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2009 State of the Market Report

Market Performance

Total payments were $44.2 million in 2009, of which $34.4 million consisted of DAMAP payments. A large majority of DAMAP payments were made to a relatively small set of flexible coal units during peak hours, particularly during the second half of the year. Payments increased late in 2009 as fuel and energy prices increased. RTORSGP payments remained a relatively small part of total PVMWP payments throughout 2009. Based on our monitoring of these payments, we conclude that the payments are consistent with the intention of the Tariff and not the result of manipulation.

F.

Dispatch of Peaking Resources

As discussed above, real-time demand is often satisfied by supplemental generator commitments, typically in the form of quick-start peaking resources because of their low commitment costs and commitment flexibility. The dispatch of peaking resources is important because peaking resources are an important determinant of RSG costs and efficient energy pricing. Figure 45 shows the average daily dispatch levels of peaking resources in 2009 and evaluates the consistency between peaking unit dispatch and market outcomes.

Figure 45: Average Daily Peaking Unit Dispatch and Prices 2009: All Hours

$/MWh

250 200 150 100

50 0

Out-of-Merit Dispatch In-Merit Dispatch

On-Line LMP On-Line Offer

2,500 2,000 1,500 1,000 500 0

MW

Jan-09

Feb-09 Mar-09

Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09

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