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March 13, 2014 | NEPOOL markets committee

March 13, 2014 | NEPOOL markets committee. Jonathan Lowell. Principal analyst | market development. Updates to Manuals M-REG, M-RPA, M-28, M-29 and M-35. Market Manual Updates for Order 755 Regulation Market Changes. Order 755 Regulation Market Implementation.

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March 13, 2014 | NEPOOL markets committee

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  1. March 13, 2014 | NEPOOL markets committee Jonathan Lowell Principal analyst | market development Updates to Manuals M-REG, M-RPA, M-28, M-29 and M-35 Market Manual Updates for Order 755 Regulation Market Changes

  2. Order 755 Regulation Market Implementation • ISO currently anticipates an effective date in late-May 2014 for the Order 755 regulation market implementation • The manuals are being updated to reflect the changes in how Market Participants will participate in the market • The biggest of these changes include: • Offers will now include a capacity price and a service (mileage) price • Offers may be updated throughout the day • Alternative Technology Regulation Resources may now register and participate in the market • No more self-scheduled regulation

  3. Summary of Changes to Market Manuals • Note: changes from drafts presented at the February MC meeting are shown in red. • M-28 Accounting • Minor edits to recognize there are now two different regulation clearing prices, and regulation resources are no longer limited to generators • Removed reference to “trading regulation” • In Section 12.2.5.2, corrected the incorrect reference to 12.3.5.1 to the correct location: 12.2.5.1 • M-29 Billing • Minor edit to correct capitalization of “regulation market” • Updated the description of regulation credits and charges that will appear on billing invoices

  4. Summary of Changes to Market Manuals • Note: changes from drafts presented at the February MC meeting are shown in red. • M-35 Definitions and Abbreviations • Terms that are defined in Section I.2.2 or III.F are deleted • Terms that are no longer relevant are deleted • Primarily because there is no more “self-scheduling for regulation” • Updated the definition of “Redeclaration” to include ATRRs • Reinstated the definition of Generator Regulation Credits • This term is eliminated as part of the new NCPC design, which does not go into effect until Q4 2014. • M-RPA Registration and Performance Audits • ATRRs added to Section 1.1.2 Roles and Responsibilities • New Section 1.9 added to address ATRR registration procedures

  5. Summary of Changes to Market Manuals • Note: changes from drafts presented at the February MC meeting are shown in red. • M-REG Regulation Market • Inclusion of references to new tariff sections • Offer requirements and offer timing • Eligibility requirements • Settlement • Recognize there are now two different clearing prices • Recognize the resources other than generators will be able to provide regulation • Updated timing for the selection of regulation resources • Updated discussion of regulation resource testing and evaluation • Inclusion of references to relevant operating procedures • Deleted a superfluous “hourly” from Section 1.1(3)(b)

  6. Summary of Changes to Market Manuals • Reminder – in summer 2013 the content of M-11 (Operations) related to regulation was moved into a brand new M-REG manual • Therefore, no changes for Order 755 are required in M-11

  7. M-REG – Review of Proposed Changes (1)

  8. M-REG – Review of Proposed Changes (2)

  9. M-REG – Review of Proposed Changes (3)

  10. Next Steps • If the Markets Committee acts on the Manual changes n March, the PC review would occur in April. • Otherwise, • Request MC vote at April MC meeting • PC review at May 2014 meeting to support a late-May effective date

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