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Analysis of Depressed Prices in the CAISO Real-time Energy Market

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Summary:

Analysis of Depressed Prices in the CAISO Real-Time Energy Market, August 31, 2006

Extract:

During year 2005, California real-time energy prices in the CAISO Real-Time Imbalance Energy Market have been on average consistently lower than day-ahead bilateral contract prices. In 2002, day-ahead bilateral contract prices tracked the mean of real-time prices very closely. However, starting from summer 2003, day-ahead bilateral contract prices have been systematically higher than real-time prices with an average difference of $13/MWh during peak hours from January 2003 to November 2005, and this trend has continued into 2006.

Document Locations:

• Market Performance Reports