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, 2026. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area increased a little in March compared to the previous month.
Average FMM DLAP prices across PGAE, SCE, SDGE, and VEA decreased relative to the previous month. The cumulative frequency of prices in FMM above $250/MWh increased from 0 to 0.151% from February 2026 to March 2026, while the cumulative frequency of negative prices increased from 10.8 percent in February 2026 to 23.3 percent in March 2026.
Average RTD DLAP prices across PGAE, SCE, and VEA decreased relative to the previous month, while increased in SDGE. The cumulative frequency of prices in RTD above $250/MWh increased from 0.025 percent in February 2026 to 0.488 percent in March 2026, while the cumulative frequency of negative prices increased from 11.6 percent in February 2026 to 23.3 percent in March 2026.
The cumulative total congestion rent for interties increased from $0.469 million in February 2026 to $3.43 million in March 2026. Majority of the congestion rents in March accrued on MALIN500_ISL(71.8%) and NOB_ITC(26.4%). Congestion rents on the MALIN500_ISL increased from $230,090 in February 2026 to $2,464,640 in March 2026. Congestion rent of NOB_ITC increased from $196,422 in February 2026 to $905,579 in March 2026.
Net Monthly Balancing Surplus in March was $10,356,340. The auction revenues credited to the balancing account for March were $7.31 million. As a result, the balancing account had a surplus of approximately $17.67 million compared to $5.58 million in the previous month, which was allocated to measured demand.
In March the monthly IFM average procurement increased for all types of reserves compared to the previous month. The monthly IFM average prices also increased for all types of reserves compared to the previous month. Day-ahead ancillary service prices remained volatile in March, similar to the previous month.
The total bid cost recovery increased from $9.4 million in February 2026 to $12.7 mi8llion in March 2026. Out of the total monthly bid cost recovery payment for the three markets in March, the IFM market contributed 20.4 percent, RUC contributed 46.2 percent, and RTM contributed 33.4 percent of the total bid cost recovery payment.
RTIEO decreased from $13.1 million in February 2026 to $2.45 million in March 2026. RTCO increased from $1.14 million in February 2026 to $ 23.3 million in March 2026.
The monthly exceptional dispatch uplift payments decreased from $460,578 in February 2026 to $6,549,624 in March 2026.
The majority of the exceptional dispatch volumes in March 2026 were driven by planned transmission outage (45.4 percent), and unit testing (25.3 percent), voltage support (12.3 percent).
The total volume of exceptional dispatch decreased from 136,833 MWh in February 2026 to 134,011 MWh in March 2026.
The curtailment of renewable energy increased from March 2026 compared to the previous month. Most curtailments continued to be solar.
Flexible ramping up uncertainty payment decreased from -$6877 in February 2026 to -$78,961 in March 2026. Flexible ramping down uncertainty payment decreased from $8,282 in February 2026 to $105,663 in March 2026. Flexible ramping forecast payment decreased from -$41,821 in February 2026 to -$3,701,513 in March 2026.
Western Energy Imbalance Market (WEIM) performance:
The FMM ELAP prices in March 2026 decreased for all external BAAs. Besides, FMM ELAP prices were similarly volatile compared to the previous month.
The RTD ELAP prices in March 2026 decreased for all external BAAs, except for WALC, PNM and SRP. And RTD ELAP prices were similarly volatile compared to the previous month.
The cumulative frequency of FMM ELAP prices above $250/MWh increased from 0.071 percent in February 2026 to 0.136 percent in March 2026. The cumulative frequency of negative FMM ELAP prices increased from 7.16 percent in February 2026 to 18.9 percent in March 2026. The cumulative frequency of RTD ELAP prices above $250/MWh increased from 0.0383 percent in February 2026 to 0.299 percent in March 2026. The cumulative frequency of RTD ELAP negative prices increased from 8.12 percent in February 2026 to 20.4 percent in March 2026.
Total WEIM RTIEO decreased from $2.0 million in February 2026 to -$1.23 million in March 2026. Total WEIM RTCO increased from -$2.15 million in February 2026 to -$9.63 million in March 2026.
Total WEIM BCR decreased from $0.425 million in February 2026 to $0.323 million in March 2026.
Total flexible ramping up uncertainty payment decreased from $0.194 million in February 2026 to $0.121 million in March 2026.
Total flexible ramping down uncertainty payment increased from $13,637 in February 2026 to $202,793 in March 2026.
Total forecast payment decreased from $146,875 in February 2026 to -$564,069 in March 2026.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2026-03 | AVA | $8.91 | $12.40 | -$3.49 |
| 2026-03 | AVRN | $12.56 | $13.57 | -$1.00 |
| 2026-03 | AZPS | $13.03 | $19.21 | -$6.18 |
| 2026-03 | BANC | $19.77 | $22.17 | -$2.39 |
| 2026-03 | BCHA | $14.32 | $14.13 | $0.19 |
| 2026-03 | BPAT | $12.85 | $13.75 | -$0.90 |
| 2026-03 | EPE | $14.42 | $19.58 | -$5.16 |
| 2026-03 | IPCO | $10.15 | $13.80 | -$3.65 |
| 2026-03 | LADWP | $15.71 | $20.34 | -$4.63 |
| 2026-03 | NEVP | $14.36 | $19.50 | -$5.14 |
| 2026-03 | NWMT | $9.07 | $12.81 | -$3.74 |
| 2026-03 | PACE | $10.85 | $15.25 | -$4.40 |
| 2026-03 | PACW | $11.62 | $12.19 | -$0.57 |
| 2026-03 | PGE | $13.72 | $15.47 | -$1.75 |
| 2026-03 | PNM | $10.72 | $16.03 | -$5.31 |
| 2026-03 | PSEI | $11.89 | $12.60 | -$0.71 |
| 2026-03 | SCL | $13.34 | $13.28 | $0.06 |
| 2026-03 | SRP | $15.20 | $20.85 | -$5.65 |
| 2026-03 | TEPC | $15.14 | $18.95 | -$3.80 |
| 2026-03 | TIDC | $20.94 | $23.31 | -$2.37 |
| 2026-03 | TPWR | $11.74 | $12.49 | -$0.75 |
| 2026-03 | WALC | $19.21 | $24.18 | -$4.97 |