Executive Summary

This Report covers market performance for November, 2021. The key market performance highlights are presented here:

CAISO area performance:

  • Peak loads for ISO area were below 30,000 MW in most days of November due to low temperature.
  • Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), PGAE prices were elevated for a few days due to transmission congestion.
  • Congestion rents for interties rose to $9.88 million from $5.14 million in October. Majority of the congestion rents accrued on Malin500 (34 percent) and Palo Verde (55 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $4.64 million, which was allocated to measured demand.
  • The monthly average prices increased for regulation up, regulation down and spin reserve. There were two scarcity events this month.
  • The bid cost recovery inched down to $8.60 million from $9.25 million in October.
  • The real-time energy offset cost slid to -$0.75 million from $1.37 million in October. The real-time congestion offset cost skidded to $1.81 million from $9.92 million in October.
  • The volume of exceptional dispatch increased to 190,201 MWh from 119,098 MWh in October. The main reasons for exceptional dispatch were unit testing, voltage support and planned transmission outage.

Energy Imbalance market (EIM) performance:

  • In the FMM and RTD, ELAP prices for SRP spiked on November 18 due to upward load adjustment, renewable deviation and limited import. In the RTD, the prices for BANC were elevated in two days due to transmission congestion or renewable deviation.
  • The monthly average prices in FMM for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $39.26, $57.21, $40.18, $40.39, $54.07, $39.93, $38.33, $36.57, $39.65, $38.24, $38.05, $38.78, $38.16, $42.87 and $57.27 respectively.
  • The monthly average prices in RTD for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $35.56, $53.73, $38.30, $37.72, $48.45, $36.38, $35.59, $33.68, $36.68, $35.72, $35.53, $35.55, $35.84, $38.98 and $53.84 respectively.
  • Bid cost recovery, real-time imbalance energy offset, and real-rime congestion offset costs for EIM entities (AZPS, BANC, BCHA, IPCO, LADWP, NEVP, NWMT, PACE, PACW, PGE, PNM, PSEI, SCL, SRP and TIDC) were $1.07 million, $9.26 million and -$4.26 million respectively.