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NPRR322

Summary

Title: Real-Time PTP Option Modeling
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Status: Approved on 06/21/2011
Effective Dates:
06/22/2011

Sections 4.4.5(4), 4.4.5.1(4), and 4.4.5.2(1)

02/14/2013

All remaining sections

Action

Date Gov Body Action Taken Next Steps
06/21/2011 BOARD Approved
06/02/2011 TAC Recommended for Approval ERCOT Board consideration of NPRR322
05/19/2011 PRS Recommended for Approval TAC consideration of NPRR322
03/24/2011 PRS Deferred/Tabled PRS language consideration

Voting Record

Date Gov Body Motion Result
06/21/2011 BOARD To Approve NPRR322 as recommended by TAC in the 6/2/11 TAC Report and as revised by the ERCOT Board with an effective date of "upon ERCOT Board approval" for paragraph (4) of Section 4.4.5, paragraph (4) of Section 4.4.5.1 and paragraph (1) of Section 4.4.5.2. Passed
06/02/2011 TAC To recommend approval of NPRR322 as amended by the 6/1/11 CPS Energy comments and to recommend a priority of Critical, a rank of 9.45 and an effective date of "upon ERCOT Board approval" for paragraph (4) of Section 4.4.5 and paragraph (4) of Section 4.4.5.1. Passed
05/19/2011 PRS To recommend approval of NPRR322 as amended by the 5/19/11 CPS Energy comments as revised by PRS; to grant NPRR322 Urgent status; and to forward NPRR322 to TAC via roll call vote. Passed
03/24/2011 PRS To table NPRR322 and to request that WMS review NPRR322. Passed

Vote tallies here reflect individual votes, not the weight of the votes by market segment. Affirmative votes are not recorded in these vote tallies. For additional details on the voting record, please consult the Recommendation or Action Report, or the official vote tally if available, as posted in the key documents.

Background

Status: Approved
Date Posted: Feb 10, 2011
Sponsor: Luminant Energy Company LLC
Urgent: Yes
Sections: 2.1, 3.2.5, 4.3, 4.4.5, 4.4.5.1, 4.4.5.2, 4.4.6, 4.4.6.1, 4.4.6.2, 4.4.10, 4.5.1, 4.5.3, 4.6.3, 6.6.10, 7.9.1.3, 7.9.1.6, 7.9.2.1, 7.9.2.2, 7.9.2.3, 7.9.3.1, 7.9.3.3, 7.9.3.4, 9.5.3, 9.19.1
Description: This Nodal Protocol Revision Request (NPRR) provides that all Point-to-Point (PTP) Options will be settled in the Day-Ahead Market (DAM), unless DAM fails to execute. If a Non-Opt-In Entity (NOIE) purchases a PTP Obligation in the DAM and owns a PTP Option for the same source and sink pair, and the MWs of the PTP Obligation are not more than the MWs of the PTP Option, then the PTP Obligation will settle in Real-Time as only the positive difference between the sink and source Settlement Point Prices, much like a PTP Option. This NPRR also includes a requirement that NOIEs shape the PTP Options going to Real-Time according to their Load forecast and adds a new type of Congestion Revenue Right (CRR) to handle the treatment of PTP Obligations that are treated as PTP Options for Settlement purposes.
Reason: PTP Options that are taken to Real-Time rather than being settled in the DAM are causing DAM congestion to be exaggerated compared to actual congestion occurring in Real-Time. The cause for this exaggeration is that since the PTP Options are options rather than obligations, the counter-flow effects of some of the PTP Options are not being considered in the DAM model but, in fact, actually occur in Real-Time. This exaggeration of congestion from DAM to Real-Time causes a divergence of pricing between the two.

Key Documents

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