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, 2024. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area stayed below 30,000 MW this month due to cooler weather.
Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices for PGAE were elevated for a few days due to transmission congestion.
The cumulative total congestion rent for interties rose to $1.01 million in November from $0.53 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $5.31 million in November compared to $6.37 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement decreased for spin reserve compared to the previous month. The monthly IFM average prices decreased for regulation up, regulation down and spin in November compared to the previous month.
The total bid cost recovery for November declined to $12.97 million from $13.99 million in the previous month.
The real-time imbalance energy offset costs dropped to -$4.77 million in November from $2.72 million in the previous month. The real-time congestion offset costs in November inched up to $22.09 million from $21.35 million in the previous month.
The total volume of exceptional dispatch in November fell to 83,373 MWh from 101,393 MWh in the previous month. The majority of the exceptional dispatch volume in November was driven by planned transmission outage (30.7 percent) and voltage support (57.4 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices for PNM spiked for a few days due to tight supply driven by limited WEIM transfer and VER deviation.
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 $1.07 million, $1.94 million and -$12.07 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2024-11 | AVA | $36.20 | $35.56 | $0.64 |
| 2024-11 | AVRN | $37.21 | $36.65 | $0.56 |
| 2024-11 | AZPS | $25.84 | $26.50 | -$0.66 |
| 2024-11 | BANC | $46.29 | $45.39 | $0.90 |
| 2024-11 | BCHA | $34.95 | $34.64 | $0.31 |
| 2024-11 | BPAT | $36.58 | $35.40 | $1.18 |
| 2024-11 | EPE | $26.69 | $26.92 | -$0.23 |
| 2024-11 | IPCO | $34.37 | $34.38 | -$0.01 |
| 2024-11 | LADWP | $35.94 | $36.20 | -$0.26 |
| 2024-11 | NEVP | $28.93 | $29.48 | -$0.54 |
| 2024-11 | NWMT | $33.31 | $33.71 | -$0.39 |
| 2024-11 | PACE | $31.04 | $30.90 | $0.13 |
| 2024-11 | PACW | $35.91 | $36.43 | -$0.52 |
| 2024-11 | PGE | $35.85 | $35.33 | $0.51 |
| 2024-11 | PNM | $56.73 | $50.27 | $6.46 |
| 2024-11 | PSEI | $35.39 | $34.44 | $0.95 |
| 2024-11 | SCL | $35.72 | $35.09 | $0.63 |
| 2024-11 | SRP | $26.20 | $27.05 | -$0.85 |
| 2024-11 | TEPC | $26.60 | $28.13 | -$1.54 |
| 2024-11 | TIDC | $46.92 | $46.09 | $0.83 |
| 2024-11 | TPWR | $36.06 | $35.12 | $0.94 |
| 2024-11 | WALC | $26.18 | $26.55 | -$0.37 |