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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 |
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
Aug 8, 2012 - doc - 89.5 KB
Aug 8, 2012 - doc - 55 KB
Aug 16, 2012 - doc - 39.5 KB
Aug 27, 2012 - doc - 94.5 KB
Sep 17, 2012 - doc - 64.5 KB
Nov 8, 2012 - doc - 70 KB
Nov 8, 2012 - xls - 130 KB
Nov 13, 2012 - doc - 72 KB
Nov 19, 2012 - doc - 100 KB
Dec 17, 2012 - doc - 100.5 KB
Jan 3, 2013 - doc - 104.5 KB
Jan 10, 2013 - doc - 71.5 KB
Jan 18, 2013 - doc - 41 KB
Jan 18, 2013 - xls - 100.5 KB
Jan 18, 2013 - xls - 100 KB
Jan 31, 2013 - doc - 71.5 KB
Feb 11, 2013 - doc - 109.5 KB
Mar 20, 2013 - doc - 110.5 KB