Executive Summary
This Report covers market performance for March, 2023. The key market performance highlights are presented here:
CAISO area performance:
- Peak loads for ISO stayed low in March due to mild temperatures.
- Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices in all four areas in March were similar to prices from most of February but lower than the price spikes at the end of February.
- Congestion rents for interties fell to $1.25 million from $0.90 million in the previous month. Majority of the congestion rents in March accrued on Palo Verde (57 percent), Malin (30 percent) and IID-SCE (12 percent) interties.
- In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $7.53 million compared to $10.11 million in the previous month, which was allocated to measured demand.
- The monthly average prices for all ancillary services rose in March. There was no scarcity event this month.
- The bid cost recovery slid to $43.2 million compared to $18.7 million in the previous month.
- The real-time imbalance energy offset cost was $5.40 million compared to $3.25 million in the previous month. The real-time congestion offset cost was $22.6 million compared to $11.7 million in the previous month.
- The total volume of exceptional dispatch was 54,165 MWh compared to 71,045 MWh in the previous month. The main reasons for exceptional dispatch were planned transmission outage (32 percent), voltage support (28 percent) and reliability assessment (13 percent).
Western Energy Imbalance Market (WEIM) performance:
- In the FMM and RTD, ELAP prices in March were similar to February. Prices were still volatile but moderate compared to the high prices at the end of February. Prices were higher than those from the previous year.
- 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 |
|---|---|---|
| AVA | $73.88 | $68.84 |
| AZPS | $64.51 | $60.48 |
| BANC | $75.88 | $67.82 |
| BCHA | $84.29 | $82.90 |
| BPAT | $72.80 | $67.55 |
| IPCO | $72.96 | $67.96 |
| LADWP | $67.97 | $59.29 |
| NEVP | $66.24 | $59.90 |
| NWMT | $74.81 | $69.11 |
| PACE | $67.26 | $61.44 |
| PACW | $72.25 | $67.61 |
| PGE | $72.43 | $67.56 |
| PNM | $64.47 | $57.84 |
| PSEI | $73.87 | $68.92 |
| SCL | $72.43 | $67.89 |
| SRP | $60.09 | $53.76 |
| TEPC | $59.74 | $53.99 |
| TIDC | $76.75 | $69.26 |
| TPWR | $73.31 | $68.90 |
- Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for WEIM entities were $18.83 million, $4.28 million and -$11.90 million, respectively.