Dive Summary:
- Electricity market prices during the first half of 2013 increased 70% in comparison with prices from the first half of last year, according to a report from the California Independent System Operators's (Cal-ISO) Department of Market Monitoring (DMM).
- The Cal-ISO DMM identified elevated natural gas prices, the impact of California's greenhouse gas cap-and-trade initiative, reduced hydroelectric generation and increased load as the key factors that drove electricity market prices upward.
- The Cal-ISO DMM noted Southern California Edison's territoy was hit with congestion caused primarily by the San Onofre debacle, which led to a $4.29/MWh rise in prices over last year. In comparison, San Diego Gas & Electric and Pacific Gas and Electric's prices went down to $3.65/MWh, according to Platts.