ISO-NE COO Vamsi Chadalavada’s operations report to the New England Power Pool Participants Committee on Friday showed the region’s energy market value dropped to $321 million in August, down $93 million from July 2019 and down $240 million from August 2018.

August natural gas prices were 11% lower than the previous month’s average values, with average RT Hub LMPs ($23.58/MWh) down 19% from July. The average day-ahead Hub LMP was $25.69/MWh for the month, and average August 2019 natural gas prices and RT Hub LMPs were down 36% and 40%, respectively, from August 2018 averages.

The average day-ahead cleared physical energy during the peak hours as percent of forecasted load was 101.3% during August, up from 99.9% during July. Day-ahead cleared physical energy is the sum of generation and net imports cleared in the day-ahead energy market.

Chadalavada drew attention to slides showing that forecasting trends are shifting fast. He said the RTO is continuing efforts to improve load forecast models and tools to produce better day-ahead and long-term load forecasts.

Consent Agenda

The Participants Committee voted unanimously to approve the single item on the consent agenda, revisions to OP-14E to incorporate energy storage as a type of asset-related demand that can be selected on ISO-NE’s form NX-12E, which provides the RTO with details that are not included in bid information.

ISO-NE and NESCOE Budgets Update

Kenneth Dell Orto, chair of the Budget and Finance Subcommittee, presented an update of the RTO’s proposed 2020 operating and capital budgets, as well as the 2020 budget of the New England States Committee on Electricity.

The budgets are in the final stages of development and will be voted on at the Oct. 4 Participants Committee meeting in Boston.

A more detailed presentation was provided to the subcommittee last month.

ISO-NE’s budget presentations to the New England state agencies, with their questions and the RTO’s answers, can be found here.

—  Michael Kuser