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, 2025. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area reduced a little in November compared to the previous month.
The cumulative total congestion rent for interties decreased from $0.216 million in October to $0.2 million in November. Majority of the congestion rents in November accrued on MALIN500_ISL(80%), IPPUTAH_ITC(14%) and NOB_ITC(5.95%). Congestion rents on the MALIN500_ISL increased from zero in October to $159,966 in November, while the congestion rent on IPPUTAH_ITC decreased from $216,430 in October to $28,005 in November. Congestion rent of NOB_ITC increased from 0 in October to $11,883 in November.
Average Day-Ahead DLAP prices in PGAE increased relative to the previous month, aligning with the increase of gas price. Similar pattern were observed in both FMM and RTD.
Net Monthly Balancing Surplus in November was $81,176. The auction revenues credited to the balancing account for November were $6.37 million. As a result, the balancing account had a surplus of approximately $6.46 million compared to $8.09 million in the previous month, which was allocated to measured demand.
In November the monthly IFM average procurement increased for regulation up, regulation down and spinning, while decreased for non-spinning reserves compared to the previous month. The monthly IFM average prices decreased for regulation up and regulation down, while increased for spinning and non-spinning reserves compared to the previous month.
The total bid cost recovery decreased from $10.4 million in October to $9.71 million in November. Out of the total monthly bid cost recovery payment for the three markets in November, the IFM market contributed 31.6 percent, RUC contributed 29.3 percent, and RTM contributed 39.1 percent of the total bid cost recovery payment.
RTIEO increased from -$3.07 million in October to $0.858 million in November. RTCO decreased from $16 million in October to $11.1 million in November.
The monthly exceptional dispatch uplift payments increased from $426,266 in October to $1,095,398 in November, which was mainly caused by voltage support in this month.
The number of market disruptions decreased from 38 in October to 35 in November. On Nov 2, there were 13 (13 RTD) disruptions due to implementation of a market software patch. On Nov 10, there were 10 (7 RTD, 2 FMM and 1 HASP) interval disruptions due to implementation of a market software patch.
The total volume of exceptional dispatch decreased from 111,869 MWh in October to 101,920 MWh in November. There was a spike on November 22 due to planned transmission outage.
The curtailment of renewable energy decreased in November compared to the previous month. Most curtailments continued to be solar.
Western Energy Imbalance Market (WEIM) performance:
The FMM, RTPD and RTD ELAP prices in November increased for all BAA. Besides, ELAP prices 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. The cumulative frequency of FMM ELAP prices above $250/MWh decreased from 0.0779 percent in October to 0.06 percent in November. The cumulative frequency of negative FMM ELAP prices decreased from 3.59 percent in October to 0.892 percent in November. The cumulative frequency of RTD ELAP prices above $250/MWh decreased from 0.082 percent in October to 0.0463 percent in November. The cumulative frequency of RTD ELAP negative prices decreased from 4.45 percent in October to 1.4 percent in November.
Total WEIM RTIEO increased from $2.06 million in October to $3.37 million in November. Total WEIM RTCO increased from -$7.6 million in October to -$4.81 million in November.
Total WEIM BCR increased from $0.755 million in October to $1.71 million in November.
Total flexible ramping up uncertainty payment decreased from $0.32 million in October to $0.304 million in November.
Total flexible ramping down uncertainty payment increased from $4,330 in October to $4,643 in November.
Total forecast payment increased from $58,004 in October to $214,221 in November.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2025-11 | AVA | $38.35 | $39.17 | -$0.82 |
| 2025-11 | AVRN | $40.10 | $40.27 | -$0.17 |
| 2025-11 | AZPS | $33.92 | $35.22 | -$1.30 |
| 2025-11 | BANC | $48.61 | $48.83 | -$0.22 |
| 2025-11 | BCHA | $39.49 | $39.37 | $0.12 |
| 2025-11 | BPAT | $41.31 | $42.96 | -$1.64 |
| 2025-11 | EPE | $34.52 | $32.81 | $1.71 |
| 2025-11 | IPCO | $36.37 | $37.12 | -$0.75 |
| 2025-11 | LADWP | $43.89 | $44.03 | -$0.13 |
| 2025-11 | NEVP | $34.88 | $37.16 | -$2.27 |
| 2025-11 | NWMT | $37.77 | $38.61 | -$0.84 |
| 2025-11 | PACE | $34.15 | $35.50 | -$1.35 |
| 2025-11 | PACW | $39.06 | $39.07 | -$0.01 |
| 2025-11 | PGE | $38.94 | $39.24 | -$0.30 |
| 2025-11 | PNM | $31.23 | $31.82 | -$0.59 |
| 2025-11 | PSEI | $38.73 | $39.11 | -$0.38 |
| 2025-11 | SCL | $38.66 | $39.07 | -$0.41 |
| 2025-11 | SRP | $34.05 | $35.47 | -$1.42 |
| 2025-11 | TEPC | $34.36 | $35.24 | -$0.88 |
| 2025-11 | TIDC | $48.54 | $48.69 | -$0.15 |
| 2025-11 | TPWR | $38.65 | $38.95 | -$0.30 |
| 2025-11 | WALC | $33.13 | $34.37 | -$1.24 |