Executive Summary
This Report covers market performance for June, 2023. The key market performance highlights are presented here:
CAISO area performance:
- Peak loads for ISO area increased in June due to an uptick in temperatures, and a heat event at the end of June.
- Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), default load aggregation point (DLAP) prices on average fell compared to the previous month, correlated with rising temperatures and natural gas prices, including a heat event at the end of June.
- The cumulative total congestion rent for interties in June decreased to $0.41 million from $5.28 million in the previous month. Majority of the congestion rent in June accrued on NOB (80 percent), Malin (15 percent) and COTPISO (5 percent) interties.
- In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $10.31 million compared to $14.77 million in the previous month, which was allocated to measured demand.
- The monthly average prices for all ancillary services increased in June compared to the previous month. There was no scarcity event this month.
- The total bid cost recovery for June dropped to $10.12 million from $11.85 million in the previous month.
- The real-time imbalance energy offset costs decreased to -$4.12 million in June from $4.25 million in the previous month. The real-time congestion imbalance offset costs increased to $16.55 million from $8.45 million in the previous month.
- The total volume of exceptional dispatch in June increased to 75,800 MWh from 38,900 MWh in the previous month. The majority of the exceptional dispatch volumes in June were driven by planned transmission outage (39.1 percent), unit testing (27.9 percent) and reliability assessment (20.9 percent).
Western Energy Imbalance Market (WEIM) performance:
- In the FMM and RTD, ELAP prices in June increased from the previous month, correlated with rising natural gas prices. Prices were higher than in the same month last year, and showed more spread across WEIM entities.
- The monthly average ELAP prices in FMM and RTD for WEIM entities are shown in Table 1 below.
| WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|
| AVA | $27.28 | $26.87 | $0.41 |
| AVRN | $28.21 | $27.45 | $0.77 |
| AZPS | $24.27 | $24.05 | $0.22 |
| BANC | $29.79 | $29.36 | $0.43 |
| BCHA | $55.01 | $51.82 | $3.19 |
| BPAT | $28.85 | $27.50 | $1.36 |
| EPE | $23.18 | $23.12 | $0.06 |
| IPCO | $26.60 | $25.94 | $0.66 |
| LADWP | $26.73 | $25.71 | $1.02 |
| NEVP | $22.98 | $21.88 | $1.10 |
| NWMT | $26.90 | $27.20 | -$0.29 |
| PACE | $25.58 | $24.70 | $0.88 |
| PACW | $27.50 | $26.48 | $1.02 |
| PGE | $29.11 | $27.36 | $1.75 |
| PNM | $24.10 | $24.26 | -$0.16 |
| PSEI | $29.34 | $27.83 | $1.50 |
| SCL | $28.19 | $27.06 | $1.13 |
| SRP | $24.41 | $25.81 | -$1.41 |
| TEPC | $25.77 | $25.60 | $0.17 |
| TIDC | $30.25 | $29.81 | $0.44 |
| TPWR | $28.83 | $27.62 | $1.21 |
| WALC | $24.40 | $25.63 | -$1.23 |
- Bid cost recovery, real-time imbalance energy offset (RTIEO), and real-time congestion imbalance offset (RTCIO) costs for WEIM entities were $1.08 million, $0.60 million and -$24.01 million, respectively.