Executive Summary

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

CAISO area performance:

  • Peak loads for ISO area declined in October due to cooler weather.
  • Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), PGAE prices were elevated for much of this month due to transmission congestion.
  • Congestion rents for interties dropped to $5.14 million from $16.82 million in September. Majority of the congestion rents accrued on Malin500 (39 percent) and Palo Verde (48 percent) intertie.
  • In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $5.07 million, which was allocated to measured demand.
  • The monthly average prices decreased for regulation up, spin and non-spin reserves. There were no scarcity events this month.
  • The bid cost recovery skidded to $9.25 million from $19.86 million in September.
  • The real-time energy offset cost fell to $1.37 million from $7.03 million in September. The real-time congestion offset cost rose to $9.92 million from $6.77 million in September.
  • The volume of exceptional dispatch slid to 119,098 MWh from 164,400 MWh in September. The main reasons for exceptional dispatch were unit testing, voltage support and planned transmission outage.

Energy Imbalance market (EIM) performance:

  • In the FMM, ELAP prices for NWMT were elevated in a few days due to limited EIM transfer capability, upward load adjustment and renewable deviation. In the RTD, October 25 saw price spike for LADWP due to tight supply.
  • 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 $42.18, $70.82, $49.59, $54.80, $56.26, $45.47, $79.23, $41.54, $52.56, $52.90, $41.54, $47.60, $47.40, $42.11 and $75.00 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 $37.67, $65.59, $47.04, $51.54, $51.24, $40.40, $53.70, $38.12, $50.39, $50.49, $38.45, $43.65, $43.63, $37.06 and $70.20 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 $1.79 million, $0.46 million and -$5.41 million respectively.