Settlements

Tue, Apr 07, 2020 12:47 PM

W-A091219-02 Default Uplift Invoices for the Default of Sparcnet LLC


NOTICE DATE: April 7, 2020

NOTICE TYPE: W-A091219-02 Settlements

SHORT DESCRIPTION: Default Uplift Invoices for the Default of Sparcnet LLC

INTENDED AUDIENCE: QSE and CRRAH Settlement personnel

DAY AFFECTED: Default Uplift Invoices posting on April 8, 2020

LONG DESCRIPTION: On September 5, 2019, Sparcnet LLC (Sparcnet) defaulted under the ERCOT Protocols. Accordingly, Default Uplift Invoices will be issued to ERCOT Qualified Scheduling Entities (QSEs) and CRR Account Holders (CRRAHs) i.e., ERCOT Counter-Parties, in accordance with ERCOT Protocol Section 9.19.

ERCOT Protocol Section 9.19(1)(e), Partial Payments by Invoice Recipients, provides:

If sufficient funds continue to be unavailable for ERCOT to pay all amounts in full to short-paid Entities for that Settlement Invoice and the short-paying Entity is not complying with a payment plan designed to enable ERCOT to pay all amounts in full to short-paid Entities, ERCOT shall uplift short-paid amounts through the Default Uplift process described below in Section 9.19.1 and Section 9.19.2, Payment Process for Default Uplift Invoices.

On April 8, 2020, ERCOT will issue Default Uplift Invoices totaling $98,911.17 to Counter-Parties under the methodology set forth in ERCOT Protocol Section 9.19.1, Default Uplift Invoices. This total uplift amount represents the total short payments by Sparcnet for the past-due Invoice for September 11, 2019, adjusted by credits applied to Sparcnet’s obligation. The table below provides a breakdown of the total amount being uplifted.

Invoice Due Date

Amount Short-Paid

Remaining Collateral

Uplift Amount

09/11/2019

$ 104,850.68

($5,939.51)

$ 98,911.17

 

Payments for Default Uplift Invoices are due on April 15, 2020 i.e., five (5) Bank Business Days after the Invoice date. ERCOT will distribute the funds to previously short-paid Entities on April 16, 2020.

ACTION REQUIRED: Payments for Default Uplift Invoices are due on April 15, 2020.

ADDITIONAL INFORMATION: The Default Uplift Invoices can be found in the Market Information System (MIS).

CONTACT: If you have any questions, please contact your ERCOT Account Manager. You may also call the general ERCOT Client Services phone number at (512) 248-3900 or contact ERCOT Client Services via email at ClientServices@ercot.com.

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