Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for May, 2024. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area increased generally in May compared to the previous month due to warm weather.
Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), default load aggregation point (DLAP) prices were generally quiet and prices for PGAE were elevated due to transmission congestion.
The cumulative total congestion rent for interties rose to $1.49 million in May from $0.54 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $11.57 million compared to $11.32 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased for regulation up and non-spinning reserve, and decreased for regulation down and spinning reserve compared to the previous month. The monthly IFM average prices increased for regulation down, and decreased for regulation up, spinning and non-spinning reserves compared to the previous month.
The total bid cost recovery for May decreased to $13.69 million from $14.60 million in the previous month.
The real-time imbalance energy offset costs edged down to -$3.86 million in May from -$3.60 million in the previous month. The real-time congestion offset costs in May increased to $26.42 million from $24.61 million in the previous month.
The total volume of exceptional dispatch in May decreased to 65,380 MWh from 70,255 MWh in the previous month. The majority of the exceptional dispatch volume in May was driven by voltage support (42.2 percent) and unit testing (38.3 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices were generally quiet.
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 1 below.
Bid cost recovery, real-time imbalance energy offset, and real-time imbalance congestion offset costs for WEIM entities were $0.62 million, -$3.21 million and -$15.32 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2024-05 | AVA | $18.01 | $17.71 | $0.30 |
| 2024-05 | AVRN | $17.71 | $16.26 | $1.46 |
| 2024-05 | AZPS | $7.86 | $8.35 | -$0.48 |
| 2024-05 | BANC | $21.38 | $20.01 | $1.37 |
| 2024-05 | BCHA | $27.22 | $26.67 | $0.55 |
| 2024-05 | BPAT | $19.99 | $17.38 | $2.61 |
| 2024-05 | EPE | $13.07 | $17.65 | -$4.58 |
| 2024-05 | IPCO | $13.09 | $12.79 | $0.30 |
| 2024-05 | LADWP | $11.17 | $9.44 | $1.74 |
| 2024-05 | NEVP | $10.11 | $9.37 | $0.73 |
| 2024-05 | NWMT | $17.59 | $18.02 | -$0.43 |
| 2024-05 | PACE | $11.49 | $10.71 | $0.78 |
| 2024-05 | PACW | $17.16 | $15.98 | $1.18 |
| 2024-05 | PGE | $17.42 | $15.88 | $1.54 |
| 2024-05 | PNM | $9.86 | $12.30 | -$2.44 |
| 2024-05 | PSEI | $18.45 | $16.31 | $2.14 |
| 2024-05 | SCL | $17.48 | $16.10 | $1.38 |
| 2024-05 | SRP | $9.66 | $13.16 | -$3.50 |
| 2024-05 | TEPC | $11.24 | $13.80 | -$2.56 |
| 2024-05 | TIDC | $20.89 | $18.63 | $2.27 |
| 2024-05 | TPWR | $17.88 | $16.52 | $1.36 |
| 2024-05 | WALC | $10.12 | $8.93 | $1.19 |