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CRR Auction Structure Enhancements(NPRR463) Impacts to Settlements. NPRR463 Review.
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CRR Auction Structure Enhancements(NPRR463) Impacts to Settlements
NPRR463 Review • This Nodal Protocol Revision Request (NPRR) replaces the annual Congestion Revenue Right (CRR) Auction with a semi-annual sequence of four consecutive six-month CRR Auctions selling CRRs up to two years in the future • Monthly auction activities are not changed by NPRR463 and will continue to run in parallel to the Long-Term Auction Sequences • Effective April 1, 2013 • Market Calls done on March 20 and 22 • First Auction Invoice affected will be issued by May 17, 2013 • Full presentation used for Market Call is in http://www.ercot.com/calendar/2013/03/20130322-CRR • Excerpts are taken from there and used in this presentation
Auction Structure - 1x/Year In 4th Quarter of each year, sell next 2 years of CRRs at monthly granularity in an annual 12-month optimization - Year 1 on 55% Model - Year 2 on 15% Model - Optimize each time-of-use across multi-period months for annual - Monthly auction is 90% and optimize across 3 times of use Retired Annual 90% of System/Model in Monthly Auction Year 1 55% of Model OnPeak WkDay OffPeak OnPeakWkEnd Year 2 15% of Model OnPeak WkDay OffPeak OnPeakWkEnd ERCOT Public
2013 Auction Structure - 2x/Year In 2nd and 4th Quarter of each year, sell next 2 years of CRRs at monthly granularity in an 6-month optimization - First 6-months at 60%, Second 6-months 45%, Third at 30%, Fourth at 15% - Optimize each time-of-use across multi-period months for annual - Monthly auction is 90% and optimize across 3 times of use 90% of System/Model in Monthly Auction 60% 45% 30% 15% ERCOT Public
Spring 2013 CRR Calendar- Long-term Auction Sequences MAY JUNE JULY Sequence1 July-Dec 2013 70% Sequence2 Jan-Jun 2014 45% Credit Lock and Run dates April29-May17, 2013 Sequence3 July-Dec 2014 30% Credit Lock and Run dates May20-Jun7, 2013 Sequence4 Jan-Jun 2015 15% Credit Lock and Run dates June10-28, 2013 Credit Lock and Run dates Jul1-19, 2013 • Per NPRR521, allocation is 70% only for the Initial CRR Long-Term Auction Sequence ERCOT Public
Winter 2013 CRR Calendar- Long-term Auction Sequences NOV DEC JAN FEB Sequence1 Jan-Jun 2014 60% Sequence2 Jul-Dec 2014 45% Credit Lock and Run dates Oct28-Nov15, 2013 Sequence3 Jan-Jun 2015 30% Credit Lock and Run dates Nov18-Dec6, 2013 Sequence4 Jul-Dec 2015 15% Credit Lock and Run dates Jan6-Jan24, 2014 Credit Lock and Run dates Jan27-Feb14, 2014 ERCOT Public
CRR Auction Schedule • CRR Activity Calendar posted in http://www.ercot.com/mktinfo/crr/
Effect of Naming Convention to CARD Extracts • CRR Auction Revenue Distribution (CARD) Extract • Report name 0000000000000000-CRROUTPUTHEADER_CARD_PUBLIC.csv • Bill Determinants contain suffix of CRR Auction Code – derived from CRR Auction Name • For Annual Auctions, CRR Auction Code will have format YYYY-N-S • YYYY is the year for the Auction • N is 1 for 1st6 (January-June) or 2 for 2nd6 (July-December) • S is sequence number 1 to 4 • Sample BDs: OBLPAMTNZTOT_ANN-14 • OBLPAMTNZTOT_2014-1-1 • OBLPAMTNZTOT_2014-1-2 • OBLPAMTNZTOT_FEB-14 • OBLPAMTZTOT_HOUSTON_ANN-14 • OBLPAMTZTOT_HOUSTON_2014-1-1 • OBLPAMTZTOT_HOUSTON_2014-1-2 • OBLPAMTZTOT_HOUSTON_FEB-13 • Note: ANN-14 is based on old CRR Auction Naming convention that was already completed for year 2014