NOTICE DATE: September 17, 2024
NOTICE TYPE: M-A082824-02 Operations
SHORT DESCRIPTION: Results of Price Impact Analysis - Incorrect Recall of ERCOT Contingency Reserve Service
INTENDED AUDIENCE: All Market Participants
DAYS AFFECTED: August 20, 2024
LONG DESCRIPTION: On August 28, 2024, ERCOT notified Market Participants of an issue concerning the incorrect recall of ERCOT Contingency Reserve Service (ECRS) on August 20, 2024, due to a software defect in the Energy Management System (EMS). See Market Notice M-A082824-01.
In order for ERCOT to seek approval of a price correction by the ERCOT Board of Directors (ERCOT Board), ERCOT Protocols Section 6.3(7)(b) requires that the absolute value impact to any single Counter-Party in the Real-Time Market (RTM) must meet one of the following two criteria:
- 2% and also greater than $20,000; or
- 20% and also greater than $2,000.
ERCOT has determined that Operating Day (OD) August 20, 2024 meets the criteria for seeking ERCOT Board approval for a price correction. The number of Counter-Parties meeting one of the two criteria for significance for seeking ERCOT Board approval for the price correction are shown in the table below.
|
Operating Day
|
No. of Counter-Parties meeting criteria in Protocol Section 6.3(7)(b)(i)
|
No. of Counter-Parties meeting criteria in Protocol Section 6.3(7)(b)(ii)
|
|
08/20/2024
|
36
|
1
|
For each OD that met the criteria, the table below has the maximum estimated absolute value impact to any individual Counter-Party.
|
Operating Day
|
Maximum Amount
($Thousands)
|
Maximum Percentage for Criterion (i)*
|
Maximum Percentage for Criterion (ii)**
|
|
8/20/2024
|
$597.43
|
41.05%
|
41.05%
|
* The maximum of percentage change to any single Counter-Party with impact more than $20,000.
** The maximum of percentage change to any single Counter-Party with impact more than $2,000.
ERCOT intends to seek an approval of correction to RTM prices for August 20, 2024 at the Reliability and Market Committee on October 9, 2024, and the ERCOT Board meeting on October 10, 2024. ERCOT also intends to provide information regarding the price correction to the Technical Advisory Committee (TAC) at its September 19, 2024 meeting.
CONTACT: If you have any questions, please contact your ERCOT Account Manager. You may also call the general ERCOT Client Services phone number at (512) 248-3900 or contact ERCOT Client Services via email at ClientServices@ercot.com.
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