6 Ancillary Services

IFM Procurement and Prices

Table 10 shows the monthly IFM average ancillary service procurement and Table 11 shows the monthly IFM average ancillary service prices.

In July the monthly IFM average procurement increased for all four types of ancillary services compared to the previous month. The monthly IFM average prices also increased for all four types of ancillary services compared to the previous month.

Table 10: IFM Monthly Average Ancillary Service Procurement
Month Jun-2024 Jul-2024 Percent Change
Regulation_Up 650 751 15.5%
Regulation_Down 933 1041 11.6%
Spin 746 880 18.0%
Non-Spin 1248 1293 3.6%
Table 11: IFM Monthly Average Ancillary Service Price
Ancillary Service Jun-2024 Jul-2024 Percent Change
Non-Spin $1.88 $7.76 312%
Regulation_Down $6.00 $7.00 17%
Regulation_Up $4.10 $9.75 138%
Spin $1.67 $7.99 377%

Figure 13 shows the daily IFM average ancillary service prices.

The average day-ahead ancillary service prices for regulation up, spinning and non-spinning reserves spiked on July 11 driven by high system loads.

Figure 13: IFM (Day-Ahead) Ancillary Service Average Price

IFM (Day-Ahead) Ancillary Service Average Price

Daily average ancillary procurement and prices in the real-time market (FMM) are shown in the Appendix.

Scarcity Events

The ancillary services scarcity pricing mechanism is triggered when the ISO is not able to procure the target quantity of one or more ancillary services in the IFM and real-time market runs. The scarcity events in this month are shown in Table 12 below.

Table 12: Ancillary Service Scarcity Events
Date Hour Ending Interval Ancillary Service Region Shortfall Percentage of requirement