Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for July, 2023. The key market performance highlights are presented here:
CAISO area performance:
- Peak loads for ISO area increased in July due to increased temperatures.
- 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 including a spike in gas prices at SoCal Citygate at the end of the month.
- The cumulative total congestion rent for interties in July increased to $5.71 million from $0.41 million in the previous month. Majority of the congestion rents in July accrued on NOB (99 percent) intertie.
- In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $21.02 million compared to $10.28 million in the previous month, which was allocated to measured demand.
- The monthly average prices for regulation down decreased in July and increased for regulation up, spinning and non-spinning reserves from the previous month. There was one scarcity event this month on July 25th.
- The total bid cost recovery for July dropped to $27.08 million from $9.43 million in the previous month.
- The real-time imbalance energy offset costs increased to $25.82 million in July from -$4.38 million in the previous month. The real-time congestion offset costs increased to $22.63 million from $16.52 million in the previous month.
- The total volume of exceptional dispatch in July increased to 109,000 MWh from 75,800 MWh in the previous month. The majority of the exceptional dispatch volumes in July were driven by ramping capacity (46.9 percent), unit testing (16.1 percent) and reliability assessment (9.9 percent).
Western Energy Imbalance Market (WEIM) performance:
- In the FMM and RTD, ELAP prices in July increased and were more volatile compared to the previous month including a price spike on July 25th, correlated with rising natural gas prices. Prices were similar to the previous year.
- 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.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2023-07 | AVA | $49.39 | $51.47 | -$2.08 |
| 2023-07 | AVRN | $49.34 | $50.99 | -$1.65 |
| 2023-07 | AZPS | $63.32 | $59.58 | $3.74 |
| 2023-07 | BANC | $55.70 | $53.76 | $1.95 |
| 2023-07 | BCHA | $93.77 | $86.54 | $7.24 |
| 2023-07 | BPAT | $55.30 | $53.26 | $2.04 |
| 2023-07 | EPE | $48.46 | $46.78 | $1.68 |
| 2023-07 | IPCO | $51.76 | $52.52 | -$0.75 |
| 2023-07 | LADWP | $66.75 | $62.46 | $4.29 |
| 2023-07 | NEVP | $59.29 | $56.43 | $2.86 |
| 2023-07 | NWMT | $52.89 | $54.53 | -$1.64 |
| 2023-07 | PACE | $52.86 | $52.23 | $0.64 |
| 2023-07 | PACW | $48.30 | $50.35 | -$2.05 |
| 2023-07 | PGE | $50.16 | $50.05 | $0.11 |
| 2023-07 | PNM | $59.19 | $56.33 | $2.86 |
| 2023-07 | PSEI | $59.45 | $60.66 | -$1.21 |
| 2023-07 | SCL | $50.48 | $50.30 | $0.18 |
| 2023-07 | SRP | $62.32 | $60.97 | $1.35 |
| 2023-07 | TEPC | $58.31 | $57.72 | $0.60 |
| 2023-07 | TIDC | $55.88 | $53.83 | $2.06 |
| 2023-07 | TPWR | $49.77 | $49.66 | $0.11 |
| 2023-07 | WALC | $61.53 | $57.97 | $3.56 |
- Bid cost recovery, real-time imbalance energy offset, and real-time imbalance congestion offset costs for WEIM entities were $3.65 million, -$11.88 million and -$41.59 million, respectively.