Title Correct DAM Credit Exposure Language and Enable Qualified Expiring CRRs to Offset PTP Bid Exposure
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Status Approved on 03/22/2011
Effective Dates

All sections except for Section 4.4.10(6)(a)


Section 4.4.10(6)(a)


Date Gov Body Action Taken Next steps
03/22/2011 BOARD Approved
03/03/2011 TAC Recommended for Approval ERCOT Board consideration
02/17/2011 PRS Recommended for Approval TAC consideration

Voting Record

Date Gov Body Motion Result
03/22/2011 BOARD Approved NPRR323 as recommended by TAC in the 3/3/11 TAC Report Passed
03/03/2011 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
02/17/2011 PRS To recommend approval of NPRR323 as amended by the 2/17/11 ERCOT comments and to forward NPRR323 to TAC Passed


Status: Approved
Date Posted: Feb 10, 2011
Sponsor: Tenaska Power Services
Urgent: Yes
Sections: 4.4.10
Description: 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.
Reason: This 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.

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