Velocity Suite Monthly ISO Summary – June 2017



Overall Summary
 

Overall Monthly Summary Statistics (click to enlarge)
* Not all Generation reported, PJM and ERCOT only report wind generation until mid-month
** Average LMP represents all price nodes in ISO region regardless of node type
*** All prices denoted in $/MWh

 
In June, PJM, ERCOT and CAISO saw surpluses in net generation, resulting in net exports. Positive DA-RT LMP spreads were observed in all ISOs. The highest LMP spread of the month was in CAISO, where the average day-ahead price exceeded the average real-time price by $5.42. Highest reported total generation was in PJM, with over 70,825 GW.
 
Total Load Summary
 

Monthly Load Summary by ISO (click to enlarge)
 
PJM saw the highest average hourly load of 93 GW. This compares to 79 GW in May, an increase of 18.43% month-over-month (M/M), and 94 GW in June of last year, a 0.2% decrease year-over-year (Y/Y). Overall M/M and Y/Y statistics for all ISOs can be found below.
 

Average Load Statistics (click to enlarge)
 
Only ERCOT and New England ISO experienced Y/Y increases in average load for June. However, all ISOs saw rises in June M/M compared to May.
 
Total Price Summary
 

LMP Price Summary by ISO, Market, and Peak Type (click to enlarge)
 
Average off-peak day-ahead LMP prices in June were higher than real-time in each ISO except ERCOT. The largest off-peak spread was observed in SPP, where the RT5AVG real-time LMP underperformed the day-ahead market by 3.47 $/MWh.
 
Average on-peak day-ahead LMP prices were higher than real-time in most ISOs; only SPP and NYISO experienced negative DA-RT spreads. The largest on-peak spread was observed in CAISO, where the RT5AVG real-time LMP underperformed the day-ahead market by 10.05 $/MWh.
 
Overall, the highest LMPs (both on-peak and off-peak) were observed in CAISO. Varying temperatures throughout the year can contribute to volatility in LMP prices. Northeastern regions tend to see LMP spikes in the winter, when lower temperatures prohibit the transfer and production of natural gas; central and southern regions often see LMP spikes in the summer when blistering temperatures cause transmission lines to sag. Average temperature statistics and their year-over-year changes for June can be found below.
 
Despite a slight increase in Y/Y average temperature, ISO-NE remained the lowest among all ISOs in June 2017. ERCOT experienced the highest average temps, increasing 0.6 degrees or 0.6% over the 82.5 degrees seen in June 2016.
 
Below is a visual representation of the average real-time zonal LMPs for the month of June in $/MWh. The highest ($37.14) and lowest ($11.41) zonal averages were both in CAISO. However, it’s important to note these peaks and valleys both occurred in the Energy Imbalance Market (EIM). Without the EIM, the lowest real-time LMP would have been $16.59 in SPP (BEPM_TS_NPPD) with the highest being $36.87 in MISO (NIPS.AZ).
 

LMP Price Heat Map (click to enlarge)
 
Total Generation Summary
 

Monthly Generation by Fuel Type (click to enlarge)
 
The above chart shows reported total monthly generation by fuel type and ISO. Note: CAISO pools all renewables together; ERCOT generation is posted at a half-month lag for all fuel types except wind.
 
Total Transmission Summary
 

Transmission Summary (click to enlarge)
 
MISO saw the greatest number of distinct constraints in June with 261 real-time binding constraints. The most common constraint in MISO was binding during 1,781 5-minute intervals (approx. 148 hours) with an average shadow price of 76.08 $/MWh. The highest average shadow price was 3,072.90 $/MWh in ERCOT.
 
MISO also saw the greatest number of scheduled transmission outages begin with 413 outages. In total, 942 distinct outages occurred across all ISOs during June. (This is for all reported pieces of equipment including, but not limited to, transmission lines, tie-lines, circuit breakers and transformers.)
 
All data and graphics represented in this report were queried and created on July 10, 2017 and all data is reflective of what was available at that time. For information or questions on how to use tools within the Velocity Suite, or for assistance querying any of the data outlined above, please contact Velocity Support.