Executive Summary

This Report covers market performance for January, 2023. The key market performance highlights are presented here:

CAISO area performance:

  • Peak loads for ISO stayed low due to cooler weather and decreased from December’s peak loads.
  • Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices in all four areas fell from the highs of December.
  • Congestion rents for interties increased to $10.59 million from $6.15 million in December. Majority of the congestion rents accrued on Palo Verde (61 percent) and IPP DC Adelanto (28 percent) interties.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $10.54 million, which was allocated to measured demand.
  • The monthly average prices declined for all four types of ancillary services. There was no scarcity event this month.
  • The bid cost recovery slid to $46.08 million from $53.27 million in December.
  • The real-time energy offset cost jumped to $26.76 million from -$9.46 million in December. The real-time congestion offset cost, however, decreased to $5.34 million from $6.82 million in December.
  • The volume of exceptional dispatch rose to 76,964 MWh from 37,752 MWh in December. The main reasons for exceptional dispatch were reliability assessment, voltage support and ramping capacity.

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 prices in FMM for EIM entities (AVA, AZPS, BANC, BCHA, BPAT, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP, TEPC, TIDC and TPWR) were $132.82, $130.02, $141.94, $129.45, $132.91, $131.97, $142.32, $130.73, $133.09, $119.87, $131.99, $132.57, $127.25, $133.34, $133.33, $119.36, $128.73, $142.38, and $134.10 respectively.
  • The monthly average prices in RTD for EIM entities (AVA, AZPS, BANC, BCHA, BPAT, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP, TEPC, TIDC and TPWR) were $128.98, $123.42, $138.30, $127.41, $129.73, $127.34, $133.59, $125.70, $128.31, $115.51, $128.73, $128.80, $121.99, $130.69, $130.02, $109.24, $123.25, $139.12, and $130.21 respectively.
  • Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for EIM entities (AVA, AZPS, BANC, BCHA, BPAT, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP, TEPC, TIDC and TPWR) were $8.05 million, $15.30 million and -$4.18 million, respectively, all declining from December.