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Invoice Due Dates

Invoice Due Dates. Presented to TPTF November 30, 2006 Jack Brown Settlement Specialist City of Garland. Invoice Due Dates. Overview: Purpose Current Zonal Invoice Due Dates Nodal Invoice Due Dates: RTM Invoice Due Dates with Calendars DAM Invoice Due Dates with Calendars

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Invoice Due Dates

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  1. Invoice Due Dates Presented to TPTF November 30, 2006 Jack Brown Settlement Specialist City of Garland

  2. Invoice Due Dates Overview: • Purpose • Current Zonal Invoice Due Dates • Nodal Invoice Due Dates: • RTM Invoice Due Dates with Calendars • DAM Invoice Due Dates with Calendars • CRR Invoice Due Dates with Calendars • Credit Implications • Recommendations

  3. Invoice Due Dates Purpose: • Compare Areas of Nodal Protocols • Identify Differences • Identify / Discuss Reasons For Differences (if any) • Recommend Changes to the Invoice Due Dates to Assist Smaller Market Participants (MPs) with up to an 800% Increase in Nodal Invoice Processing Requirements • Recommend Changes to the Nodal CRR Auction Process So It Will Work in All Months

  4. Invoice Due Dates (Current Zonal) Current Zonal Invoice Due Dates: • Current Zonal Protocol 9.3 states: The payment date will be five (5) Bank Business Days after the Settlement Invoice date. If the payment date does not fall on a Business Day, the Invoice will become due on the next Business Day.

  5. Invoice Due Dates (Current Zonal) 7 Operating Days October 6 – 12, 2006 Ten (10) Days To Post Settlement Statements Invoice Posted OD 11&12 Five (5) 1 2 Due Date Bank Business Days

  6. Invoice Due Dates (Nodal RTM) Nodal RTM Invoice Due Dates: • Nodal Protocol 9.7.1 (1) states: The payment due date and time for the RTM Invoice, with funds owed by an Invoice Recipient, is 1700 on the 5th Bank Business Day after the RTM Invoice date, unless the 5th day is not both a Business Day and a Bank Business Day. If the 5th Bank Business Day after the RTM Invoice date is not both a Business Day and a Bank Business Day, then the RTM Invoice is due on the next Business Day after the 5th day that is both a Business Day and a Bank Business Day.

  7. Invoice Due Dates (Nodal RTM) 7 Operating Days October 6 – 12, 2006 Ten (10) Days To Post Settlement Statements Invoice Posted OD 11&12 Five (5) 1 2 Due Date Bank Business Days

  8. Invoice Due Dates (Nodal DAM) Nodal DAM Invoice Due Dates: • Nodal Protocol 9.4.1 (1) states: The payment due date and time for the DAM Invoice, with funds owed by an Invoice Recipient, is 1700 on the fourth Business Day after the DAM Invoice date, unless that fourth Business Day is not a Bank Business Day. If the fourth Business Day is not a Bank Business Day, then the payment is due by 1700 on the next Business Day after the fourth Business Day that is also a Bank Business Day.

  9. Invoice Due Dates (Nodal DAM) Invoice Posted OD Four (4) Bank DAM Post Due Date Bus. Days

  10. Invoice Due Dates (Nodal DAM) OD Invoice Posted Four (4) Bank Business Days DAM Post Due Date

  11. Invoice Due Dates (RTM and DAM) OD OD 7 Operating Days Invoice Posted Invoice Posted OD DAM Post Four (4) Bank Business Days DAM Post OD Invoice Posted DAM Post Four (4) OD OD October 6 – 12, 2006 Invoice Posted OD OD Four (4) Bank Bus. DAM DAM Post Due Date Invoice Posted Due Date Four (4) Bank Business Days Four (4) Bank Business Days DAM Post Due Date Bank Business Days Due Date Ten (10) Days To Post Settlement Statements Due Date Invoice Posted Post Four (4) Bank Business Days Days Due Date Invoice Posted OD 11&12 Five (5) 1 2 Due Date Bank Business Days

  12. Invoice Due Dates (CRR Auction) Nodal CRR Invoice Due Dates: • Nodal Protocol 9.9.1 (1) states: The payment due date and time for the CRR Auction Award Invoice, with funds owed by an Invoice Recipient, is 1700 on the 3rd Bank Business Day after the CRR Auction Award Invoice date, unless the 3rd day is not both a Business Day and a Bank Business Day. If the 3rd Bank Business Day after the CRR Auction Award Invoice date is not both a Business Day and a Bank Business Day, then the CRR Auction Award Invoice is due on the next Business Day after the 3rd day that is both a Business Day and a Bank Business Day.

  13. Invoice Due Dates (CRR Auction) Nodal CRR Auction Process: • Bid Submission – 3 Days • Optimization – 5 Days • Validation and Invoice Posting – 1 Day • Payment Deadline – 3 Days • Post To Accounts – 1 Day (must post before the last day of the month – DAM for 1st day of next month happens on last day of month) 13 Days Required For Auction Process

  14. Invoice Due Dates (CRR Auction) 5 Days Bid Submission 3 Days Invoice Posted Optimization 3 Bank Bus. Days Due Date Post

  15. Invoice Due Dates (Revise DAM) Recommendations: • Revise Nodal Protocol 9.4.1 (1) as follows: The payment due date and time for the DAM Invoice, with funds owed by an Invoice Recipient, is 1700 on the fourthfifth Business Day after the DAM Invoice date, unless that fourthfifth Business Day is not a Bank Business Day. If the fourthfifth Business Day is not a Bank Business Day, then the payment is due by 1700 on the next Business Day after the fourthfifth Business Day that is also a Bank Business Day.

  16. Invoice Due Dates (Revise DAM) OD Invoice Posted Revise to Five (5) Bank Bus. DAM Post Due Date Days

  17. Invoice Due Dates (Revise CRR) Recommendations: (Continued) • Revise Nodal Protocol 9.9.1 (1) as follows: The payment due date and time for the CRR Auction Award Invoice, with funds owed by an Invoice Recipient, is 1700 on the 3rdfifth Bank Business Day after the CRR Auction Award Invoice date, unless the 3rdfifth day is not both a Business Day and a Bank Business Day. If the 3rdfifth Bank Business Day after the CRR Auction Award Invoice date is not both a Business Day and a Bank Business Day, then the CRR Auction Award Invoice is due on the next Business Day after the 3rdfifth day that is both a Business Day and a Bank Business Day.

  18. Invoice Due Dates (Revise CRR) 5 Days Bid Submission 3 Days Invoice Posted Optimization Revise To Five (5) Due Date Post Bank Business Days

  19. Invoice Due Dates (Revise CRR) Recommendations: (Continued) • Revise Nodal Protocol 7.5.1 (4) (b) as follows: ERCOT shall conduct a monthly CRR Auction commencing on the second Tuesday following the first Sunday of the month immediately before the one-month term during which the CRRs being auctioned are effective. If the secondthis Tuesday is not a Business Day, then that monthly auction must occur on the next Business Day after the secondthis Tuesday.

  20. Invoice Due Dates (CRR Auction Feb) 5 Days Bid Submission 3 Days Invoice Posted Optimization 3 Bank Bus. Days Due Date Post

  21. Invoice Due Dates (Revise CRR Feb) 5 Days Bid Submission 3 Days Invoice Posted Optimization Revise To Five (5) Due Date Post Bank Business Days

  22. Invoice Due Dates (CRR Auction Nov) 5 Days Bid Submission 3 Days Invoice Posted Day After Thanksgiving Optimization Due Date 3 Bank Bus. Days Post

  23. Invoice Due Dates (Revise CRR Nov) 5 Days Bid Submission 3 Days Invoice Posted Optimization Revise To Five (5) Day After Thanksgiving Due Date Bank Business Days Post

  24. Invoice Due Dates (Revise CRR Dec) 5 Days Bid Submission 3 Days Invoice Posted Optimization Revise To Five (5) Day After Christmas Due Date Bank Business Days Post

  25. Invoice Due Dates Credit Implications: • No Change To Nodal RTM Invoice Due Dates • Exposure Remains All MPs, 7 ODs, 22 to 28 Calendar Days • DAM Invoice Due Dates Increase One Day • Exposure Goes From 9 - 11 Days To 10 - 12 Days • Exposure Only Opting MPs, 1 OD, 1 More Calendar Day • Exposure Still Considerably Less Than RTM 22 to 28 Days • CRR Invoice Due Dates Increase Two Days • Exposure Goes From 3 to 5 Days (modify to finish before month’s end) • Exposure Only Opting MPs, Monthly, 2 More Calendar Days • CRRs will only be allocated when payment is received • Exposure Still Considerably Less Than RTM 22 to 28 Days

  26. Invoice Due Dates Summary of Recommendations: • Revise DAM Invoice Due Date From 4 to 5 Days • Revise CRR Auction Invoice Due Date From 3 to 5 Days • Revise CRR Auction Process Start Date From Second Tuesday of the Month to the Tuesday Following the First Sunday of the Month

  27. Invoice Due Dates Questions / Comments?

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