Twice in a week or so, always blew my mind prices could go negative. Funny story is that Dowchem in MISO when they first joined made some errors with their offers (assume price insensitive) and had DA prices of something like -$3000. They complained to MISO to undo but was their own fault, ouch.

MISO (midwest electricity operator) just had 6th highest electricity hour on record last night as solar fell in the evening ramp. Load was underforecast significantly, likely operator error due to mild, complacent conditions. Of the top 10 highest hours, 3 have come this year.

Sept 16 - MISO shadow price on (TWO) constraints goes to 8000 in the South, an all time record high. I must've missed the memo about an 8k PC2.

Find somebody to love you like MISO loves Capacity Advisories in the South.

BREAKING: Trump makes his first appearance at the US Open. There were audible boos and a few light claps. Important to stress the stadium is at most 10% full and the start time has been pushed to 2:30pm ET.

Oof.

5th highest RT hour for INDIANA.HUB in MISO today, sort of a biggie. Came in 1783, considering there's only 12 hours ever over 1000, yikes. Imports were substantially less than expected.. my bet is on some shenanigans. Virts were pretty short, lost over $4m that hour.

Riley my spirit animal

Completely mystified by this announcement until I learned what "black liquor" meant: en.wikipedia.org/wiki/Black_l...

Rogue wave!!! iykyk

The unseen artistry of ISO node naming is perhaps coming to a close.. MISO's new model has some sadistic names coming up. "omg AMIL.176872 is blowing out again" vs. "Petee another freebie"

A sign I saw in Italy, loosely translated (initially thinking it meant something like “here lie strawberries of love): “I will find you and open you up like a newspaper you piece of ****” -on a tree in a little charming Italian garden

May 25 (yesterday) was 2nd highest RT price day for LA hub since Entergy joined MISO, only beat by Dec 23 in 2022. Whole day RT averaged $648. For reference RT all time average is $33.7 For DA, May 26 (today) is now 3rd highest of all time coming in at $253. Pretty unheard of for offpeak.

The relentless march of progress.

ISOs will prat on and on about all their "market savings", and then happen to omit the disastrous saga of a new 200MW crypto load (Atlas) causing tens of millions of charges from an epic coordination clusterf*** (not to mention *enormous* FTR profits). The loathing between MISO and SPP is epic.

FERC once again decided that neither MISO nor Montana-Dakota Utilities are entitled to recourse over a MISO-SPP flowgate in North Dakota strained by a cryptocurrency mining facility. #energysky🔌💡 See Full Story: ow.ly/9BJ450VmZ7z#energysky🔌💡Writer: Amanda Durish Cook

Wild juxtaposition of two sub-markets in PJM from latest SOM report (for financial entities): FTR - total profit increased from $113m to $383m YoY UTC - dropped from $41.2m to $0.2m, 99.4% decrease YoY (!!!)

Yes Energy acquires RTO Insider. Am I the only one pretty skeptical of this PE buying spree they've gone on? Doesn't seem great for competition. www.rtoinsider.com/99976-rto-in...

MISO's credit calc is the 50th percentile (delta) for the wildest node over last year, April-April. Issue is they *add* new nodes on March 1st and take 50th % of the shortened 30-day window, so a new node often is ranked as the "wildest" one and sets the whole market's credit cost...

Yesterday MISO had a few $3500 ticks out of the blue, turns out their renewable forecast glitched out and they'll be repricing. I find it amusing that they don't have simple error checks for situations like this. SPP reprices several times a year with "Operator/Human Error", use your imagination.

In ERCOT news, a pricing node RHESS2_ESS1 integrated at over $20,000 for 4 hours this morning. That’s… a lot. 10mw long and you’re up almost $1m Mind blowing, be interesting to see if it’s revised.

"ConEdison is asking for massive electric and gas rate hikes from customers, a small but not insignificant part because the utility has to pass along the costs of its workers using lots of Ozempic."

MISO over the last ~6 yrs has on average imported from MHEB about 750mw/hr, and 1000mw/hr from IESO (Ontario). That's almost the size of two large nuclear plants. In the Feb 2021 polar vortex where NG went bezerk, they sent in up to 2.3GW combined. Would be painful to have missed.

"WEIM cumulative benefits approach $7 billion" www.caiso.com/about/news/n... I love these cheerleading reports all the ISOs make where their value is always self-reported and "yuuge". Not saying they don't provide value, but bit on the nose to act like transfers only happen in ISOs.

"Due to unforeseen system technology issues the posting of the February FTR Monthly Auction results will not be achieved today. " - MISO They've had 12 days since the auction closed while most ISOs take a couple days at most. Managed to find a pic of their infrastructure, might explain the issue.

❗❗❗ Scratch that, we have a new all-time record load for PJM this morning - 144.91GW at 8:15AM (exactly matching DA curve finally). The morning peak blew out a little but nothing surprising. Quite a contrast with 12/24/22 where prices popped to $2k/hr, all about whether the ISO is caught unaware.

As expected, the amount you'd be down with 50mw long HE 8-23 last few days in PJM on West Hub (classic ICE contract): Sunday - $51k Monday - $124k Tuesday - $15k Also they were forecasting up to 148GW for Wed, looks like we won't even break their ATH of 144.3 GW set back in 2015.

Here's the most recent report I can find, timestamped Jan 15. www.iso-ne.com/isoexpress/w...

So far PJM has overforecast the peak by about 4-5GW yesterday/today, whereas MISO has actually underforecast. Not surprising it's been a bull slaughter in PJM (virts net-short today #winning). Temps are largely in-line for both markets, so my guess is PJM had their thumb on the scale.

PJM calling up virtual participants and trying to scare the daylights out of them to be short next week. They're comping to 12/24/22 and ~$2k/mw loss Think that's the first time I've ever seen that happen. General rule is if the ISO is freaking out it, it's bearish... (or the lights stop working).

SPP putting out a blank DA file.. think that’s a first? Pricing is hard. As is basic, baaaaasic error checking.

In honor of Procrastination Monday (it's Tuesday?!), I find it fun to track daily price nodes in each ISO that are exactly an interval of 5.0 (e.g. DALMP of $45.00), but != 0. Typically this is from lazy virtual traders.. here's the percent of market nodes in a few ISOs that are priced as such.

SPP node CSWS.VOLT.0211 priced DA around 1200 for 3 hours, RT came in -63 (neg) for HE11 including one tick at -900 (!!). SPP has about 30-40 "CSWS.VOLT.XXXX" nodes ending in different numbers, tiny nodes with crazy divergences. SPP operators must enjoy the bloodsport of "fat finger" alley.

I do feel like so many people are getting dumber in a way that’s depressing but also I’m jealous?

In exhibit 34829 of the cardinal ISO rule - THOU SHALT DO EVERYTHING DIFFERENTLY FROM EVERY OTHER ISO, we have their FTR/CRR/TCR auction calendar formats. MISO/SPP going for artistic approach, ERCOT winning bet "well how confusing can a calendar be?" and PJM flexing use of subscript in Excel

*Now *two* 5k constraints concurrently - first time ever this has occurred in market history (ignore the ERCOT traders chuckling in the background). Waiting for CNBC to switch their coverage to MISO congestion.

In today's MISO market trivia, for RT constraints we went through a drought from March 2014 all the way through September 2023 without a single $4000 5-min shadow price (financial overload on a transmission line). Today we've gotten a few hits at $5000 on the Arpin constraint (still going). ...

Somebody might want to build a data center near Quad Cities nuclear plant - today they would’ve been PAID $500/MW to consume. In theory with demand response you should get everybody living nearby to turn on their grid reliability load devices (electric hottubs) and get fat* checks (*before “fees”)

For a very niche audience - the new night train Espresso Cadore from Roma to Cortina D’Ampezzo that ran last winter is NOT running this winter 😢 Could find nothing about this on the web. 2026 Olympics

That’s the amount of cash NorthVolt burned since its inception: Source: www.energyconnects.com/news/renewab...

In case you want to feel better about your day, little sidebar about a recent FTR (longterm power trading) f*ckaroo that MISO did to some participants on a node remapping. I'll lead with the damage for just the upcoming Winter/Spring by participant (crude MTM est), then a thread ~$6.5m hit