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RPRS Bids On May 16 For May 17 Operating Day

RPRS Bids On May 16 For May 17 Operating Day. A Brief Presentation to the ERCOT Technical Advisory Committee Parviz Adib, Ph.D. Wholesale Market Oversight Public Utility Commission of Texas June 1, 2006. What PUC did?. Contacted ERCOT on May 22 for detailed explanation

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RPRS Bids On May 16 For May 17 Operating Day

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  1. RPRS Bids On May 16 For May 17 Operating Day A Brief Presentation to the ERCOT Technical Advisory Committee Parviz Adib, Ph.D. Wholesale Market Oversight Public Utility Commission of Texas June 1, 2006

  2. What PUC did? • Contacted ERCOT on May 22 for detailed explanation • Received a memo from ERCOT (Andrew Gallo) on May 24 • Got access to some of the correspondence between ERCOT Staff and the QSE in question • Reviewed all the relevant information • Talked with ERCOT Staff and involved QSE • Needed a quick decision to be reflected in initial settlement • Finalized our decision based on solid analysis of the event • The decision could be challenges at ERCOT and then PUC PUCT Wholesale Market Oversight

  3. Objective: No Revision Unless We are Convinced that: • It was an honest mistake • QSE took all reasonable steps to correct it to avoid unintended consequences / harms to the market • Market was informed as quickly as possible to adjust expectation • QSE did not receive financial benefits due to this price revision PUCT Wholesale Market Oversight

  4. Useful information to consider • RPRS bids have to be submitted by 16:00 p.m. • The offer for 15:52:43 had the intended offer prices • One of the unit was on planned outage and should be excluded from the offer • The offer for 15:53:59 had a single default value for both the startup price amount and the per hour price (an identical value) associated with all units identified to cover QSE’s RPRS offers. • It was a clear mistake (operator’s key stroke error) • QSE immediately (around 16:00 p.m. on May 16) communicated this error with ERCOT Staff before being selected • Awards were announced at 18:00 p.m. • A notice was posted at 18:23 p.m. on May 16, which stated the “RPRS MCP for May 17, 2006 has been deemed questionable by ERCOT that flagged the price. • The QSE in question lost money due to this correction PUCT Wholesale Market Oversight

  5. Questions PUCT Wholesale Market Oversight

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