Department of Market Monitoring 2025 Q3 Report on Market Issues and Performance, call on 1/8/26

The California ISO Department of Market Monitoring has published the 2025 Third Quarter Report on Market Issues and Performance and has scheduled a stakeholder web conference on Jan. 8, 2026 to discuss reported analysis and findings.

The report covers market results for the period from July to September 2025. Prices across the Western Energy Imbalance Market (WEIM) averaged about $36/MWh, down 4 percent compared to the third quarter of 2024, despite higher natural gas prices at most major Western hubs.

The report includes a new structural analysis of market power in the real-time market across the WEIM footprint and a study of the causes of persistently high real-time congestion imbalance offset charges for balancing areas in the day-ahead market.

Information related to market monitoring is available on the Market Monitoring webpage.