Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for November, 2023. The key market performance highlights are presented here:
CAISO area performance:
- Peak loads for ISO area decreased in November due to lower 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 decreased compared to the previous month for SDG&E. Prices did not follow consistent behavior across the three markets for PG&E, SCE and VEA.
- The cumulative total congestion rent for interties in November decreased to $0.39 million from $2.16 million in the previous month. Majority of the congestion rent in November accrued on MALIN500_ISL (56 percent), COTPISO_ITC (26 percent) and IPPUTAH_ITC (18 percent) interties.
- In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $5.85 million compared to $33.50 million in the previous month, which was allocated to measured demand.
- The monthly average prices decreased for all four ancillary services compared to the previous month. There were no scarcity events this month.
- The total bid cost recovery for November decreased to $31.37 million from $43.23 million in the previous month.
- The real-time imbalance energy offset costs increased to $6.46 million in November from $5.08 million in the previous month. The real-time congestion offset costs in November decreased to $12.19 million from $39.88 million in the previous month.
- The total volume of exceptional dispatch in November decreased to 45,000 MWh from 86,500 MWh in the previous month. The majority of the exceptional dispatch volumes in November were driven by voltage support (35.3 percent), Ramping Capacity (26.3 percent) and reliability assessment (20.6 percent).
Western Energy Imbalance Market (WEIM) performance:
- In the FMM and RTD, ELAP prices in November increased for about half the WEIM Entities and decreased for the other half. Prices were lower but more volatile than the previous year.
- 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.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2023-11 | AVA | $54.98 | $55.48 | -$0.50 |
| 2023-11 | AVRN | $56.34 | $55.47 | $0.87 |
| 2023-11 | AZPS | $44.82 | $46.38 | -$1.56 |
| 2023-11 | BANC | $62.06 | $61.80 | $0.27 |
| 2023-11 | BCHA | $98.36 | $100.62 | -$2.26 |
| 2023-11 | BPAT | $56.83 | $55.56 | $1.27 |
| 2023-11 | EPE | $20.36 | $22.78 | -$2.42 |
| 2023-11 | IPCO | $53.49 | $53.70 | -$0.20 |
| 2023-11 | LADWP | $52.08 | $52.81 | -$0.72 |
| 2023-11 | NEVP | $47.89 | $49.82 | -$1.93 |
| 2023-11 | NWMT | $54.24 | $54.91 | -$0.67 |
| 2023-11 | PACE | $45.73 | $46.69 | -$0.96 |
| 2023-11 | PACW | $55.04 | $54.37 | $0.66 |
| 2023-11 | PGE | $55.21 | $54.30 | $0.91 |
| 2023-11 | PNM | $49.78 | $50.97 | -$1.19 |
| 2023-11 | PSEI | $58.46 | $55.67 | $2.79 |
| 2023-11 | SCL | $54.77 | $55.04 | -$0.28 |
| 2023-11 | SRP | $44.47 | $48.67 | -$4.19 |
| 2023-11 | TEPC | $44.74 | $45.94 | -$1.20 |
| 2023-11 | TIDC | $62.87 | $62.70 | $0.17 |
| 2023-11 | TPWR | $55.31 | $54.47 | $0.84 |
| 2023-11 | WALC | $45.34 | $47.17 | -$1.83 |
- Bid cost recovery, real-time imbalance energy offset, and real-time imbalance congestion offset costs for WEIM entities were $3.20 million, $5.49 million and -$29.43 million, respectively.