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ERCOT PROGRESS REPORT

ERCOT PROGRESS REPORT. Board of Directors Austin, Texas July 15, 2003. ERCOT Updates. CEO Overview Program Update (Steve Wallace) Grid Operations (Kent Saathoff) Market Operations (Ray Giuliani) IT Systems (Ken Shoquist) Financial (Maxine Buckles)

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ERCOT PROGRESS REPORT

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  1. ERCOT PROGRESS REPORT Board of Directors Austin, Texas July 15, 2003

  2. ERCOT Updates • CEO Overview • Program Update (Steve Wallace) • Grid Operations (Kent Saathoff) • Market Operations (Ray Giuliani) • IT Systems (Ken Shoquist) • Financial (Maxine Buckles) • Market Design Process (Beth Garza and Ray Giuliani)

  3. TCE Update • Hearing held on July 14, 2003; it was agreed that the TRO would be modified as follows: • ERCOT may draw on Letters of Credit ($2.5 million; covers amount not paid in June) • TCE will pay ERCOT $25K per month until July ’04; will then increase to $1 million/month • ERCOT will receive (on account) 50% of any pre-petition receivables that TCE collects • TCE agreed to dismiss the adversary proceeding against ERCOT (in bankruptcy court)

  4. Conclusions • More than 5.2 million retail transactions have been completed since market opened • Local congestion issues remain a major reliability concern • RMR issues will be addressed at Board meeting in August • Timeline extension for market design will allow extensive stakeholder involvement

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