOB_ITC(41.9%). Congestion rents on the MALIN500_ISL increased from $1,955,708 in January 2026 to $230,090 in February 2026. Congestion rent of NOB_ITC decreased from $622,774 in January 2026 to $196,422 in February 2026.
Net Monthly Balancing Surplus in February was $1,659,602. The auction revenues credited to the balancing account for February were $7.177 million. As a result, the balancing account had a surplus of approximately $8.837 million compared to $16.43 million in the previous month, which was allocated to measured demand.
In February the monthly IFM average procurement increased for regulation up and regulation down, while decreased for spinning and non-spinning reserves compared to the previous month. The monthly IFM average prices increased for regulation up, regulation down, while decreased for spinning and non-spinning reserves compared to the previous month.
The total bid cost recovery decreased from $9.84 million in January 2026 to $9.4 million in February 2026. Out of the total monthly bid cost recovery payment for the three markets in Feb, the IFM market contributed 10.1 percent, RUC contributed 62.1 percent, and RTM contributed 27.9 percent of the total bid cost recovery payment.
RTIEO decreased from $4.31 million in January 2026 to -$1.51 million in February 2026. RTCO increased from -$0.379 million in January 2026 to $5.96 million in February 2026.
The monthly exceptional dispatch uplift payments decreased from $2,096,577 in January 2026 to $460,578 in February 2026.
The number of market disruptions increased from 20 in January 2026 to 20 in February 2026. On Feb 4, there were 9 (6 RTD, 2 FMM, 1 HASP) disruptions due to implementation of a market software patch.
The total volume of exceptional dispatch decreased from 156,062 MWh in January 2026 to 136,833 MWh in February 2026.
The curtailment of renewable energy increased from February 2026 compared to the previous month. Most curtailments continued to be solar.
Flexible ramping up uncertainty payment decreased from -$893 in January 2026 to -$37941 in February 2026. Flexible ramping down uncertainty payment decreased from $1,063 in January 2026 to $1,017 in February 2026.
Western Energy Imbalance Market (WEIM) performance:
Total WEIM RTIEO decreased from $2.49 million in January 2026 to $2.0 million in February 2026. Total WEIM RTCO increased from -$4.36 million in January 2026 to -$2.15 million in February 2026.
The cumulative frequency of FMM ELAP prices above $250/MWh increased from 0.0535 percent in January 2026 to 0.071 percent in February 2026. The cumulative frequency of negative FMM ELAP prices increased from 1.71 percent in January 2026 to 7.16 percent in February 2026. The cumulative frequency of RTD ELAP prices above $250/MWh increased from 0.0351 percent in January 2026 to 0.0383 percent in February 2026. The cumulative frequency of RTD ELAP negative prices increased from 2.11 percent in January 2026 to 8.12 percent in February 2026.
Total WEIM BCR decreased from $1.21 million in January 2026 to $0.466 million in February 2026.
Total flexible ramping up uncertainty payment decreased from $0.185 million in January 2026 to $0.131 million in February 2026.
Total flexible ramping down uncertainty payment decreased from $9,300 in January 2026 to $2,169 in February 2026.
Total forecast payment decreased from $118,617 in January 2026 to $56,941 in February 2026.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2026-02 | AVA | $22.11 | $22.59 | -$0.49 |
| 2026-02 | AVRN | $22.77 | $22.83 | -$0.07 |
| 2026-02 | AZPS | $19.05 | $19.54 | -$0.49 |
| 2026-02 | BANC | $27.31 | $27.64 | -$0.34 |
| 2026-02 | BCHA | $21.99 | $21.93 | $0.06 |
| 2026-02 | BPAT | $22.92 | $22.36 | $0.56 |
| 2026-02 | EPE | $18.72 | $19.60 | -$0.88 |
| 2026-02 | IPCO | $21.42 | $21.82 | -$0.41 |
| 2026-02 | LADWP | $23.11 | $24.08 | -$0.96 |
| 2026-02 | NEVP | $20.10 | $20.69 | -$0.59 |
| 2026-02 | NWMT | $22.01 | $22.54 | -$0.53 |
| 2026-02 | PACE | $21.03 | $21.54 | -$0.51 |
| 2026-02 | PACW | $22.07 | $22.13 | -$0.06 |
| 2026-02 | PGE | $22.43 | $22.35 | $0.07 |
| 2026-02 | PNM | $15.10 | $15.35 | -$0.25 |
| 2026-02 | PSEI | $22.16 | $22.10 | $0.05 |
| 2026-02 | SCL | $22.37 | $22.11 | $0.26 |
| 2026-02 | SRP | $18.99 | $19.62 | -$0.63 |
| 2026-02 | TEPC | $19.79 | $20.30 | -$0.51 |
| 2026-02 | TIDC | $28.17 | $28.90 | -$0.73 |
| 2026-02 | TPWR | $22.01 | $22.08 | -$0.07 |
| 2026-02 | WALC | $23.10 | $21.04 | $2.06 |