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, 2024. The key market performance highlights are presented here:
CAISO area performance:
Peak loads for ISO area declined in October, falling below 35,000 MW since October 9.
Across the integrated forward market (IFM), fifteen-minute market (FMM) and real-time dispatch market (RTD), prices for PGAE were elevated due to transmission congestion.
The cumulative total congestion rent for interties dropped to $0.53 million in October from $4.11 million in the previous month.
In the congestion revenue rights (CRR) market, the balancing account had a surplus of approximately $6.37 million in October compared to $9.20 million in the previous month, which was allocated to measured demand.
The monthly IFM average procurement decreased for all four types of ancillary services compared to the previous month. The monthly IFM average prices also fell for all four types of ancillary services compared to the previous month.
The total bid cost recovery for October increased to $13.65 million from $12.52 million in the previous month.
The real-time imbalance energy offset costs declined to $1.48 million in October from $2.05 million in the previous month. The real-time congestion offset costs in October rose to $23.04 million from $8.76 million in the previous month.
The total volume of exceptional dispatch in October dropped to 101,393 MWh from 107,214 MWh in the previous month. The majority of the exceptional dispatch volume in October was driven by planned transmission outage (37.9 percent) and voltage support (42.1 percent).
Western Energy Imbalance Market (WEIM) performance:
In the FMM and RTD, ELAP prices for AVA, AVRN, BANC and TIDC spiked on October 7 due to transmission congestion, import reduction 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 $1.23 million, $3.51 million and -$6.69 million, respectively.
| Month | WEIM | FMM ELAP Prices | RTD ELAP Prices | Price Difference |
|---|---|---|---|---|
| 2024-10 | AVA | $38.55 | $37.48 | $1.07 |
| 2024-10 | AVRN | $39.80 | $38.61 | $1.19 |
| 2024-10 | AZPS | $30.34 | $30.31 | $0.02 |
| 2024-10 | BANC | $55.77 | $52.01 | $3.76 |
| 2024-10 | BCHA | $36.28 | $36.09 | $0.19 |
| 2024-10 | BPAT | $39.99 | $38.16 | $1.83 |
| 2024-10 | EPE | $27.20 | $27.00 | $0.20 |
| 2024-10 | IPCO | $36.81 | $35.74 | $1.07 |
| 2024-10 | LADWP | $39.82 | $39.42 | $0.39 |
| 2024-10 | NEVP | $33.13 | $32.76 | $0.37 |
| 2024-10 | NWMT | $29.69 | $31.38 | -$1.69 |
| 2024-10 | PACE | $34.96 | $34.38 | $0.58 |
| 2024-10 | PACW | $38.63 | $37.80 | $0.83 |
| 2024-10 | PGE | $38.52 | $37.59 | $0.93 |
| 2024-10 | PNM | $27.22 | $26.78 | $0.43 |
| 2024-10 | PSEI | $38.31 | $37.25 | $1.06 |
| 2024-10 | SCL | $39.71 | $38.29 | $1.42 |
| 2024-10 | SRP | $30.44 | $30.15 | $0.29 |
| 2024-10 | TEPC | $27.51 | $27.48 | $0.03 |
| 2024-10 | TIDC | $61.17 | $57.02 | $4.15 |
| 2024-10 | TPWR | $38.27 | $37.16 | $1.11 |
| 2024-10 | WALC | $31.61 | $31.58 | $0.04 |