Section 3 Market Performance Metrics
Day-Ahead Prices
Figure 3.1 shows the daily simple average prices for all hours in IFM for each of the four default load-aggregation points (DLAP): PG&E, SCE, SDG&E, and VEA.
Average Day-Ahead DLAP prices in PGAE, SCE, SDGE, and VEA all decreased between from December 2025 to January 2026. This downward trend was likely driven by increased renewable generation in neighboring Balancing Authority Areas (BAAs), which suppressed Locational Marginal Prices (LMPs) system-wide.
TABLE 3.1 below lists the binding constraints that resulted in relatively high or low DLAP prices on certain dates.
Figure 3.1: IFM (Day-Ahead) Simple Average DLAP Prices (All Hours)
| DLAP LMPs Affected | Dates | Transmission Constraint |
|---|---|---|
| SDGE; VEA | Jan 2 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 and SUNCREST-SUNCREST-230 XFMR from HE 9 to HE 16 |
| VEA | Jan 4-7 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 |
| PGAE; SDGE | Jan 8 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 and on the TRCY PMP-TESLA D-230kV line from HE 9 to HE 10 |
| PGAE; VEA; SDGE; SCE | Jan 9 | OMS-IV-SX-OUTAGE_NG nomogram binding from HE 8 to HE 18 and MIGUEL_BKs_MXFLW_NG binding from HE 9 to HE 18 |
| PGAE | Jan 10 | PANOCHE-GATES-230kV line from HE 9 to HE 16 and on the MOSSLD-LASAGUIL-230kV line from HE 9 to HE 15 |
| PGAE | Jan 11 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 11 |
| PGAE | Jan 12 | LOSBANOS-PANOCHE-230kV line from HE 10 to HE 16 |
| PGAE; VEA; SDGE; SCE | Jan 13 | MIGUEL_BKs_MXFLW_NG nomogram binding from HE 8 to HE 17 and MOSSLD-LASAGUIL-230kV line from HE 9 to HE 16 |
| PGAE; VEA; SDGE; SCE | Jan 14 | LEWIS-SERRANO-230 XFMR from HE 8 to HE 22 and on the METCALF-METCALF-230 XFMR from HE 8 to HE 12 |
| PGAE; VEA; SDGE; SCE | Jan 15 | LEWIS-SERRANO-230 XFMR from HE 8 to HE 23 |
| PGAE; VEA; SDGE; SCE | Jan 16 | SN JSE-EL PATIO-115kV line from HE 8 to HE 18 and on the LEWIS-SERRANO-230kV line from HE 9 to HE 17 |
| PGAE | Jan 17 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 and on the SN JSE-EL PATIO-115kV line from HE 8 to HE 18 |
| PGAE | Jan 19 | METCALF-METCALF-230 XFMR from HE 9 to HE 16 |
| PGAE; VEA | Jan 20 | METCALF-METCALF-230 XFMR from HE 10 to HE 19 |
| PGAE; VEA; SDGE; SCE | Jan 21-22 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 |
| VEA | Jan 23 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 |
| PGAE | Jan 24 | MIDWAY-VINCENT-500kV line from HE 1 to HE 24 |
| PGAE; SDGE | Jan 25 | MIDWAY-VINCENT-500kV line from HE 1 to HE 24 and on the EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 |
| PGAE; SDGE | Jan 26-28 | MIDWAY-VINCENT-500kV line from HE 1 to HE 24 |
| PGAE | Jan 30 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 |
| PGAE | Jan 31 | PANOCHE-GATES-230kV line from HE 9 to HE 16 |
Real-Time Price
Figure 3.2 shows daily simple average prices for all four DLAPs (PG&E, SCE, SDG&E, and VEA) for all hours respectively in FMM.
Average FMM DLAP prices across PGAE, SCE, SDGE, and VEA decreased relative to the previous month.
TABLE 3.2 below lists the binding constraints that resulted in relatively high or low DLAP prices on certain dates.
Figure 3.2: FMM Simple Average DLAP Prices (All Hours)
| DLAP LMPs Affected | Dates | Transmission Constraint |
|---|---|---|
| SDGE | Jan 1 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 23 |
| SDGE | Jan 2 | SUNCREST-SUNCREST-230 XFMR in HE 7 |
| PGAE | Jan 3 | MIDWAY-VINCENT-500kV line from HE 14 to HE 23 and on the EL CAJON-LOSCOCHS-69kV line from HE 16 to HE 18 |
| PGAE; SDGE | Jan 5 | PANOCHE-GATES-230kV line from HE 14 to HE 16 |
| SDGE | Jan 6 | Line_AR-ARFHT_69kV line from HE 9 to HE 21 and on the 7820_TL-230S_OVERLOAD nomogram from HE 13 to HE 22 |
| PGAE | Jan 8 | TRCY PMP-TESLA D-230kV line from HE 9 to HE 10 |
| PGAE; SDGE | Jan 11 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 and on the PANOCHE-GATES-230kV line from HE 9 to HE 10 |
| PGAE; SDGE | Jan 12 | TRCY PMP-TESLA D-230kV line from HE 8 to HE 19 |
| PGAE; SDGE | Jan 13 | MIGUEL_BKs_MXFLW_NG nomogram binding from HE 8 to HE 12 |
| PGAE; SDGE | Jan 14 | LEWIS-SERRANO-230 XFMR from HE 9 to HE 16 and on the METCALF-METCALF-230 XFMR in HE 10 |
| PGAE; SDGE; VEA; SCE | Jan 15 | LEWIS-SERRANO-230 XFMR from HE 10 to HE 22 |
| PGAE; SDGE; VEA; SCE | Jan 16 | EL CAJON-LOSCOCHS-69kV line from HE 7 to HE 23 and on the SN JSE-EL PATIO-115kV line from HE 10 to HE 16 |
| PGAE | Jan 17 | EL CAJON-LOSCOCHS-69kV line from HE 8 to HE 22 and on the PANOCHE-GATES-230kV line from HE 9 to HE 12 |
| PGAE | Jan 18 | PANOCHE-GATES-230kV line from HE 9 to HE 11 |
| PGAE; SDGE; VEA; SCE | Jan 20 | 6410_CP7_NG nomogram binding from HE 8 to HE 11 |
| SDGE | Jan 22 | 7820_TL 230S_OVERLOAD_NG nomogram binding from HE 13 to HE 16 |
| SDGE | Jan 23 | PANOCHE-GATES-230kV line from HE 10 to HE 11 |
| PGAE | Jan 24 | MIDWAY-VINCENT-500kV line from HE 8 to HE 24 |
| PGAE | Jan 25 | MIDWAY-VINCENT-500kV line from HE 1 to HE 24 |
| PGAE | Jan 26 | EL CAJON-LOSCOCHS-69kV line from HE 7 to HE 24 |
| PGAE | Jan 27 | MIDWAY-VINCENT-500kV line from HE 1 to HE 24 and on the PANOCHE-GATES-230kV line in HE 10 |
| PGAE | Jan 28 | MIDWAY-VINCENT-500kV line from HE 1 to HE 23 |
| PGAE | Jan 29 | 115-WTG-at-PEGS-PNM1-CABEZN-RIOPUERC-345kV line from HE 5 to HE 15 and on the MOSSLD-LASAGUIL-230kV line from HE 9 to HE 16 |
| PGAE; SDGE | Jan 30 | NWK DIST-LS ESTRS-230kV line from HE 6 to HE 9 |
| PGAE; SDGE | Jan 31 | PANOCHE-GATES-230kV line from HE 9 to HE 16 |
Figure 3.3 below shows the daily frequency of positive price spikes and negative prices by price range for the DLAPs in the FMM.
The cumulative frequency of prices in FMM above $250/MWh remained at 0 from 2025 December to 2026 January, while the cumulative frequency of negative prices decreased from 2.23 percent in 2025 December to 2.21 percent in 2026 January.
Figure 3.3: Daily Frequency of FMM DLAP Positive Price Spikes and Negative Prices
Figure 3.4 shows daily simple average prices for all the DLAPs (PG&E, SCE, SDG&E, and VEA) for all hours respectively in RTD.
Average RTD DLAP prices across PGAE, SCE, SDGE, and VEA decreased relative to the previous month.
TABLE 3.3 below lists the binding constraints that resulted in relatively high or low DLAP prices on certain dates.
Figure 3.4: RTD Simple Average DLAP Prices (All Hours)
| DLAP LMPs Affected | Dates | Transmission Constraint |
|---|---|---|
| SDGE | Jan 2 | SUNCREST-SUNCREST-230 XFMR in HE 7 |
| PGAE | Jan 3 | MIDWAY-VINCENT-500kV line from HE 14 to HE 23 and on the EL CAJON-LOSCOCHS-69kV line from HE 16 to HE 18 |
| SDGE | Jan 6 | Line_AR-ARFHT_69kV line from HE 9 to HE 21 and on the 7820_TL-230S_OVERLOAD nomogram from HE 13 to HE 22 |
| SDGE | Jan 7 | EL CAJON-LOSCOCHS-69kV line from HE 17 to HE 24 |
| PGAE | Jan 8 | TRCY PMP-TESLA D-230kV line from HE 9 to HE 10 |
| PGAE; SDGE | Jan 11 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 23 |
| PGAE; SDGE | Jan 12 | TRCY PMP-TESLA D-230kV line from HE 8 to HE 19 |
| PGAE; SDGE | Jan 13 | EL CAJON-LOSCOCHS-69kV line from HE 1 to HE 24 and on the TRCY PMP-TESLA D-230kV line from HE 8 to HE 10 |
| PGAE | Jan 14 | METCALF-METCALF-230 XFMR from HE 9 to HE 10 |
| PGAE; SDGE; VEA; SCE | Jan 15 | LEWIS-SERRANO-230 XFMR from HE 10 to HE 23 and on the PANOCHE-GATES-230kV from HE 8 to HE 10 |
| PGAE; SDGE; VEA; SCE | Jan 16 | SN JSE-EL PATIO-115kV line from HE 10 to HE 16 |
| PGAE | Jan 17 | PANOCHE-GATES-230kV line from HE 9 to HE 11 and on the EL CAJON-LOSCOCHS-69kV line from HE 17 to HE 22 |
| PGAE | Jan 18 | PANOCHE-GATES-230kV line from HE 9 to HE 11 |
| PGAE; SDGE; VEA; SCE | Jan 19 | EL CAJON-LOSCOCHS-69kV line from HE 17 to HE 22 |
| PGAE; SDGE; VEA; SCE | Jan 20 | 6410_CP7_NG nomogram binding from HE 8 to HE 16 |
| SDGE | Jan 21 | EL CAJON-LOSCOCHS-69kV line from HE 8 to HE 18 |
| SDGE | Jan 22 | 7820_TL 230S_OVERLOAD_NG nomogram binding from HE 14 to HE 16 |
| SDGE | Jan 23 | EL CAJON-LOSCOCHS-69kV line from HE 4 to HE 22 and on the PANOCHE-GATES-230kV line from HE 10 to HE 11 |
| PGAE | Jan 24 | MIDWAY-VINCENT-500kV line from HE 7 to HE 24 |
| PGAE | Jan 25 | MIDWAY-VINCENT-500kV line from HE 1 to HE 24 |
| PGAE | Jan 26 | EL CAJON-LOSCOCHS-69kV line from HE 7 to HE 24 |
| PGAE | Jan 28 | MIDWAY-VINCENT-500kV line from HE 1 to HE 23 |
| PGAE; SDGE | Jan 29 | 115-WTG-at-PEGS-PNM1-CABEZN-RIOPUERC-345kV line from HE 5 to HE 15 and on the MOSSLD-LASAGUIL-230kV line from HE 9 to HE 14 |
| PGAE; SDGE | Jan 30 | NWK DIST-LS ESTRS-230kV line from HE 6 to HE 9 |
| PGAE; SDGE | Jan 31 | PANOCHE-GATES-230kV line from HE 9 to HE 16 |
Figure 3.5 below shows the daily frequency of positive price spikes and negative prices by price range for the DLAPs in RTD.
The cumulative frequency of prices in RTD above $250/MWh increased from 0 in 2025 December to 0.01 percent in 2026 January, while the cumulative frequency of negative prices increased from 2.37 percent in 2025 December to 2.59 percent in 2026 January.
Figure 3.5: Daily Frequency of RTD DLAP Positive Price Spikes and Negative Prices
