NPRR #323 · Revision Request
NPRR323 Correct DAM Credit Exposure Language and Enable Qualified Expiring CRRs to Offset PTP Bid Exposure
ReasonThis NPRR revises the over-collateralized requirements related to energy-only bid curves and PTP bids that may have discouraged Market Participants from participating in the DAM. Additionally, qualified expiring CRRs will be recognized has providing a credit exposure offset and may enable QSEs to mitigate congestion price exposure in Real-Time at a reduced credit cost. The changes should reduce default risk related to extreme Real-Time congestion cost by enabling Market Participants to effectively carry CRR hedges expiring in the DAM to Real-Time.
Created2011-02-17
Approved2011-03-22
Sections Affected
4.4.10
Summary
This NPRR revises the language in Section 4.4.10 to match the implemented DAM credit exposure calculations for Three-Part Supply Offers as they relate to combined cycle and to PTP bid calculations currently identified in paragraph (6)(d) of Section 4.4.10; right size the credit exposure calculation for DAM transactions submitted via the use of an energy-only bid curve to equate to the maximum exposure; and right size the credit exposure calculation for DAM PTP bids where a qualified expiring Congestion Revenue Right (CRR) offsets cleared DAM exposure.
Action Log 3 milestones
-
Feb 17
PRSRecommended for Approval→ TAC consideration
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Mar 3
TACRecommended for Approval→ ERCOT Board consideration
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Mar 22
BOARDApproved
Amendments
| Date | Body | Motion | Result |
|---|---|---|---|
| Feb 17 '11 | PRS | To recommend approval of NPRR323 as amended by the 2/17/11 ERCOT comments and to forward NPRR323 to TAC | Passed |
| Mar 3 '11 | TAC | To recommend approval of NPRR323 as amended by the 3/2/11 ERCOT comments and as revised by TAC with a recommended priority of High and a rank of 12.75. | Passed |
Documents 13
| Name | Type | Posted | Classification |
|---|---|---|---|
| 323NPRR-01 Correct DAM Credit Exposure Language and Enable Quali | doc | Feb 10 '11 | Revision Request |
| 323NPRR-02 Urgency Vote Ballot 021611 | xls | Feb 16 '11 | Revision Request Ballot |
| 323NPRR-03 ERCOT Comments 021711 | doc | Feb 17 '11 | Revision Request Comments |
| 323NPRR-04 PRS Report 021711 | doc | Feb 18 '11 | Committee Report |
| 323NPRR-05 ERCOT Comments 022811 | doc | Feb 28 '11 | Revision Request Comments |
| 323NPRR-06 Preliminary Impact Analysis 030211 | doc | Mar 2 '11 | Staff Report |
| 323NPRR-07 ERCOT Comments 030211 | doc | Mar 2 '11 | Revision Request Comments |
| 323NPRR-08 TAC Report 030311 | doc | Mar 4 '11 | Committee Report |
| 323NPRR-09 Impact Analysis 031111 | doc | Mar 11 '11 | Staff Report |
| 323NPRR-10 Cost Benefit Analysis 031111 | xls | Mar 10 '11 | Staff Report |
| 323NPRR-11 Credit Work Group Comments 031111 | doc | Mar 11 '11 | Revision Request Comments |
| 323NPRR-12 Revised Cost Benefit Analysis 031511 | xls | Mar 15 '11 | Staff Report |
| 323NPRR-13 Board Report 032211 | doc | Mar 25 '11 | Committee Report |
Meetings That Took It Up 4
| Date | Meeting | Committee | Status |
|---|---|---|---|
| Mar 9 '11 | WMS Meeting | WMS | Concluded |
| Mar 3 '11 | TAC Meeting | TAC | Concluded |
| Feb 23 '11 | Joint CWG/MCWG Meeting | MCWG | Concluded |
| Feb 17 '11 | PRS Meeting | PRS | Concluded |