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Market Credit Working Group update to the Wholesale Market Subcommittee

Market Credit Working Group update to the Wholesale Market Subcommittee. 05/01/2019. Bill Barnes NRG, Chair Josephine Wan Austin Energy, Vice Chair. MCWG update to WMS. General Update April 18th Joint MCWG/CWG Meeting 3 NPRRS reviewed for their credit impacts

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Market Credit Working Group update to the Wholesale Market Subcommittee

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  1. Market Credit Working Group update to the Wholesale Market Subcommittee 05/01/2019 Bill Barnes NRG, Chair Josephine Wan Austin Energy, Vice Chair

  2. MCWG update to WMS • General Update • April 18th Joint MCWG/CWG Meeting • 3NPRRS reviewed for their credit impacts • 917NPRR Nodal Pricing for Settlement Only Distribution Generators (SODGs) and Settlement Only Transmission Generators (SOTGs) • 926NPRR Removal of 90-Day Period Between SSR Study Approval and Synchronization • 929NPRR PTP Obligations with Links to an Option DAM Award Eligibility • All operational and without any credit impact. Discussion on settlement changes and impact to credit.

  3. MCWG update to WMS Review of ERCOT CRR Portfolio Valuation Assess the risk of a large CRR portfolio default Dollars

  4. MCWG update to WMS Review of ERCOT CRR Portfolio Valuation Assess the risk of a large CRR portfolio default MWh

  5. MCWG update to WMS CRR Portfolio Disposal Discussion • Modify existing one-time auction • Allow negative bidding • Allow “percentage slices” to be purchased • Liquidate in next Long Term Auction or Monthly Auction Sequence • Allows for more competitive solution • Could distort outcomes if portfolio is large • No auction, liquidate all rights in DAM • Most competitive result • Drags out default over very long time (up to 3 yrs)

  6. MCWG update to WMS Market Entry Qualifications Rules & Process ERCOT legal informed the group that they do not see issues with reviewing current market entry qualifications.

  7. MCWG update to WMS ERCOT Credit Exposure Updates • Market-wide average TPE increased from $263.8 million to $298.5 million • The increase in TPE is due to higher prices in early March • Discretionary Collateral is defined as Secured Collateral in excess of TPE,CRR Locked ACL and DAM Exposure. • Average Discretionary Collateral decreased from $ 1,034.8 million to $926.7 million • The decrease in Discretionary Collateral is largely due to decrease in Secured Collateral • Number of active Counter-Parties increased from 233 to 237 • No unusual collateral call activity

  8. MCWG update to WMS

  9. MCWG update to WMS

  10. MCWG update to WMS

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