Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for March, 2025. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area continued to be below 30,000 MW throughout this month due to cold weather.
Across the fifteen-minute market (FMM) and real-time dispatch market (RTD), prices for four LSEs were elevated on March 5 and SDG&E on March 11 due to transmission congestion.
The cumulative total congestion rent for interties decreased to $1.31 million in March from $1.54 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $8.89 million compared to $2.60 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased for spinning and non-spinning reserves, and decreased for regulation up and regulation down compared to the previous month. The monthly IFM average prices increased for regulation up, regulation down and spinning reserves, and decreased for non-spinning reserves compared to the previous month.
The total bid cost recovery for March increased to $18.80 million from $10.35 million in the previous month.
The real-time imbalance energy offset costs increased to $1.37 million in March from $0.04 million in the previous month. The real-time congestion offset costs in March dropped to $8.10 million from $12.85 million in the previous month.
The total volume of exceptional dispatch in March increased to 192,100 MWh from 61,916 MWh in the previous month. The majority of the exceptional dispatch volume in March was driven by unit testing (50 percent) and planned transmission outage (22 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices in March decreased for some entities.
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.
Bid cost recovery, real-time imbalance energy offset, and real-time imbalance congestion offset costs for WEIM entities were $0.76 million, $3.38 million and -$10.67 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2025-03 | AVA | $26.22 | $25.11 | $1.11 |
| 2025-03 | AVRN | $25.77 | $23.67 | $2.10 |
| 2025-03 | AZPS | $17.83 | $18.96 | -$1.13 |
| 2025-03 | BANC | $31.06 | $31.81 | -$0.74 |
| 2025-03 | BCHA | $33.13 | $32.76 | $0.37 |
| 2025-03 | BPAT | $28.06 | $27.01 | $1.05 |
| 2025-03 | EPE | $8.34 | $10.44 | -$2.10 |
| 2025-03 | IPCO | $21.68 | $21.31 | $0.36 |
| 2025-03 | LADWP | $27.59 | $28.24 | -$0.65 |
| 2025-03 | NEVP | $19.99 | $21.28 | -$1.29 |
| 2025-03 | NWMT | $25.29 | $24.97 | $0.32 |
| 2025-03 | PACE | $18.83 | $17.60 | $1.24 |
| 2025-03 | PACW | $25.02 | $23.07 | $1.95 |
| 2025-03 | PGE | $25.49 | $23.78 | $1.72 |
| 2025-03 | PNM | -$0.49 | $2.97 | -$3.46 |
| 2025-03 | PSEI | $25.78 | $24.00 | $1.78 |
| 2025-03 | SCL | $25.74 | $23.87 | $1.87 |
| 2025-03 | SRP | $18.84 | $20.15 | -$1.31 |
| 2025-03 | TEPC | $18.37 | $20.69 | -$2.32 |
| 2025-03 | TIDC | $32.45 | $32.98 | -$0.53 |
| 2025-03 | TPWR | $25.68 | $23.79 | $1.88 |
| 2025-03 | WALC | $19.42 | $19.89 | -$0.47 |