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, 2025. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area increased slightly in July compared to the previous month possibly due to higher temperature.
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 an increase in load and gas price.
The cumulative total congestion rent for interties increased from $1.13 million in June to $1.63 million in July. Majority of the congestion rents in July accrued on NOB_ITC(90.8%) and MALIN500_ISL(8%). The congestion rent on MALIN500_ISL inter-tie decreased from $897,902 in June to $130,445 in July, while corresponding value of NOB_ITC increased from $216,243 in June to $1,481,523 in the July.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $12.16 million compared to $9.79 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased for spinning, regulation up and decreased for regulation down and non-spinning reserves compared to the previous month. The monthly IFM average prices decreased for regulation up, regulation down, non-spinning reserves and increased for spinning reserves compared to the previous month.
The total bid cost recovery increased from $7.96 million in June to $9.32 million in July. Out of the total monthly bid cost recovery payment for the three markets in July, the IFM market contributed 23.5 percent, RUC contributed 59.2 percent, and RTM contributed 17.3 percent of the total bid cost recovery payment.
RTIEO decreased from -$1.1 million in June to -$3.57 million in July. RTCO increased from $20.5 million in June to $24.4 million in July.
The monthly uplift payments decreased from $101,979 in June to -$31,023 in July. Uplift payments was mainly caused by large exceptional dispatch value in July 23rd.
The number of market disruptions decreased from 20 in June to 13 in July. On July 7, there were 4 (3 RTD, 1 FMM) disruptions due to implementation of a market software patch. On July 4, there were 3 (3 RTD) interval disruptions due to implementation of a market software patch.
The total volume of exceptional dispatch decreased from 42,090 MWh in June to 34,661 MWh in July. There was a spike on July 25, 26 due to the planned transmission outage.
The curtailment of renewable energy decreased in July compared to the previous month. Most curtailments continued to be solar.
Western Energy Imbalance Market (WEIM) performance:
The FMM ELAP prices in July increased for most entities, except PNM and EPE, and were similarly volatile compared to the previous month. The RTD ELAP prices in July increased for all entities, and were similarly volatile compared to the previous month.
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 0.1 below.
The cumulative frequency of RTD ELAP prices above $250/MWh decreased from 0.247 percent in June to 0.0555 percent in July. The cumulative frequency of RTD ELAP negative prices decreased from 2.93 percent in June to 0.322 percent in July.
Total WEIM RTIEO increased from -$2.5 million in June to $0.807 million in July. Total WEIM RTCO increased from -$5.12 million in June to -$3.95 million in July.
Total WEIM BCR increased from $0.968 million in June to $1.24 million in July.
Total flexible ramping up uncertainty payment increased from $0.161 million in June to $0.186 million in July.
Total flexible ramping down uncertainty payment decreased from $29,082 in June to $3199 in July.
Total forecast payment increased from -$1.68 million to $0.19 million in July.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2025-07 | AVA | $30.94 | $31.96 | -$1.02 |
| 2025-07 | AVRN | $32.68 | $33.05 | -$0.38 |
| 2025-07 | AZPS | $29.94 | $31.55 | -$1.61 |
| 2025-07 | BANC | $38.95 | $38.70 | $0.25 |
| 2025-07 | BCHA | $35.99 | $35.71 | $0.28 |
| 2025-07 | BPAT | $35.78 | $36.14 | -$0.36 |
| 2025-07 | EPE | $30.68 | $32.02 | -$1.34 |
| 2025-07 | IPCO | $30.70 | $31.79 | -$1.09 |
| 2025-07 | LADWP | $37.27 | $37.58 | -$0.31 |
| 2025-07 | NEVP | $30.80 | $32.16 | -$1.36 |
| 2025-07 | NWMT | $31.08 | $32.05 | -$0.97 |
| 2025-07 | PACE | $30.49 | $31.68 | -$1.19 |
| 2025-07 | PACW | $31.30 | $31.87 | -$0.57 |
| 2025-07 | PGE | $32.42 | $32.07 | $0.35 |
| 2025-07 | PNM | $31.06 | $32.41 | -$1.36 |
| 2025-07 | PSEI | $36.99 | $35.63 | $1.37 |
| 2025-07 | SCL | $37.04 | $36.18 | $0.85 |
| 2025-07 | SRP | $30.05 | $31.72 | -$1.67 |
| 2025-07 | TEPC | $29.91 | $31.62 | -$1.71 |
| 2025-07 | TIDC | $40.81 | $40.71 | $0.10 |
| 2025-07 | TPWR | $34.84 | $34.42 | $0.43 |
| 2025-07 | WALC | $29.90 | $31.14 | -$1.24 |