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Annual FTRs (if implemented today)

3 Separate and distinct FTR auctions/Markets and rules. 3 Separate and distinct FTR characteristics 3 Annual FTR auctions. 2 auctions of varying granularity. Throughout examples it will be understood that you DO NOT need FTRs to schedule in CAISO. RTO West. Market Participant. CAISO.

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Annual FTRs (if implemented today)

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  1. 3 Separate and distinct FTR auctions/Markets and rules. • 3 Separate and distinct FTR characteristics • 3 Annual FTR auctions. 2 auctions of varying granularity. • Throughout examples it will be understood that you DO NOT need FTRs to schedule in CAISO RTO West Market Participant CAISO DSTAR Annual FTRs (if implemented today)

  2. Annual FTRs (if implemented today) • CAISO – FTRs available for bid. (volumes limited by ETCs) • RTO West – Few if any FTRs available for bid due to planned pre-allocation • DSTAR – FTRs available for bid with revenues distributed • Market Participant must go to 3 separate auctions with 3 different sets of rules and rights characteristics • “Assuming” all RTOs agree on interconnections points, under this scenario it will be difficult to procure annual rights in all 3 markets • Will auctions be at different times? • Rights all have different characteristics • If auctions at different and not coordinated significant risk exist of not being able to acquire sufficient rights within and between each RTO

  3. 2 Separate and distinct FTR auctions/Markets and rules. (Note, possible (?) to acquire rights for CAISO through secondary market and from ETC holders) • 2 FTRs with “similar” characteristics • 3 Annual FTR auctions. 2 auctions of varying granularity. • Throughout examples it will be understood that you DO NOT need FTRs to schedule in CAISO RTO West Market Participant CAISO DSTAR Sub-Annual FTR Auctions (if implemented today)

  4. Sub-Annual FTR Auctions (if implemented today) • CAISO – Currently no auctions other than annual, however this will most likely change(?) • RTO West – Few if any FTRs available for bid due to planned pre-allocation – however secondary markets will be an option for all market participants • DSTAR – FTRs available for bid and secondary markets will be an option for all market participants • Market Participant must go to 2 separate auctions with different sets of rules and rights characteristics • Under this scenario it will be difficult to procure rights in all 3 markets • Will auctions be at different times? • Rights all have different characteristics • If auctions at different and not coordinated significant risk of not being able to acquire sufficient rights within and between each RTO

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