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, 2025. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area increased slightly in May compared to the previous month possibly due to higher air-conditioning cooling demand as well as increase in industrial load.
Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), default load aggregation point (DLAP) prices on average increased compared to the previous month, correlated with an increase in load.
The cumulative total congestion rent for interties increased to $2.49 million in May from $1.89 million in the previous month. Majority of the congestion rents in May accrued on MALIN500_ISL(42.5%), NOB_ITC(23%) and PALOVRDE_ITC(33.3%). The congestion rent on MALIN500_ISL inter-tie in May increased to $1,058,121 from $947,693 in the previous month, while corresponding value of PALOVRDE_ITC in May increased to $827,875 from $0 in the April.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $12.45 million compared to $12.05 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement increased for spinning, and decreased for regulation up, regulation down and non-spinning reserves compared to the previous month. The monthly IFM average prices decreased for regulation up, regulation down and spinning reserves, and increased for non-spinning reserves compared to the previous month.
The total bid cost recovery for May decreased to $9.44 million from $11.72 million in the previous month. Out of the total monthly bid cost recovery payment for the three markets in May, the IFM market contributed 22.4 percent, RUC contributed 29.1 percent, and RTM contributed 48.5 percent of the total bid cost recovery payment.
Total WEIM RTIEO in May increased to $0.72 million from $0.342 million in the previous month. Total WEIM RTICO increased to -$0.0697 million in May from -$9.26 million in the previous month.
The total volume of exceptional dispatch in May decreased to 73,356 MWh from 78,151 MWh in the previous month. There was a spike on May 22 due to the unexpected large load. The majority of the exceptional dispatch volumes in May were driven by planned transmission outage (56.7 percent), voltage support (25.2 percent), and reliability assessment (19.3).
Western Energy Imbalance Market (WEIM) performance:
The FMM ELAP prices in May increased for most entities, except IPCO and SRP, and were similarly volatile compared to the previous month. The RTD ELAP prices in May increased for half entities, except AVA, BANC, IPCO, NEVP, SRP and TIDC, and were similarly volatile compared to the previous month.
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, flexible ramping up uncertainty payment, flexible ramping down uncertainty payment and forecast payment for WEIM entities were $0.659 million, $0.312 million, $76,149 and -$1.15 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2025-05 | AVA | $24.47 | $24.68 | -$0.22 |
| 2025-05 | AVRN | $26.97 | $26.18 | $0.79 |
| 2025-05 | AZPS | $19.30 | $19.98 | -$0.67 |
| 2025-05 | BANC | $29.47 | $29.21 | $0.26 |
| 2025-05 | BCHA | $28.70 | $28.09 | $0.60 |
| 2025-05 | BPAT | $29.24 | $27.71 | $1.53 |
| 2025-05 | EPE | $26.11 | $26.95 | -$0.84 |
| 2025-05 | IPCO | $24.99 | $26.80 | -$1.82 |
| 2025-05 | LADWP | $27.16 | $27.09 | $0.06 |
| 2025-05 | NEVP | $23.91 | $24.72 | -$0.81 |
| 2025-05 | NWMT | $23.72 | $25.26 | -$1.53 |
| 2025-05 | PACE | $23.44 | $25.09 | -$1.65 |
| 2025-05 | PACW | $25.97 | $25.09 | $0.88 |
| 2025-05 | PGE | $26.02 | $25.28 | $0.74 |
| 2025-05 | PNM | $18.76 | $19.60 | -$0.84 |
| 2025-05 | PSEI | $27.26 | $26.26 | $1.00 |
| 2025-05 | SCL | $26.28 | $25.38 | $0.90 |
| 2025-05 | SRP | $20.22 | $22.70 | -$2.48 |
| 2025-05 | TEPC | $20.40 | $22.72 | -$2.33 |
| 2025-05 | TIDC | $30.20 | $29.78 | $0.42 |
| 2025-05 | TPWR | $26.46 | $25.65 | $0.81 |
| 2025-05 | WALC | $19.22 | $19.80 | -$0.58 |