Executive Summary

This Report covers market performance for July, 2021. The key market performance highlights are presented here:

CAISO area performance:

  • Peak loads for ISO area exceeded 40,000 MW for nine days driven by high temperatures.
  • Across the fifteen-minute market (FMM) and real-time dispatch market (RTD), PGAE prices were elevated for a few days due to transmission congestion.
  • Congestion rents for interties rose to $10.04 million from $6.49 million in June. Majority of the congestion rents accrued on Malin500 (59 percent) and NOB (40 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $6.93 million, which was allocated to measured demand.
  • The monthly average prices increased for all four types of ancillary services. There were 12 scarcity events this month.
  • The bid cost recovery rose to $24.51 million from $13.80 million in June.
  • The real-time energy offset cost increased to $7.61 million from -$2.03 million in June. The real-time congestion offset cost increased to $36.50 million from $15.86 million in June.
  • The volume of exceptional dispatch increased to 205,218 MWh from 187,817 MWh in June. The main reasons for exceptional dispatch were ramping capacity and load forecast uncertainty.

Energy Imbalance market (EIM) performance:

  • In the FMM and RTD, prices for AZPS, BANC, IPCO, LADWP, NEVP, PACE, PNM, SRP and TIDC spiked on July 9 due to upward load adjustment and derates on MALIN_ISL and NOB_ITC driven by transmission outage.
  • The monthly average prices in FMM for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $54.04, $69.34, $35.25, $48.93, $63.24, $54.04, $41.20, $47.39, $40.28, $41.09, $50.85, $38.80, $38.89, $59.69 and $67.46 respectively.
  • The monthly average prices in RTD for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $52.45, $64.30, $33.96, $46.51, $59.26, $51.41, $38.22, $44.34, $39.27, $40.53, $48.15, $37.80, $36.63, $57.92 and $60.91 respectively.
  • Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $4.04 million, -$5.68 million and -$10.00 million respectively.