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NPRR357

Summary

Title: Revisions to Collateral Requirements Concerning CRR Auctions (formerly "Multi-Month CRR Auction and Revisions to Collateral Requirements")
Next Group:
Next Step:
Status: Approved on 08/16/2011
Effective Dates:
09/13/2012

Action

Date Gov Body Action Taken Next Steps
08/16/2011 BOARD Approved
08/04/2011 TAC Recommended for Approval ERCOT Board consideration
07/21/2011 PRS Recommended for Approval TAC consideration
06/23/2011 PRS Recommended for Approval PRS language consideration
05/19/2011 PRS Deferred/Tabled PRS consideration

Voting Record

Date Gov Body Motion Result
08/16/2011 BOARD To approve NPRR357 as recommended by TAC in the 8/4/11 TAC Report. Passed
08/04/2011 TAC To recommend approval of NPRR357 as amended by the 8/4/11 ERCOT comments with a recommended priority of High and a rank of 20.5. Passed
07/21/2011 PRS To grant NPRR357 Urgent status; recommend approval of NPRR357 as amended by the 7/18/11 ERCOT comments and as revised by PRS; and forward NPRR357 to TAC. Passed
06/23/2011 PRS To table NPRR357 and request that ERCOT host a workshop to further discuss NPRR357. Passed
05/19/2011 PRS To table NPRR357. 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: May 4, 2011
Sponsor: Luminant
Urgent: Yes
Sections: 7.5, 7.5.1, 7.5.2, 7.5.5.3, 7.5.6, 7.5.6.1, 7.5.6.2, 7.5.6.3, 9.8, 16.11.4.5,
Description: The Nodal Protocol Revision Request (NPRR) proposes revisions to collateral requirements for Congestion Revenue Right (CRR) Auctions including a pre-CRR Auction screening process to determine the maximum potential exposure of each CRR Account Holder and a path-specific adder to be defined by an ERCOT Board-approved methodology.
Reason: This NPRR addresses operational, risk-management and collateral concerns around the annual CRR Auction. This NPRR is designed for organized market liquidity, which creates visibility and hedging opportunities. At the same time, this NPRR seeks to right-size credit risk in the pre-auction engine and Future Credit Exposure (FCE) calculations. By allowing for more accurate cash management and more liquidity of CRRs, Market Participants can better manage their CRR activities.

Key Documents

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