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May 10, 2012 | NEPOOL markets committee Westborough, MA

May 10, 2012 | NEPOOL markets committee Westborough, MA. Andrew Gillespie. Principal analyst | market development. Proposal. Static De-List Bid Changes. Static De-List Bid – Current Process.

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May 10, 2012 | NEPOOL markets committee Westborough, MA

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  1. May 10, 2012 | NEPOOL markets committee Westborough, MA Andrew Gillespie Principal analyst | market development Proposal Static De-List Bid Changes

  2. Static De-List Bid – Current Process • No later than 127 days before the auction, the ISO issues qualification determination notifications for qualified resources • By this time, the Internal Market Monitor (IMM) will have reviewed all submitted Static De-List Bids and will indicate in each notification whether the IMM has: • Approved the submitted de-list bid, or • Rejected the submitted price, and consequently developed a different IMM-derived de-list bid

  3. Current Process – IMM Approved If the IMM approved the submitted de-list price: • The de-list bid is included in the auction • The de-list bid cannot be withdrawn or modified by the participant

  4. Current Process – IMM Rejected If the IMM rejected the submitted de-list price, the de-list bid is not included in the auction, unless • The participant makes a filing with the Commission within 15 days of the ISO’s submission of the informational filing (while also notifying the ISO) that: • The participant accepts the IMM derived price • In this case, the IMM derived de-list bid will be included in the auction • The participant is challenging the IMM rejection of the de-list price • In this case, the de-list will be included in the auction if and only as directed by the Commission

  5. Problem • The Static De-List Bid price is ‘fixed’ when it is submitted during the Existing Capacity Qualification period • Under steady-state timing of auctions • The Existing Capacity Qualification is in June • The Qualification Notification is 127 days prior to auction • The primary auction (FCA) is conducted in February

  6. Static De-List Bid – Proposal • No later than 127 days before the auction the ISO issues qualification determination notifications for qualified resources • By this time, the Internal Market Monitor will have reviewed all submitted Static De-List Bids and will indicate in each notification whether the IMM has: • Approved the submitted de-list bid, or • Rejected the submitted de-list bid, and consequently developed a different IMM-derived de-list bid • NEW– After the qualification determination notifications are issued, open a window (seven days) to allow participants to modify Static De-List Bids

  7. Proposal – IMM Approved If the IMM approved the submitted de-list bid, a participant may: • Submit a new price for the Static De-List Bid that is • Less than the submitted and IMM approved de-list bid, but • Greater than $1.00/kW-mo • Withdraw the de-list bid If no action is taken during this window • The submitted and approved de-list bid will be included in the auction

  8. Proposal – IMM Rejected If the IMM rejected the submitted de-list bid, a participant may: • Submit a new Static De-List Bid that is • Equal to or less than the IMM derived de-list bid, but • Greater than $1.00/kW-mo • Indicate that the participant intends to challenge the IMM rejection of the de-list bid If no action is taken during this window • The de-list bid will not be included in the auction Provided that no price has been submitted, a participant may still make a filing with the Commission to challenge the IMM-derived bid • The de-list bid will be included in the auction if and as directed by the Commission

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