Section 3 Market Performance Metrics
Day-Ahead Prices
Figure 3.1 shows the daily simple average prices for all hours in IFM for each of the four default load-aggregation points (DLAP): PG&E, SCE, SDG&E, and VEA.
Average Day-Ahead DLAP prices in PGAE, SCE, SDGE, and VEA all decreased from February 2026 to March 2026. This downward trend was likely driven by increased renewable generation, which suppressed Locational Marginal Prices (LMPs).
TABLE 3.1 below lists the binding constraints that resulted in relatively high or low DLAP prices on certain dates.
Figure 3.1: IFM (Day-Ahead) Simple Average DLAP Prices (All Hours)
| DLAP LMPs Affected | Dates | Transmission Constraint |
|---|---|---|
| PGAE | Mar 1 | MIDWAY-VINCENT-500kV line |
| VEA; PGAE | Mar 2 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 17 and on the METCALF-METCALF-230 XFMR from HE 8 to HE 21 |
| PGAE | Mar 3 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 16 and on the GATES1-MIDWAY-500kV line from HE 8 to HE 16 |
| PGAE | Mar 4 | GATES1-MIDWAY-500kV line from HE 8 to HE 17 |
| PGAE | Mar 5 | METCALF-METCALF-230 XFMR from HE 8 to HE 22 and on the MOSSLD-LASAGUIL-230kV line from HE 9 to HE 17 |
| SCE | Mar 12 | LITEHIPE-MESA-CAL-230kV line from HE 11 to HE 18 |
| PGAE; SDGE; SCE; VEA | Mar 13 | MIGUEL_BKs_MXFLW_NG nomogram binding from HE 8 to HE 18 |
| PGAE; VEA | Mar 17 | TESLA-LOSBANOS-500kV line from HE 9 to HE 16 and on the MOSSLD-LASAGUIL-230kV line from HE 10 to HE 17 |
| PGAE | Mar 18 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 19 |
| PGAE | Mar 19 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 18 and on the NWK DIST-LS ESTRS-230kV line from HE 1 to HE 15 |
| PGAE | Mar 20-22 | NWK DIST-LS ESTRS-230kV line from HE 1 to HE 24 |
| PGAE | Mar 23-25 | MOSSLD-LASAGUIL 230 kV line from HE 9 to HE 19 |
| PGAE | Mar 26 | NWK-DIST-LS-ESTRS 230 kV line from HE 1 to HE 20 |
| PGAE | Mar 27 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 17 |
| PGAE | Mar 30 | METCALF-METCALF-230 XFMR from HE 9 to HE 19 |
| VEA | Mar 31 | SPRINGVL-BIG CRK4-230kV line from HE 1 to HE 24 |
Real-Time Price
Figure 3.2 shows daily simple average prices for all four DLAPs (PG&E, SCE, SDG&E, and VEA) for all hours respectively in FMM.
Average FMM DLAP prices across PGAE, SCE, SDGE, and VEA decreased relative to the previous month.
TABLE 3.2 below lists the binding constraints that resulted in relatively high or low DLAP prices on certain dates.
Figure 3.2: FMM Simple Average DLAP Prices (All Hours)
| DLAP LMPs Affected | Dates | Transmission Constraint |
|---|---|---|
| PGAE | Mar 1 | MIDWAY-VINCENT-500kV line from HE 8 to HE 16 |
| PGAE | Mar 2-3 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 17 and on the TESLA-LOSBANOS-500kV line from HE 9 to HE 17 |
| PGAE | Mar 4 | GATES1-MIDWAY-500kV line from HE 9 to HE 20 |
| PGAE | Mar 5 | MOSSLD-LASAGUIL-230kV line from HE 8 to HE 11 |
| PGAE | Mar 9 | MIDWAY-VINCENT-500kV line from HE 1 to HE 7 |
| PGAE | Mar 10-11 | TESLA-LOSBANOS-500kV line from HE 9 to HE 17 |
| PGAE; SDGE; SCE; VEA | Mar 13 | MIGUEL_BKs_MXFLW_NG nomogram binding from HE 8 to HE 18 |
| PGAE; SDGE; SCE; VEA | Mar 14 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 11 and on the METCALF-METCALF-230 XFMR from HE 21 to HE 23 |
| PGAE | Mar 15 | 6410_CP10_NG nomogram binding from HE 1 to HE 18 and 6410_CP5_NG binding in HE 24 |
| PGAE; SDGE; SCE; VEA | Mar 16 | LOSBANOS-PANOCHE-230kV line from HE 9 to HE 18 |
| PGAE | Mar 17 | 8610_SylmarBNK_N-S_Import_NG nomogram binding from HE 1 to HE 24 |
| PGAE | Mar 18 | NWK-DIST-LS-ESTRS-230kV line from HE 17 to HE 24 |
| PGAE | Mar 19 | NWK DIST-LS ESTRS-230kV line from HE 1 to HE 24 |
| PGAE; SDGE; SCE; VEA | Mar 20 | 6410_CP5_NG nomogram binding from HE 1 to HE 23 |
| PGAE | Mar 21-22 | 7440_MetcalfImport_Tes-Metcalf nomogram binding from HE 8 to HE 19 |
| PGAE | Mar 23-26 | MOSSLD-LASAGUIL 230 kV line from HE 9 to HE 19 |
| PGAE | Mar 27 | RIO OSO-BRNSWKT2-115kV line from HE 3 to HE 6 |
| PGAE | Mar 28-29 | COI_600-N-S nomogram binding from HE 8 to HE 24 |
| PGAE; SDGE; SCE; VEA | Mar 30 | 8610_SylmarBNK_N-S_Import_NG nomogram binding from HE 8 to HE 17 |
Figure 3.3 below shows the daily frequency of positive price spikes and negative prices by price range for the DLAPs in the FMM.
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.
Figure 3.3: Daily Frequency of FMM DLAP Positive Price Spikes and Negative Prices
Figure 3.4 shows daily simple average prices for all the DLAPs (PG&E, SCE, SDG&E, and VEA) for all hours respectively in RTD.
Average RTD DLAP prices across PGAE, SCE, and VEA decreased relative to the previous month, while increased in SDGE.
TABLE 3.3 below lists the binding constraints that resulted in relatively high or low DLAP prices on certain dates.
Figure 3.4: RTD Simple Average DLAP Prices (All Hours)
| DLAP LMPs Affected | Dates | Transmission Constraint |
|---|---|---|
| PGAE | Mar 1 | MIDWAY-VINCENT-500kV line from HE 8 to HE 15 |
| PGAE | Mar 2-3 | MOSSLD-LASAGUIL-230kV line from HE 8 to HE 17 and on the TESLA-LOSBANOS-500kV line from HE 9 to HE 16 |
| PGAE | Mar 4-5 | GATES1-MIDWAY-500kV line from HE 8 to HE 19 |
| PGAE | Mar 10 | TESLA-LOSBANOS-500kV line from HE 9 to HE 18 |
| PGAE; SDGE; SCE; VEA | Mar 13 | MIGUEL_BKs_MXFLW_NG nomogram binding from HE 8 to HE 17 |
| PGAE | Mar 14 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 12 and on the METCALF-METCALF-230 XFMR from HE 20 to HE 22 |
| PGAE | Mar 15 | 6410_CP10_NG nomogram binding from HE 1 to HE 18 and 6410_CP5_NG binding from HE 23 to HE 24 |
| PGAE; SDGE; SCE; VEA | Mar 16 | LOSBANOS-PANOCHE-230kV line from HE 9 to HE 18 |
| PGAE | Mar 17 | 8610_SylmarBNK_N-S_Import_NG nomogram binding from HE 1 to HE 24 |
| PGAE | Mar 18 | 7440_MetcalfImport_Tes-Metcalf nomogram from HE 9 to HE 20 |
| PGAE; SDGE; SCE; VEA | Mar 19 | MOSSLD-LASAGUIL-230kV line from HE 9 to HE 19 |
| PGAE | Mar 20 | 6410_CP5_NG nomogram binding from HE 1 to HE 23 |
| PGAE | Mar 21-22 | 7440_MetcalfImport_Tes-Metcalf nomogram binding from HE 9 to HE 19 |
| PGAE | Mar 23-26 | MOSSLD-LASAGUIL 230 kV line from HE 9 to HE 19 |
| SDGE | Mar 27 | 7820_TL-50002_IV-NG-OUT_SOS nomogram binding from HE 1 to HE 21 |
| PGAE | Mar 28-29 | COI_600-N-S nomogram binding from HE 8 to HE 24 |
| PGAE; SDGE; SCE; VEA | Mar 30 | 8610_SylmarBNK_N-S_Import_NG nomogram binding from HE 8 to HE 17 |
Figure 3.5 below shows the daily frequency of positive price spikes and negative prices by price range for the DLAPs in RTD.
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.
Figure 3.5: Daily Frequency of RTD DLAP Positive Price Spikes and Negative Prices
