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- Subchapter M Default Balance Securitization
Subchapter M Default Balance Securitization
In October 2021, the PUCT authorized ERCOT to finance a “default balance,” which is an amount not greater than $800 million that includes the following: certain unpaid amounts owed to ERCOT by competitive market participants; Congestion Revenue Right (CRR) auction funds used by ERCOT to reduce short payments related to Winter Storm Uri; and costs associated with implementing the debt obligation order. The PUCT authorized ERCOT to assess a monthly “default charge” on Qualified Scheduling Entitles (QSEs) and CRR Account Holders to repay the default balance.
The Subchapter M Default Balance Securitization financing closed, and proceeds were disbursed, in November 2021. ERCOT began collecting default charges to repay the default balance in January 2022.
Texas Electric Market Stabilization Funding M LLC (TEMSFM) is the issuing entity for the Subchapter M bonds (i.e., the “Texas Stabilization M Bonds”). TEMSFM is a limited liability company registered in Delaware and its sole member is ERCOT. TEMSFM has no commercial operations. Please see the “Key Documents” section for further information regarding TEMSFM.
Series 2025 Series 2025
Key Documents Key Documents
True-Up Filings True-Up Filings
2025 2025
Sercicer Certificates Sercicer Certificates
2025 2025
Public Utility Commission of Texas Proceedings Public Utility Commission of Texas Proceedings
Docket 52321
Application of the Electric Reliability Council of Texas, Inc. for a Debt Obligation Order under PURA Chapter 39, Subchapter M and Request for a Good Cause Exception
Docket 52709
Compliance Filing for Docket No. 52321 (Application of the Electric Reliability Council of Texas, Inc. for a Debt Obligation Order Pursuant to Chapter 39, Subchapter M of the Public Utility Regulatory Act)
ERCOT Protocols and NPRRs ERCOT Protocols and NPRRs
Dec 17, 2021 - docx - 75.4 KB
NPRR1122
Clarifications for Securitization Default Charges
Series 2021 Series 2021
Key Documents Key Documents
Apr 29, 2022 - pdf - 477.8 KB
Jul 26, 2024 - pdf - 274.6 KB
Apr 6, 2023 - pdf - 1.3 MB
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True-Up Filings True-Up Filings
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Feb 27, 2025 - pdf - 300.4 KB
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Sep 16, 2024 - pdf - 310.4 KB
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2023 2023
Sep 20, 2023 - pdf - 1.4 MB
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Jan 17, 2023 - pdf - 1.4 MB
2022 2022
Sep 21, 2022 - pdf - 1.2 MB
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Servicer Certificates Servicer Certificates
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Jul 30, 2025 - pdf - 40.4 KB
Jun 25, 2025 - pdf - 147 KB
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May 24, 2024 - pdf - 309.6 KB
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2023 2023
Dec 22, 2023 - pdf - 310.8 KB
Jan 26, 2024 - pdf - 310 KB
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2022 2022
Jan 24, 2023 - pdf - 358.7 KB
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Mar 27, 2023 - pdf - 22.1 KB
Feb 26, 2024 - pdf - 309.5 KB
2021 2021
Mar 28, 2022 - pdf - 144.8 KB
Mar 28, 2022 - pdf - 144.8 KB