Velocity Suite Monthly ISO Summary – July 2017

Overall Summary

Overall Monthly Summary Statistics (click to enlarge)
* Average LMP represents all price nodes in ISO region regardless of node type
**All prices denoted in $/MWh

In July, MISO, ERCOT, and NYISO saw total load out pace generation, resulting in net imports. Positive DA-RT LMP spreads were observed in ERCOT, NEISO, and NYISO. The highest LMP spread of the month was in ERCOT, where the average day-ahead price exceeded the average real-time price by $2.61. Highest reported total generation was in PJM, with over 78,356 GW.
Total Load Summary

Monthly Load Summary by ISO (click to enlarge)
PJM saw the highest average hourly load of 101 GW. This compares to 93 GW in June, an increase of 8.71% month-over-month (M/M), and 105 GW in July of last year, a 3.73% 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, SPP, and CAISO experienced Y/Y increases in average load for July. All ISOs saw rises in July M/M compared to June.
Total Price Summary

LMP Price Summary by ISO, Market, and Peak Type (click to enlarge)
Average off-peak day-ahead LMP prices were lower in July than real-time in CAISO, NYISO and SPP. The largest off-peak spread was observed in NYISO, where the RTH real-time LMP underperformed the day-ahead market by 2.34 $/MWh.
Average on-peak day-ahead LMP prices were higher than real-time in ERCOT, NEISO, and NYISO. The largest on-peak spread was observed in ERCOT, where the RT5AVG real-time LMP underperformed the day-ahead market by 5.28 $/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 July can be found below.
ISO-NE remained the lowest among all ISOs in July 2017. ERCOT still experienced the highest average temps, despite decreasing 1.3 degrees or 1.5% from the 87.3 degrees seen in July 2016.
Below is a visual representation of the average real-time zonal LMPs for the month of July in $/MWh. The highest ($44.77) and lowest ($20.62) zonal averages were in CAISO and NYISO respectively.

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 July with 193 real-time binding constraints. The most common constraint in MISO was binding during 3,772 5-minute intervals (approx. 314 hours) with an average shadow price of 93.43 $/MWh. The highest average shadow price was 3,371.34 $/MWh in ERCOT.
PJM saw the greatest number of scheduled transmission outages begin with 271 outages. In total, 498 distinct outages occurred across all ISOs during July. (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 August 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.