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, 2025. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area increased slightly in June 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 decreased to $1.13 million in June from $2.49 million in the previous month. Majority of the congestion rents in June accrued on MALIN500_ISL(79.7%) and NOB_ITC(19.2%). The congestion rent on MALIN500_ISL inter-tie in June decreased to $897,902 from $1,058,121 in the previous month, while corresponding value of PALOVRDE_ITC in June decreased to $0 from $827,875 in the May.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $9.79 million compared to $12.45 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased for spinning, and decreased for regulation up, regulation down and non-spinning reserves compared to the previous month. The monthly IFM average prices decreased for regulation up, regulation down, spinning reserves, and non-spinning reserves compared to the previous month.
The total bid cost recovery for June decreased to $7.96 million from $9.41 million in the previous month. Out of the total monthly bid cost recovery payment for the three markets in June, the IFM market contributed 33 percent, RUC contributed 46.9 percent, and RTM contributed 20.1 percent of the total bid cost recovery payment.
RTIEO decreased to -$1.1 million in June from $0.121 million in the previous month. RTICO increased to $20.5 million in June from $18.7 million in the previous month. The monthly uplift payments in June decreased to $101,979 from $298,015 in the previous month. Uplift payments spiked on June 3rd, 19th and 20th due to the unexpected large demand.
The total volume of exceptional dispatch in June decreased to 42,090 MWh from 73,356 MWh in the previous month. There was a spike on June 11 due to the planned transmission outage. The majority of the exceptional dispatch volumes in June were driven by planned transmission outage (44.2 percent), reliability assessment (38.9), and voltage support (6.45 percent).
Western Energy Imbalance Market (WEIM) performance:
The FMM ELAP prices in June increased for all entities, and were similarly volatile compared to the previous month. The RTD ELAP prices in June 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 FMM ELAP prices above $250/MWh increased to 0.253 percent in June from 0.108 percent in the previous month. The cumulative frequency of negative FMM ELAP prices decreased to 2.41 percent in May from 6.76 percent in the previous month. The cumulative frequency of RTD ELAP prices above $250/MWh decreased to 0.247 percent in June from 0.0906 percent in the previous month. The cumulative frequency of RTD ELAP negative prices decreased to 2.93 percent in June from 7.99 percent in the previous month.
Total WEIM BCR increased to $0.968 million in June from $0.658 million in the previous month.
Total flexible ramping up uncertainty payment in June decreased to $0.161 million from $0.31 million compared to the previous month.
Total flexible ramping down uncertainty payment in June decreased to $29,082 from $74,926 in the previous month.
Total forecast payment in June decreased to -$1.68 million from -$1.14 million in the previous month.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2025-06 | AVA | $27.91 | $28.82 | -$0.91 |
| 2025-06 | AVRN | $30.13 | $30.05 | $0.08 |
| 2025-06 | AZPS | $25.19 | $27.06 | -$1.87 |
| 2025-06 | BANC | $34.63 | $34.92 | -$0.29 |
| 2025-06 | BCHA | $30.72 | $30.25 | $0.47 |
| 2025-06 | BPAT | $32.78 | $31.06 | $1.71 |
| 2025-06 | EPE | $32.44 | $33.05 | -$0.60 |
| 2025-06 | IPCO | $27.79 | $28.59 | -$0.80 |
| 2025-06 | LADWP | $31.15 | $31.75 | -$0.60 |
| 2025-06 | NEVP | $27.74 | $28.87 | -$1.14 |
| 2025-06 | NWMT | $27.76 | $28.66 | -$0.91 |
| 2025-06 | PACE | $26.93 | $28.26 | -$1.33 |
| 2025-06 | PACW | $28.83 | $29.11 | -$0.27 |
| 2025-06 | PGE | $29.31 | $28.94 | $0.37 |
| 2025-06 | PNM | $42.59 | $43.87 | -$1.27 |
| 2025-06 | PSEI | $29.38 | $28.99 | $0.39 |
| 2025-06 | SCL | $29.38 | $28.94 | $0.44 |
| 2025-06 | SRP | $29.68 | $34.09 | -$4.41 |
| 2025-06 | TEPC | $25.84 | $27.08 | -$1.23 |
| 2025-06 | TIDC | $35.78 | $35.97 | -$0.19 |
| 2025-06 | TPWR | $29.51 | $29.17 | $0.34 |
| 2025-06 | WALC | $25.19 | $26.44 | -$1.25 |