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, 2024. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area increased generally in July compared to the previous month driven by hot weather.
Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices for PGAE were elevated due to transmission congestion. In FMM and RTD, all four DLAP LMPs spiked on July 23 and 24 due to high demand, transmission congestion and tight supply during the the heat wave.
The cumulative total congestion rent for interties decreased to $6.19 million in July from $9.15 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $3.52 million in July compared to $10.43 million in the previous month, which was allocated to measured demand.
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.
The total bid cost recovery for July edged down to $7.25 million from $7.32 million in the previous month.
The real-time imbalance energy offset costs rose to $21.56 million in July from $0.87 million in the previous month. The real-time congestion offset costs in July increased to $31.44 million from $11.29 million in the previous month.
The total volume of exceptional dispatch in July fell to 65,832 MWh from 95,075 MWh in the previous month. The majority of the exceptional dispatch volume in July was driven by voltage support (32.0 percent) and reliability assessment (16.2 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices spiked on July 23 and 24 due to high demand, transmission congestion and tight supply during the the heat wave.
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 $1.43 million, $2.16 million and -$13.99 million, respectively.
Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
---|---|---|---|---|
2024-07 | AVA | $32.73 | $31.80 | $0.93 |
2024-07 | AVRN | $31.82 | $33.06 | -$1.24 |
2024-07 | AZPS | $44.72 | $40.02 | $4.71 |
2024-07 | BANC | $57.57 | $48.25 | $9.32 |
2024-07 | BCHA | $42.37 | $41.91 | $0.46 |
2024-07 | BPAT | $39.49 | $38.04 | $1.45 |
2024-07 | EPE | $38.22 | $36.19 | $2.02 |
2024-07 | IPCO | $37.18 | $33.63 | $3.56 |
2024-07 | LADWP | $55.24 | $50.58 | $4.66 |
2024-07 | NEVP | $41.68 | $37.61 | $4.07 |
2024-07 | NWMT | $36.00 | $33.97 | $2.02 |
2024-07 | PACE | $39.36 | $35.10 | $4.26 |
2024-07 | PACW | $31.12 | $32.03 | -$0.91 |
2024-07 | PGE | $31.53 | $32.04 | -$0.51 |
2024-07 | PNM | $42.84 | $37.72 | $5.12 |
2024-07 | PSEI | $32.84 | $33.48 | -$0.64 |
2024-07 | SCL | $31.28 | $31.58 | -$0.30 |
2024-07 | SRP | $38.37 | $37.10 | $1.27 |
2024-07 | TEPC | $39.07 | $34.41 | $4.67 |
2024-07 | TIDC | $54.26 | $45.41 | $8.85 |
2024-07 | TPWR | $31.58 | $32.20 | -$0.62 |
2024-07 | WALC | $42.34 | $37.13 | $5.21 |