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Congestion Revenue Rights Market Trials Call 2 APRIL 2010

Stay informed about the latest activities and updates regarding ERCOT market trials, including successful CRR qualifications and upcoming auctions. Adherence to antitrust laws is required.

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Congestion Revenue Rights Market Trials Call 2 APRIL 2010

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  1. Congestion Revenue RightsMarket Trials Call2 APRIL 2010

  2. ANTITRUST ADMONITION ANTITRUST ADMONITION     ERCOT strictly prohibits Market Participants and their employees who are participating in ERCOT activities from using their participation in ERCOT activities as a forum for engaging in practices or communications that violate the antitrust laws. The ERCOT Board has approved guidelines for members of ERCOT Committees, Subcommittees and Working Groups to be reviewed and followed by each Market Participant attending ERCOT meetings. If you have not received a copy of these Guidelines, copies are available at the Client Relations desk. Please remember your ongoing obligation to comply with all applicable laws, including the antitrust laws.  DISCLAIMER All presentations and materials submitted by Market Participants or any other Entity to ERCOT staff for this meeting are received and posted with the acknowledgement that the information will be considered public in accordance with the ERCOT Websites Content Management Operating Procedure.

  3. Agenda • Market Trials Roadmap • Documents Posted Since Last CRR Market Call • Known issues • Successful CRR Qualifications as of 4pm yesterday • Green Participants • Amber Participants • Red Participants • Recent and Upcoming Activities • Settlement Point Name Changes for April, May and Balance of Year Auctions • FAQ’s • Questions?

  4. Market Trials 2010 Roadmap http://nodal.ercot.com 4

  5. Documents Added Since Last Market Call • All Documents Found at http://nodal.ercot.com/readiness/markettrials/crr/index.html • CRR Qualification Dashboard: 03/26/10 • As always, the CRR Qualification Dashboard (if changed), this presentation, and the Known Issues List will be posted later today.

  6. New Issues The transaction price for PCRRs is based upon a rounded shadow price rather than the full shadow price (it should be based on the unrounded shadow price)

  7. Successful CRR Qualifications • As of 1600 CPT Thursday • 64 / 70 • Congratulations! Slide 7

  8. ACCENT ENERGY TEXAS LP (CRRAH) GEUS (CRRAH) CITY OF AUSTIN DBA AUSTIN ENERGY (CRRAH) GREEN MOUNTAIN ENERGY COMPANY (CRRAH) AEP ENERGY PARTNERS INC (CRRAH) CITY OF GEORGETOWN (CRRAH) AMERICAN ELECTRIC POWER SERVICE CORPORATION (CRRAH) IPA TRADING LLC (CRRAH) J ARON AND COMPANY (CRRAH) ANP FUNDING I LLC (CRRAH) JUST ENERGY TEXAS LP (CRRAH) BP ENERGY COMPANY (CRRAH) KEYSTONE ENERGY PARTNERS LP (CRRAH) BROWNSVILLE PUBLIC UTILITIES BOARD (CRRAH) LOWER COLORADO RIVER AUTHORITY (CRRAH) BRAZOS ELECTRIC POWER CO OP INC (CRRAH) LOUIS DREYFUS ENERGY SERVICES LP (CRRAH) BRYAN TEXAS UTILITIES (CRRAH) LUMINANT ENERGY COMPANY LLC (CRRAH) CARGILL POWER MARKETS LLC (CRRAH) MIDAMERICAN ENERGY COMPANY (CRRAH) CALPINE POWER MANAGEMENT LP (CRRAH) MORGAN STANLEY CAPITAL GROUP INC (CRRAH) CITIGROUP ENERGY INC (CRRAH) NRG TEXAS POWER LLC (CRRAH) CONOCOPHILLIPS COMPANY (CRRAH) OCCIDENTAL POWER SERVICES INC (CRRAH) CONSTELLATION ENERGY COMMODITIES GROUP INC (CRRAH) OCCIDENTAL POWER MARKETING LP (CRRAH) CPS ENERGY (CRRAH) OPTIM ENERGY MARKETING LLC (CRRAH) DB ENERGY TRADING LLC (CRRAH) RAINBOW ENERGY MARKETING CORPORATION (CRRAH) DIRECT ENERGY LP (CRRAH) RAYBURN COUNTRY ELECTRIC COOPERATIVE INC (CRRAH) DENTON MUNICIPAL ELECTRIC (CRRAH) THE ROYAL BANK OF SCOTLAND PLC (CRRAH) DESERT SKY WIND FARM LP (CRRAH) RELIANT ENERGY POWER SUPPLY LLC (CRRAH) DTE ENERGY TRADING INC (CRRAH) SEMPRA ENERGY SOLUTIONS LLC (CRRAH) SEMPRA ENERGY TRADING LLC (CRRAH) EDF TRADING NORTH AMERICA LLC (CRRAH) EC AND R ENERGY MARKETING LLC (CRRAH) SHELL ENERGY NORTH AMERICA (US) LP (CRRAH) EDISON MISSION MARKETING AND TRADING INC (CRRAH) STAR ELECTRICITY LLC DBA STARTEX POWER (CRRAH) EXELON GENERATION COMPANY LLC (CRRAH) SOUTH TEXAS ELECTRIC COOPERATIVE INC (CRRAH) FIRST CHOICE POWER LP (CRRAH) GDF SUEZ ENERGY MARKETING NA INC (CRRAH) FORMOSA UTILITY VENTURE LTD (CRRAH) GDF SUEZ ENERGY RESOURCES NA INC (CRRAH) BNP PARIBAS ENERGY TRADING GP (CRRAH) TENASKA POWER SERVICES CO (CRRAH) NEXTERA ENERGY POWER MARKETING LLC (CRRAH) TRENT WIND FARM LP (CRRAH) CITY OF GARLAND (CRRAH) TRIEAGLE ENERGY LP (CRRAH) Successful CRR Qualifications as of 1600 CPT yesterday BJ ENERGY LLC (CRRAH)) ) FRANKLIN POWER LLC (CRRAH) PSEG ENERGY RESOURCES AND TRADE LLS (CRRAH) EPIC MERCHANT ENERGY TX LLC (CRRAH) TEX-LA ELECTRIC COOPERATIVE OF TEXAS INC (CRRAH))

  9. AMBRIDGE ENERGY LLC (CRRAH) CREDIT SUISSE ENERGY LLC (CRRAH) PEPCO ENERGY SERVICES INC (CRRAH) PRIVATEMARKETS INC (CRRAH) VELOCITY AMERICAN ENERGY MASTER I LP (CRRAH) If the Report were run today, the following participants would be RED (No record of contact regarding Qualification) MERRILL LYNCH COMMODITIES INC (CRRAH)

  10. CRR Market Trial Activities This Week • Monday, 29 March • ERCOT Posts May Allocation Results • Tuesday, 30 March • ERCOT Posts Balance of Year Allocation Results • Wednesday, 31 March • ERCOT Posts May Network Model • Friday, 2 April • ERCOT Posts May CRR Auction Notice

  11. CRR Market Trial Activities Next Week • Monday, 5 April • ERCOT Posts Balance of Year Network Model • Tuesday, 6 April • ERCOT Posts Balance of Year Auction Notice • Wednesday, 7 April • ERCOT Posts CRR Ownership as of 3/31/2010

  12. Network Model Changes – Effective 4/2/2010 • Settlement Point Names Removed • BAT_BATES_G1 • BAT_BATES_G2 • Settlement Point Names Changed • NUECES_B_G7 -> NUE_NUECESG7 • NUECES_B_G8 -> NUE_NUECESG8 • NUECES_B_B9 -> NUE_NUECESG9 All Settlement Points for the 4/1/2010 CIM Load are posted at http://nodal.ercot.com/readiness/markettrials/index.html

  13. FAQ’s We’ve initiated four trades towards XABC and they have remained in the pending credit check state for more than 24 hours; They were accepted by XABC around 7:30 AM yesterday.  How many hours/days does a trade remain in a ‘Pending Credit Check’ state?   • Currently The CRR bilateral trade must be completed (including credit check) at least two days before Day-Ahead Market execution (Operating Day – 1).  If the trade has yet to be completed, seven days after the trade is initiated, the trade will be cleaned from the database; however, if it’s in Pending Credit Check, it can remain in the system as Pending from as soon as 1 hour and up to as long as 4 days after the targeted party has accepted the trade offer. • A defect was just closed that allowed the trade to be cleaned from the system after 7 days, regardless of it’s trade status. Now, any trade in Pending Credit Check will not be cleaned from the system; it will remain in the system until the credit system approves or rejects the trade.

  14. FAQ’s How long does credit take to do a credit check on a bilateral trade? • Credit requested a maximum of 4 days to do a credit check on a bilateral trade. • The general timeline is that trades should be completed by 10AM on the business day (and again, at least 2 days before the effective date – but we recommend 7 days); CRR will then send the trade request to the credit system at 10:30AM, and credit will return with a response by 11:30AM. However, it is not guaranteed to only take one hour – it can take up to 4 days, as requested by the credit department.

  15. Open Question Time Questions? Slide 15

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