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NPRR474

Summary

Title: Clarification of Price Correction Principles and Associated Timelines
Next Group:
Next Step:
Status: Approved on 03/19/2013
Effective Dates:
04/01/2013

Action

Date Gov Body Action Taken Next Steps
03/19/2013 BOARD Approved
02/07/2013 TAC Recommended for Approval ERCOT Board Consideration
01/03/2013 TAC Recommended for Approval TAC Consideration
12/13/2012 PRS Recommended for Approval TAC consideration of NPRR474
11/15/2012 PRS Recommended for Approval
08/23/2012 PRS Deferred/Tabled PRS language consideration

Voting Record

Date Gov Body Motion Result
03/19/2013 BOARD To approve NPRR474 as recommended by TAC in the 2/7/13 TAC Report. Passed
02/07/2013 TAC To recommend approval of NPRR474 as amended by the 1/31/13 ERCOT comments. Passed
01/03/2013 TAC To table NPRR474 for one month and refer the issue to PRS Passed
12/13/2012 PRS To endorse and forward the 11/15/12 PRS Report as revised by PRS and Impact Analysis for NPRR474 to TAC. Passed
11/15/2012 PRS To recommend approval of NPRR474 as amended by the 11/13/12 Reliant and Noble comments and as revised by PRS. Passed
08/23/2012 PRS To table NPRR474. 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: Aug 8, 2012
Sponsor: ERCOT
Urgent: No
Sections: 4.5.3, 6.3
Description: This Nodal Protocol Revision Request (NPRR) provides general principles on the types of errors for which ERCOT may perform a price correction. Additionally, the NPRR provides greater regulatory certainty around the associated timelines for price corrections, including ERCOT notice to Market Participants for a price correction request to the ERCOT Board of Directors (ERCOT Board). The general concepts contained within this NPRR were discussed at the May 11, 2012 Joint Communications and Settlements Work Group (CSWG) and Resource Cost Working Group (RCWG) meeting. Specifically, the NPRR does the following: · Adds one more Business Day to the Real-Time Market (RTM) and Day-Ahead Market (DAM) price correction deadline to allow ERCOT additional time to complete price validation by the time such prices are considered final. The current timeline only gives ERCOT until 1600 on the next Business Day (seven Business Hours) to correct prices for the RTM, which is barely enough time to verify the results, identify issues, calculate new prices, get management approval, do data transfer and post the data. The timeline becomes extremely tight during the weekend, when ERCOT must validate and if needed correct prices for multiple Operating Days (Friday / Saturday/ Sunday) and until 1000 on Monday morning (two Business Hours) to correct prices for the DAM for Sunday. · Adds details around the reasons that would support an ERCOT or ERCOT Board price correction when such prices in the DAM and/or in the RTM are in error. · Proposes a maximum 30-day period beyond any Operating Day for which ERCOT notifies Market Participants of a need for a price correction and request to the ERCOT Board for review of such price correction.
Reason: The current Protocols do not provide sufficient details about the types of errors for which price corrections may be justified. Further, the current Protocols lack time certainty for ERCOT to request a price correction to the ERCOT Board once a price is deemed final. This NPRR will provide greater regulatory certainty for Market Participants on the processes and timelines for price corrections.

Key Documents

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