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Welcome to . . .

SMD. Internal Bilateral Transaction. Welcome to . . . Introduction. Instructors and SMEs Course Prerequisites. Course Objectives. Key concepts of Internal Bilateral Transactions (IBT) Preliminary connectivity steps Settlement Market System (SMS) Software layout and menu navigation.

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Welcome to . . .

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  1. SMD Internal Bilateral Transaction Welcome to . . .

  2. Introduction • Instructors and SMEs • Course Prerequisites

  3. Course Objectives • Key concepts of Internal Bilateral Transactions (IBT) • Preliminary connectivity steps • Settlement Market System (SMS) • Software layout and menu navigation

  4. Spider Phone Agenda • Introduction • Overview of IBT • Software introduction • Summary

  5. Reference Documents • Market Rule 1X • Manual 28 • SMS Task Guide • SMS File Upload Formats • Screen Shots NOTE: May not reflect current version of application

  6. Timeline • Registration for SMD • Starts July 1 • Credit Worthiness effective November 1 • Sandbox - June 3, 2002 • Market Trials – September, 2002 • FTR Auction – November, 2002

  7. Course Agenda • Introduction • Overview of IBT under SMD • Software introduction • Summary

  8. Overview of Internal Bilateral Transactions

  9. Acronyms IBT – Internal Bilateral Transaction IBL – Internal Bilateral for Load IBM – Internal Bilateral for Market RTLO – Real Time Load Obligation DAALO – Day-Ahead Adjusted Load Obligation RTALO – Real Time Adjusted Load Obligation ARO – Adjusted Regulation Obligation NCP – Net Capacity Position

  10. Section Objectives • Nature of IBTs • Use of IBTs

  11. Section Agenda • Definition & role of IBTs • IBT comparison to current contracts • Types of IBTs • Settlement Implications

  12. Internal Bilateral Transaction Definition Internal Bilateral Transaction – A bilateral transaction to purchase or sell one or more market product(s). • Internal Transactions are strictly financial agreements. There is no actual flow of electricity, therefore no scheduling requirements. • Participants submit Internal Transactions to the Settlement Market System for settlement purposes.

  13. Role of IBTs: Example ParticipantB • Participant transactions impact settlement obligations. • Participants serving Load • Incur obligations in all markets • May trade this obligation to others Load ParticipantA

  14. Role of IBTs: Buyer Seller Buyer pays Seller in exchange for transfer of Settlement Obligations to Seller Settlement Obligations

  15. IBTs: Now & Then Current SMD • System (MWs) • % Asset • Dispatchable • Pre-Determined Conditions • Non-Standard Provisions • System (MWs) • Locational Settlement • Submittal after Operating Day*

  16. Asset Contracts • Do not exist in SMD • Participants must submit asset registration letters • May be used to assign % Asset Ownership • Assigned %’s may be changed once per month • Changes will only be effective for 1st of month

  17. Internal Bilateral Transaction IBL IBM EBM ICAP Energy Regulation Spinning Reserve ICAP IBT Types • Internal Bilateral For Load (IBL) • Internal Bilateral For Market (IBM) • for Energy: IBM(E) • for Regulation: IBM(R) • for ICAP: IBM(I) • External Bilateral For Market (EBM) • for ICAP: EBM(I)

  18. IBT Chart Internal Bilateral Transaction IBL IBM EBM ICAP Energy Regulation ICAP

  19. Internal Bilateral For Load (IBLs) • Mws only • Availability: • RT only • Settleable Locations: • Zone or Hub • Settlement Impact: • Direct Mw/Mw adjustment to RT Load Obligation • Increase for Seller, Decrease for Buyer • RTLO = Meter Reads +/- External Transactions +/- IBLs • Impacts in the RT Markets: Energy(MW/MW), Regulation, Spinning Reserve • Settlement Obligations increase for Seller, decrease for Purchaser

  20. IBL 50Mws Buyer B Seller A Settlement Obligations Internal Bilateral For Load (IBLs) • Settlement Example: • Hour: h.e. 18 • Settlement Location: Load Zone M. • Participant A (seller) enters into IBL with Participant B (buyer) for 50Mws. • Settlement Results: • Participant A’s RT Load Obligation is increased by 50 Mws. Participant B’s RT Load Obligation is reduced by 50 Mws (all at Zone M)* • Energy Market: Participant A’s settlement Obligation in Markets increases by 50Mws, Participant B’s decreases by 50 Mws. • Multiply by LMP at Zone M for $$ impact. • Regulation & Spinning Reserve: Settlement Obligations increase for Participant A and decrease for Participant B • Energy: 50Mws • Regulation: non Mw-for-Mw • Spinning: non Mw-for-Mw

  21. IBT Chart Internal Bilateral Transaction IBL IBM EBM ICAP Energy Regulation ICAP

  22. Internal Bilateral For Market: Energy • Mws only • Availability: • DA or RT • DA IBMs for Energy automatically carry forward to RT • Settleable Locations: • Node, Zone or Hub • Settlement Impact: • Increase in Adjusted Load Obligation for Seller, Decrease in Adjusted Load Obligation for Purchaser • ALO = LO +/- IBMs(E)

  23. IBM(E) 50Mws Buyer B Seller A Settlement Obligations Internal Bilateral For Market: Energy • Settlement Example: • Hour Ending: 18 • Settlement Location: Hub • Participant A (seller) enters into a Day-Ahead IBM(E) with Participant B (buyer) for 50Mws. • Settlement Results: • Participant A’s DA Adjusted Load Obligation & RT Adjusted Load Obligation are increased by 50 Mws. Participant B’s DA Adjusted Load Obligation & RT Adjusted Load Obligation are reduced by 50 Mws (all at Hub). • Multiply by Hub LMP for impact $$

  24. IBT Chart Internal Bilateral Transaction IBL IBM EBM ICAP Energy Regulation ICAP

  25. Internal Bilateral For Market: Regulation • Mws only • Availability: • RT only • Settleable Locations: • “NEPOOL” (Market is not locational) • Settlement Impact: • Increase in Adjusted Regulation Obligation for Seller, Decrease in Adjusted Regulation Obligation for Purchaser • ARO = RO +/- IBM(R)s • Multiply by RCP for impact $$

  26. IBM(R) 50Mws Buyer B Seller A Settlement Obligations Internal Bilateral For Market: Regulation • Settlement Example: • Hour Ending: 18 • Settlement Location: n/a • Participant A (seller) enters into an IBM(R) with Participant B (buyer) for 50Mws. • Settlement Results: • Participant A’s Adjusted Regulation Obligation is increased by 50 Mws. Participant B’s Adjusted Regulation Obligation is reduced by 50 Mws (at NEPOOL Location) • Multiply by RCP for impact $$

  27. Internal Bilateral Transaction: Installed Capability ICAP: Internals vs. Externals • Same: • Both have financial impacts only • Both use SMS Interface • Both have same Trading Deadline • Different: • Requirements • Settlement

  28. IBT Chart Internal Bilateral Transaction IBL IBM EBM ICAP Energy Regulation ICAP

  29. Internal Bilateral For ICAP • MWs only • Availability: • Monthly Market/Supply Period for ICAP • Settleable Locations: • “NEPOOL” (Market is not locational) • Settlement Impact: • Decrease in Net Capacity Position (NCP) for Seller, Increase in Net Capacity Position for Purchaser • NCP = UCAP Supply + LRAC + UCAP Load +/- ICAP Transactions(Int’l or Ext’l) + NYPA Transactions

  30. IBT Chart Internal Bilateral Transaction IBL IBM EBM ICAP Energy Regulation ICAP

  31. External Bilateral For ICAP • Mws only • Availability: • Monthly Market/Supply Period for ICAP • Settleable Locations: • Settles @ “NEPOOL” (Market is not locational), although submitted at an External Node. • Settlement Impact: • ICAP Sale Out: No affect on Net Capacity Position (NCP) for Transaction Seller • ICAP Purchase In: Increase in Net Capacity Position for Purchaser • NCP = UCAP Supply + LRAC + UCAP Load +/- IBMs(I)(Internal or External) + NYPA Transactions

  32. Business Rules: IBT Trading Deadline • IBTs for DA must be submitted and confirmed by 1200 on the 1st business day after the operating day • IBMs for Energy • IBTs for RT must be submitted and confirmed by 1300 the 2nd business day after the operating day • IBMs for Energy, Regulation & Spinning Reserve • IBTs for ICAP are due by the beginning of the ICAP Deficiency Auction

  33. Business Rules: 90-Day Resettlement Window • 90-Day period after the date on which Monthly Bill is run • Participants may submit IBT Profile • Applies to RT Transactions only: Load, Energy, Reg. & Spin. • (No new transactions, no Terminations) • Modifications to Profile only • Will be reflected in the ISO-NE 90-Day Resettlement

  34. IBT Summary

  35. Data Conversion • ISO not responsible for data conversion • Current production contracts will be ignored as lf “go live” date • Participants should: • Insert new “transactions” in their place • Take the Locational nature of transactions into consideration when doing so

  36. Section Review • The nature of IBTs • The use of IBTs

  37. Course Agenda • Introduction • Overview of IBT under SMD • Software introduction • Summary

  38. Software Introduction

  39. Section Objectives • Preliminary setup • SMS User Interface

  40. Section Agenda • Registration, Security and Logon requirements • Hardware and Software requirements • Software Layout • Menu functions and navigation • Upcoming Hands On session

  41. Registration, Security and Logon • Registration information • Security Access (No crypto cards) • Sandbox • SMD Home Page

  42. Hardware and Software • Browser • Internet Explorer v 5.5 or greater • Must have 128 Bit Encryption • Technical requirements for • Hardware • Software • Networking

  43. Application Descriptions • eMKT - Web-based system for Submitting Bids and Offers • eFTR - Web-based system for Financial Transmission Rights (FTRs) • EES - Enhanced Energy Scheduler a Web-based system for External Transactions • SMS – Settlement Market System a web-based system for Internal Bilateral Transactions, Meter Readings and ICAP Auction participation

  44. Login • Open Internet Explorer • Do NOT use Netscape • SMD Home Page • Link soon to be available

  45. Login CLICK OK

  46. Login CLICK YES

  47. Login

  48. Default Screen

  49. SMS UI: Tool Bar

  50. SMS UI: Enter New Container

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