Executive Summary

This Report covers market performance for March, 2021. The key market performance highlights are presented here:

CAISO area performance:

  • Peak loads for ISO area continued to stay at low levels when temperatures were low.
  • Across the fifteen-minute market (FMM) and real-time market (RTD), SDGE prices were depressed on March 2 due to transmission congestion.
  • Congestion rents for interties fell to $5.45 million from $10.87 million in February. Majority of the congestion rents accrued on Malin500 (91 percent) and NOB (8 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $7.48 million, which was allocated to measured demand.
  • The monthly average prices decreased for all four types of ancillary services this month. There were eight real-time scarcity events this month.
  • The bid cost recovery skidded to $5.10 million from $22.56 million in February.
  • The real-time energy offset cost dropped to -$3.09 million from $20.47 million in February. The real-time congestion offset cost fell to $8.12 million from $26.10 million in February.
  • The volume of exceptional dispatch declined to 76,353 MWh from 91,794 MWh in February. The main reasons for exceptional dispatch were planned transmission outage and voltage support.

Energy Imbalance market (EIM) performance:

  • On March 25, 2021, the Turlock Irrigation District (TIDC) and the Balancing Area of Northern California (BANC) Phase 2 began participating in the EIM.
  • In the RTD, PSEI price was elevated on March 30 due to import reduction.
  • The monthly average prices in FMM for EIM entities (AZPS, BANC, BANCSMUD, BCHA, IPCO, NEVP, PACE, PACW, PGE, PSEI, SCL, SRP and TIDC) were $20.21, $33.23, $34.04, $25.64, $26.71, $26.13, $24.69, $24.45, $24.41, $26.15, $24.46, $22.15 and $32.80 respectively.
  • The monthly average prices in RTD for EIM entities (AZPS, BANC, BANCSMUD, BCHA, IPCO, NEVP, PACE, PACW, PGE, PSEI, SCL, SRP and TIDC) were $20.57, $31.38, $32.63, $23.80, $25.53, $24.67, $24.16, $23.05, $22.70, $25.52, $23.59, $21.39 and $30.55 respectively.
  • Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for EIM entities (AZPS, BANC, BANCSMUD, BCHA, IPCO, NEVP, PACE, PACW, PGE, PSEI, SCL, SRP and TIDC) were $0.64 million, -$2.39 million and -$3.03 million respectively.