Executive Summary
This Report covers market performance for May, 2023. The key market performance highlights are presented here:
CAISO area performance:
- Peak loads for ISO area increased in May due to an uptick in temperatures.
- Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), default load aggregation point (DLAP) prices on average fell compared to the previous month, correlated with declining natural gas prices.
- The cumulative total congestion rent for interties in May increased to $5.28 million from $0.10 million in the previous month. Majority of the congestion rents in May accrued on NOB (51 percent), Malin (48 percent) and COTPISO (1 percent) interties.
- In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $14.77 million compared to $18.77 million in the previous month, which was allocated to measured demand.
- The monthly average prices for all ancillary services decreased in May compared to the previous month. There was no scarcity event this month.
- The total bid cost recovery for May dropped to $11.85 million from $15.42 million in the previous month.
- The real-time imbalance energy offset costs decreased to $4.25 million in May from $6.05 million in the previous month. The real-time congestion offset costs dropped to $8.45 million from $36.42 million in the previous month.
- The total volume of exceptional dispatch in May decreased to 38,900 MWh from 65,500 MWh in the previous month. The majority of the exceptional dispatch volumes in May were driven by planned transmission outage (64.5 percent), reliability assessment (17.2 percent) and voltage support (6.81 percent).
Western Energy Imbalance Market (WEIM) performance:
- In the FMM and RTD, ELAP prices in April were similar to the previous month, though prices experienced greater volatility than the previous month. Prices were similar to the previous year.
- The monthly average ELAP prices in FMM and RTD for WEIM entities are shown in Table 1 below.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2023-05 | AVA | $11.58 | $9.61 | $1.97 |
| 2023-05 | AVRN | $6.61 | $6.07 | $0.53 |
| 2023-05 | AZPS | $17.17 | $14.88 | $2.29 |
| 2023-05 | BANC | $18.53 | $15.65 | $2.89 |
| 2023-05 | BCHA | $14.31 | $13.56 | $0.76 |
| 2023-05 | BPAT | $5.38 | $4.43 | $0.96 |
| 2023-05 | EPE | $18.10 | $15.76 | $2.34 |
| 2023-05 | IPCO | $16.39 | $13.29 | $3.10 |
| 2023-05 | LADWP | $20.18 | $15.88 | $4.30 |
| 2023-05 | NEVP | $17.47 | $13.95 | $3.52 |
| 2023-05 | NWMT | $12.59 | $9.49 | $3.10 |
| 2023-05 | PACE | $18.14 | $13.85 | $4.29 |
| 2023-05 | PACW | $5.85 | $5.53 | $0.32 |
| 2023-05 | PGE | $9.10 | $9.36 | -$0.26 |
| 2023-05 | PNM | $17.36 | $13.99 | $3.37 |
| 2023-05 | PSEI | $8.33 | $6.76 | $1.57 |
| 2023-05 | SCL | $6.12 | $5.36 | $0.76 |
| 2023-05 | SRP | $22.01 | $23.56 | -$1.55 |
| 2023-05 | TEPC | $21.19 | $19.68 | $1.52 |
| 2023-05 | TIDC | $18.54 | $15.95 | $2.59 |
| 2023-05 | TPWR | $6.08 | $5.30 | $0.78 |
| 2023-05 | WALC | $19.89 | $19.25 | $0.64 |
- Bid cost recovery, real-time imbalance energy offset, and real-time imbalance congestion offset costs for WEIM entities were $2.25 million, $2.04 million and -$13.06 million, respectively.