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, 2026. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for the ISO area increased in July compared to the previous month.
The cumulative frequency of prices in Fifteen-Minute Market (FMM) above $250/MWh increased from 0.00 percent in June 2026 to 0.13 percent in July 2026, while the cumulative frequency of negative prices decreased from 13.66 percent in June 2026 to 1.17 percent in July 2026. Average FMM Default Load Aggregation Point (DLAP) prices across PGAE, SCE, SDGE, and VEA increased relative to the previous month.
The cumulative frequency of prices in Real-Time Dispatch (RTD) above $250/MWh increased from 0.01 percent in June 2026 to 0.32 percent in July 2026, while the cumulative frequency of negative prices decreased from 14.93 percent in June 2026 to 1.17 percent in July 2026. Average RTD DLAP prices across PGAE, SCE, SDGE, and VEA increased relative to the previous month.
The cumulative total congestion rent for interties decreased from $3.70 million in June 2026 to $0.76 million in July 2026. The majority of the congestion rents in July accrued on MALIN500_ISL (61.8%) and IPPUTAH_ITC (28.8%). Congestion rent on MALIN500_ISL decreased from $1,971,990 in June 2026 to $468,689 in July 2026, while congestion rent on IPPUTAH_ITC increased from $75,276 in June 2026 to $218,041 in July 2026.
The Congestion Revenue Rights (CRR) net monthly balancing surplus in July was $16,624,407. The auction revenues credited to the balancing account for July were $5,333,305. As a result, the balancing account had a surplus of approximately $21.958 million compared to $19.673 million in the previous month, which was allocated to measured demand.
In July, the monthly Integrated Forward Market (IFM) average procurement decreased for regulation up, while increasing for regulation down, spinning reserves, and non-spinning reserves compared to the previous month. The monthly IFM average prices increased for regulation up, spinning reserves, and non-spinning reserves, while decreasing for regulation down compared to the previous month.
The total Bid Cost Recovery (BCR) increased from $6.10 million in June 2026 to $9.16 million in July 2026. Out of the total monthly bid cost recovery payment in July, the Integrated Forward Market (IFM) market contributed 13.4 percent and Real-Time Market (RTM) contributed 86.6 percent of the total bid cost recovery payment.
Real-Time Imbalance Energy Offset (RTIEO) decreased from -$3.42 million in June 2026 to -$3.92 million in July 2026. Real-Time Congestion Offset (RTCO) increased from $28.14 million in June 2026 to $33.38 million in July 2026.
The monthly exceptional dispatch uplift payments increased from $110,520 in June 2026 to $181,931 in July 2026.
The number of market disruptions increased from 78 in June 2026 to 291 in July 2026. On July 8, there were 47 (9 FMM, 2 Hour-Ahead Scheduling Process (HASP), 36 RTD) disruptions.
The total volume of exceptional dispatch increased from 65,813 MWh in June 2026 to 114,985 MWh in July 2026.
The curtailment of renewable energy decreased in July 2026 compared to the previous month. Most curtailments continued to be solar.
Flexible ramping up uncertainty payment increased from $49,901 in June 2026 to $411,618 in July 2026. Flexible ramping down uncertainty payment increased from $101,539 in June 2026 to $199,173 in July 2026.
Western Energy Imbalance Market (WEIM) performance:
Total WEIM RTIEO increased from $1.62 million in June 2026 to $6.65 million in July 2026. Total WEIM RTCO increased from $1.29 million in June 2026 to $4.01 million in July 2026.
The cumulative frequency of FMM Energy Imbalance Market Load Aggregation Point (ELAP) prices above $250/MWh decreased from 0.25 percent in June 2026 to 0.20 percent in July 2026. The cumulative frequency of negative FMM ELAP prices decreased from 12.03 percent in June 2026 to 2.07 percent in July 2026.
The cumulative frequency of RTD ELAP prices above $250/MWh increased from 0.23 percent in June 2026 to 0.37 percent in July 2026. The cumulative frequency of negative RTD ELAP prices decreased from 14.27 percent in June 2026 to 2.13 percent in July 2026.
Total WEIM BCR increased from $1.15 million in June 2026 to $2.74 million in July 2026.
Total flexible ramping up uncertainty payment increased from $0.21 million in June 2026 to $1.11 million in July 2026.
Total flexible ramping down uncertainty payment increased from $260,391 in June 2026 to $491,683 in July 2026.
Total forecast payment decreased from $231,861 in June 2026 to -$382,144 in July 2026.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2026-07 | AVA | $31.84 | $33.46 | -$1.61 |
| 2026-07 | AVRN | $34.39 | $35.33 | -$0.94 |
| 2026-07 | AZPS | $36.53 | $40.44 | -$3.91 |
| 2026-07 | BANC | $39.19 | $39.98 | -$0.79 |
| 2026-07 | BCHA | -$0.83 | $3.16 | -$3.99 |
| 2026-07 | BHBA | $37.54 | $41.79 | -$4.25 |
| 2026-07 | BPAT | $35.68 | $35.23 | $0.46 |
| 2026-07 | EPE | $27.28 | $39.78 | -$12.51 |
| 2026-07 | GWA | $31.57 | $33.73 | -$2.16 |
| 2026-07 | IPCO | $40.47 | $45.81 | -$5.34 |
| 2026-07 | LADWP | $41.77 | $44.86 | -$3.09 |
| 2026-07 | NEVP | $36.82 | $42.76 | -$5.94 |
| 2026-07 | NWMT | $33.27 | $35.91 | -$2.64 |
| 2026-07 | PACE | $38.83 | $43.54 | -$4.71 |
| 2026-07 | PACW | $32.99 | $33.55 | -$0.56 |
| 2026-07 | PGE | $33.75 | $33.88 | -$0.13 |
| 2026-07 | PNM | $37.26 | $41.59 | -$4.33 |
| 2026-07 | PSEI | $32.70 | $33.03 | -$0.33 |
| 2026-07 | SCL | $32.76 | $33.19 | -$0.43 |
| 2026-07 | SRP | $36.14 | $40.27 | -$4.13 |
| 2026-07 | TEPC | $35.58 | $39.68 | -$4.10 |
| 2026-07 | TIDC | $40.38 | $41.01 | -$0.63 |
| 2026-07 | TPWR | $32.69 | $33.21 | -$0.52 |
| 2026-07 | WALC | $36.32 | $40.14 | -$3.82 |