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August 5,2014 |NEPOOL Markets Committee

August 5,2014 |NEPOOL Markets Committee. Ryan McCarthy. rYMCCARTHY@iso-ne.com | 413.535.4071. Market Rule conforming edits related to the FERC accepted non-commercial financial assurance (FA) changes. FCM Non-Commercial FA: Conforming Changes. Background.

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August 5,2014 |NEPOOL Markets Committee

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  1. August 5,2014 |NEPOOL Markets Committee Ryan McCarthy rYMCCARTHY@iso-ne.com | 413.535.4071 Market Rule conforming edits related to the FERC accepted non-commercial financial assurance (FA) changes FCM Non-Commercial FA: Conforming Changes

  2. Background • In November 2013, ISO New England submitted revisions to the Financial Assurance Policy (FAP) and to Section I.2.2 of the Tariff for Financial Assurance (FA) associated with Non-Commercial Capacity in the Forward Capacity Market • At its August 12, 2013, September 16, 2013 and October 25, 2013 meetings, the Budget and Finance Committee discussed these revisions • The Participants Committee, at its November 8, 2013 meeting, supported these revisions

  3. Conforming changes are required in Section III.13 for financial assurance associated with Non-Commercial Capacity • The objective of these conforming changes is to ensure that the Market Rule contains all of the provisions related to financial assurance associated with Non-Commercial Capacity and includes references, where needed, to the FAP • This project will make the following changes to the tariff: • Remove redundant language in the Market Rule • Ensure proper use of defined terms in the Market Rule (e.g., FCM Deposit, Non-Commercial Capacity Financial Assurance Amount) • Ensure appropriate sections of the FAP are referenced within the Market Rule • Remove requirement to review these provisions within five years of conducting the first FCA

  4. Additional topics related to FA for Non-Commercial Capacity are being evaluated • For discussion later this year, and not as part of this project, the ISO is also evaluating: • Resource qualification for CSO Bilaterals and reconfiguration auctions without participation in the Forward Capacity Auction • Provisions that require FA for Non-Commercial Capacity participating in the reconfiguration auctions and CSO Bilaterals

  5. Proposal Summary and Schedule • Conform Section III.13 to the FERC accepted FAP changes • Additional conforming changes to the FAP will be discussed with the Budget and Finance Committee during this same time period • Changes are scheduled to be effective February 2015

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