Sources: CAISO OASIS (PRC_FUEL)
``` [Full Screen Chart](../download_chart/CAISO/caiso_mihr_sp15.html) ## Description The market-implied heat rate at SP15: the DAM hourly LMP at the SP15 hub divided by the SoCal Citygate fuel-region price. Units work out to MMBtu/MWh - a heat rate. It is the breakeven efficiency line: any gas generator with a heat rate below the MIHR is profitable to run in that hour. Hovering shows the underlying power and gas prices alongside the ratio. The dashed reference lines are **hypothetical** generator heat rates - an efficient CCGT (7.0) and a gas peaker (10.5). Whenever the MIHR is above an asset's line, that asset is in the money - exactly the payoff of a heat-rate call option struck at that efficiency. The fraction of hours the series spends above each line previews the value of an HRCO at that strike. **Formulas Used:** $$\text{MIHR}_t = \frac{P^{E}_t}{P^{G}_t}$$ $$\text{Payoff}_t = P^{G}_t \times \max\left\{0,\ \text{MIHR}_t - \text{HR}_{\text{strike}}\right\}$$ **Data Cleaning Information:** N/A - both legs are used as published. ## Notes - Times are UTC; each point is one hour. - Negative values occur in hours where the DAM LMP itself is negative. ## Chart Specs | Chart Name | SP15 Market-Implied Heat Rate | |------------------------|------------------------------------------------------------| | Chart ID | caiso_mihr_sp15 | | Topic Tags | Mihr, Quanto, Natural Gas | | Data Series Start Date | | | Data Frequency | Hourly | | Observation Period | | | Lag in Data Release | | | Data Release Timing | | | Seasonal Adjustment | | | Units | MMBtu/MWh | | HTML Chart | [HTML](../download_chart/CAISO/caiso_mihr_sp15.html) | ## Dataframe Manifest | Dataframe Name | CAISO Fuel Prices | |--------------------------------|--------------------------------------------------------------------------------------| | Dataframe ID | [caiso_fuel_prices](../dataframes/CAISO/caiso_fuel_prices.md) | | Data Sources | CAISO OASIS (PRC_FUEL) | | Data Providers | CAISO | | Links to Providers | http://oasis.caiso.com | | Topic Tags | Natural Gas, Quanto, Mihr | | Type of Data Access | | | How is data pulled? | src/pulls/pull_caiso_fuel_prices.py via the open-source gridstatus library | | Data available up to (min) | | | Data available up to (max) | | | Dataframe Path | data\opensource\caiso_fuel_prices.parquet | **Linked Charts:** - [CAISO:caiso_mihr_sp15](../../charts/CAISO.caiso_mihr_sp15.md) ## Pipeline Manifest | Pipeline Name | Project-Lab-Energy-Weather-Natgas-Quanto-CAISO | |---------------------------------|--------------------------------------------------------| | Pipeline ID | [CAISO](../../index.md) | | Lead Pipeline Developer | Brian Nguyen | | Contributors | Brian Nguyen, Claire Kim | | Git Repo URL | | | Pipeline Web Page | Pipeline Web Page | | Date of Last Code Update | 2026-08-27 10:08:05 | | OS Compatibility | Windows, Linux, macOS | | Linked Dataframes | [CAISO:caiso_lmp_day_ahead_hourly](../dataframes/CAISO/caiso_lmp_day_ahead_hourly.md)