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, 2025. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area were below 30,000 MW throughout this month due to cold weather.
Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices for SDGE were elevated for a couple of days due to transmission congestion.
The cumulative total congestion rent for interties rose to $0.62 million in January from $0.15 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $5.80 million in January compared to $6.25 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased for regulation up and non-spin while decreased for regulation down and spin reserve compared to the previous month. The monthly IFM average prices increased for all four types of ancillary services in January compared to the previous month.
The total bid cost recovery for January rose to $14.29 million from $9.26 million in the previous month.
The real-time imbalance energy offset costs decreased to -$2.94 million in January from -$2.10 million in the previous month. The real-time congestion offset costs in January increased to $13.18 million from $8.89 million in the previous month.
The total volume of exceptional dispatch in January increased to 207,909 MWh from 71,444 MWh in the previous month. The majority of the exceptional dispatch volume in January was driven by planned transmission outage (28.1 percent) and voltage support (40.1 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices for PNM spiked for a few days 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 $1.48 million, $2.52 million and -$7.94 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2025-01 | AVA | $42.82 | $43.41 | -$0.59 |
| 2025-01 | AVRN | $43.56 | $43.81 | -$0.25 |
| 2025-01 | AZPS | $35.02 | $36.74 | -$1.73 |
| 2025-01 | BANC | $49.39 | $49.91 | -$0.52 |
| 2025-01 | BCHA | $47.58 | $47.49 | $0.09 |
| 2025-01 | BPAT | $45.89 | $47.01 | -$1.11 |
| 2025-01 | EPE | $34.37 | $35.60 | -$1.23 |
| 2025-01 | IPCO | $42.04 | $42.70 | -$0.65 |
| 2025-01 | LADWP | $44.88 | $45.25 | -$0.37 |
| 2025-01 | NEVP | $38.17 | $40.01 | -$1.84 |
| 2025-01 | NWMT | $40.94 | $41.95 | -$1.01 |
| 2025-01 | PACE | $38.93 | $39.82 | -$0.88 |
| 2025-01 | PACW | $42.77 | $43.00 | -$0.23 |
| 2025-01 | PGE | $42.78 | $43.10 | -$0.32 |
| 2025-01 | PNM | $37.41 | $39.31 | -$1.90 |
| 2025-01 | PSEI | $42.92 | $43.36 | -$0.44 |
| 2025-01 | SCL | $43.41 | $44.66 | -$1.25 |
| 2025-01 | SRP | $35.28 | $37.19 | -$1.91 |
| 2025-01 | TEPC | $35.79 | $37.59 | -$1.80 |
| 2025-01 | TIDC | $51.37 | $51.32 | $0.05 |
| 2025-01 | TPWR | $42.91 | $43.44 | -$0.53 |
| 2025-01 | WALC | $35.87 | $37.28 | -$1.41 |