Executive Summary
The purpose of this report is to provide market participants a monthly summary of day-ahead and real-time markets performance for October, 2023. The key market performance highlights are presented here:
CAISO area performance:
- Peak loads for ISO area decreased in October 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 increased compared to the previous month and were more volatile, correlated with rising natural gas prices.
- The cumulative total congestion rent for interties in October increased to $2.16 million from $1.09 million in the previous month. Majority of the congestion rent in October accrued on Palo Verde (90 percent) and IPP Utah (5 percent) interties.
- In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $25.57 million compared to $2.24 million in the previous month, which was allocated to measured demand.
- The monthly average prices increased for all four ancillary services compared to the previous month. There were no scarcity events this month.
- The total bid cost recovery for October increased to $43.23 million from $19.87 million in the previous month.
- The real-time imbalance energy offset costs increased to $5.08 million in October from -$0.63 million in the previous month. The real-time congestion offset costs in October increased to $39.88 million from $8.12 million in the previous month.
- The total volume of exceptional dispatch in October increased to 86,500 MWh from 46,200 MWh in the previous month. The majority of the exceptional dispatch volumes in October were driven by planned transmission outage (28.0 percent), voltage support (21.9 percent), and reliability assessment (16.5 percent).
Western Energy Imbalance Market (WEIM) performance:
- In the FMM and RTD, ELAP prices in October increased and were more volatile than the previous month. Prices were similar to 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 |
|---|---|---|---|---|
| 2023-10 | AVA | $63.37 | $68.00 | -$4.64 |
| 2023-10 | AVRN | $63.39 | $67.93 | -$4.53 |
| 2023-10 | AZPS | $34.19 | $40.42 | -$6.24 |
| 2023-10 | BANC | $59.25 | $56.99 | $2.27 |
| 2023-10 | BCHA | $101.86 | $101.86 | $0.00 |
| 2023-10 | BPAT | $65.43 | $69.51 | -$4.09 |
| 2023-10 | EPE | $30.09 | $33.39 | -$3.30 |
| 2023-10 | IPCO | $55.95 | $60.75 | -$4.80 |
| 2023-10 | LADWP | $44.79 | $50.58 | -$5.80 |
| 2023-10 | NEVP | $37.51 | $43.55 | -$6.04 |
| 2023-10 | NWMT | $62.51 | $67.54 | -$5.03 |
| 2023-10 | PACE | $40.29 | $44.24 | -$3.95 |
| 2023-10 | PACW | $63.86 | $68.50 | -$4.64 |
| 2023-10 | PGE | $64.64 | $68.70 | -$4.07 |
| 2023-10 | PNM | $39.96 | $46.18 | -$6.22 |
| 2023-10 | PSEI | $68.94 | $74.35 | -$5.41 |
| 2023-10 | SCL | $63.93 | $68.49 | -$4.56 |
| 2023-10 | SRP | $33.99 | $37.51 | -$3.53 |
| 2023-10 | TEPC | $32.58 | $37.73 | -$5.15 |
| 2023-10 | TIDC | $60.20 | $58.09 | $2.11 |
| 2023-10 | TPWR | $64.38 | $68.71 | -$4.33 |
| 2023-10 | WALC | $33.59 | $38.24 | -$4.65 |
- Bid cost recovery, real-time imbalance energy offset, and real-time imbalance congestion offset costs for WEIM entities were $1.44 million, $2.20 million and -$33.98 million, respectively.