Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for January, 2024. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area decreased slightly in January 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 increased compared to the previous month, correlated with rising natural gas prices and due to the winter storm over the MLK Day holiday weekend. Prices were also more 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 January decreased to $0 from $0.66 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $80.38 million compared to $4.25 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased for regulation up, regulation down and spinning reserves, and decreased for non-spinning reserves compared to the previous month. The monthly IFM average prices increased for regulation down and decreased for regulation up, spinning reserves and non-spinning reserves compared to the previous month. There were no scarcity events this month.
The total bid cost recovery for January decreased to $16.25 million from $18.10 million in the previous month.
The real-time imbalance energy offset costs increased to $14.48 million in January from $4.59 million in the previous month. The real-time congestion offset costs in January increased to $15.41 million from $8.78 million in the previous month.
The total volume of exceptional dispatch in January increased to 51,100 MWh from 36,100 MWh in the previous month. The majority of the exceptional dispatch volumes in January were driven by planned transmission outage (53.2 percent), voltage support (31.1 percent) and reliability assessment (8.8 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices in January increased compared to the previous month. Prices for WEIM Entities in the Pacific Northwest (AVA, AVRN, BPAT, IPCO, NWMT, PACW, PGE, PSEI, SCL, and TPWR) increased significantly due to the winter storm over the MLK Day holiday weekend. For Pacific Northwest entities, the prices were similar to a year ago, but for the rest the prices were much lower than a year ago.
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 $3.05 million, -$0.69 million and -$50.05 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2024-01 | AVA | $154.47 | $163.64 | -$9.18 |
| 2024-01 | AVRN | $164.22 | $167.72 | -$3.49 |
| 2024-01 | AZPS | $58.84 | $58.61 | $0.23 |
| 2024-01 | BANC | $77.47 | $79.25 | -$1.79 |
| 2024-01 | BCHA | $72.11 | $72.45 | -$0.34 |
| 2024-01 | BPAT | $182.23 | $183.77 | -$1.54 |
| 2024-01 | EPE | $53.32 | $51.71 | $1.61 |
| 2024-01 | IPCO | $111.77 | $118.59 | -$6.83 |
| 2024-01 | LADWP | $67.92 | $66.29 | $1.64 |
| 2024-01 | NEVP | $65.00 | $64.49 | $0.50 |
| 2024-01 | NWMT | $150.43 | $160.59 | -$10.16 |
| 2024-01 | PACE | $75.67 | $72.67 | $3.00 |
| 2024-01 | PACW | $169.42 | $170.81 | -$1.40 |
| 2024-01 | PGE | $165.00 | $169.22 | -$4.22 |
| 2024-01 | PNM | $69.15 | $70.10 | -$0.95 |
| 2024-01 | PSEI | $166.64 | $175.02 | -$8.39 |
| 2024-01 | SCL | $167.00 | $171.26 | -$4.26 |
| 2024-01 | SRP | $54.34 | $53.31 | $1.03 |
| 2024-01 | TEPC | $58.47 | $57.84 | $0.63 |
| 2024-01 | TIDC | $77.88 | $79.43 | -$1.54 |
| 2024-01 | TPWR | $165.03 | $169.63 | -$4.60 |
| 2024-01 | WALC | $60.20 | $58.89 | $1.32 |