Executive Summary

The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for June, 2024. The key market performance highlights are presented here:

CAISO area performance:

  • Peak loads for ISO area increased generally in June compared to the previous month driven by higher temperature.

  • 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.

  • The cumulative total congestion rent for interties increased to $9.15 million in June from $1.49 million in the previous month.

  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $10.43 million in June compared to $11.58 million in the previous month, which was allocated to measured demand.

  • The monthly IFM average procurement increased for regulation up and spinning reserve, and decreased for regulation down and non-spinning reserve compared to the previous month. The monthly IFM average prices decreased for all four types of ancillary services compared to the previous month.

  • The total bid cost recovery for June dropped to $5.14 million from $13.97 million in the previous month.

  • The real-time imbalance energy offset costs increased to $0.87 million in June from -$3.39 million in the previous month. The real-time congestion offset costs in June fell to $11.29 million from $26.42 million in the previous month.

  • The total volume of exceptional dispatch in June increased to 95,075 MWh from 93,946 MWh in the previous month. The majority of the exceptional dispatch volume in June was driven by voltage support (51.1 percent) and conditions beyond the control of CAISO (24.3 percent).

Western Energy Imbalance Market (WEIM) performance:

  • In the FMM and RTD, ELAP prices were generally quiet. PNM price increased on June 25 in both markets due to tight supply.

  • 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 $1.26 million, -$0.26 million and -$14.19 million, respectively.

Table 1: WEIM Monthly Average ELAP Prices
Month WEIM FMM ELAP Prices RTD ELAP Prices Price Difference
2024-06 AVA $20.51 $19.87 $0.65
2024-06 AVRN $20.89 $20.33 $0.56
2024-06 AZPS $20.74 $21.39 -$0.65
2024-06 BANC $27.42 $25.14 $2.28
2024-06 BCHA $31.54 $30.29 $1.24
2024-06 BPAT $22.62 $21.53 $1.09
2024-06 EPE $27.05 $24.84 $2.21
2024-06 IPCO $21.67 $20.80 $0.88
2024-06 LADWP $26.88 $27.06 -$0.18
2024-06 NEVP $22.05 $21.18 $0.87
2024-06 NWMT $20.62 $20.06 $0.56
2024-06 PACE $21.31 $20.36 $0.96
2024-06 PACW $20.11 $19.58 $0.53
2024-06 PGE $20.56 $19.75 $0.81
2024-06 PNM $24.35 $25.07 -$0.72
2024-06 PSEI $20.98 $19.65 $1.34
2024-06 SCL $20.23 $19.65 $0.57
2024-06 SRP $24.60 $28.60 -$4.01
2024-06 TEPC $21.27 $23.79 -$2.52
2024-06 TIDC $25.39 $23.65 $1.74
2024-06 TPWR $20.08 $19.57 $0.51
2024-06 WALC $21.13 $21.15 -$0.02