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VRD vs QHr Scheduling

VRD vs QHr Scheduling. J E Scheiderich 5-24-04. VRD vs. QHr Scheduling. Purpose: Present a means to give participant transactions equal footing with VRD Especially relevant to time related issues Utilize VRD constructs – e.g. supply curves as part of the process

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VRD vs QHr Scheduling

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  1. VRD vs QHr Scheduling J E Scheiderich 5-24-04

  2. VRD vs. QHr Scheduling • Purpose: • Present a means to give participant transactions equal footing with VRD • Especially relevant to time related issues • Utilize VRD constructs – e.g. supply curves as part of the process • Allows a time period to see if participant actions sufficiently arbitrage the price spreads between NY and NE • If it does not produce desired results then implement VRD… jes/Select Energy

  3. VRD vs. QHr Scheduling • Important note… • We have not yet discussed VRD in the context of NY’s RTS/SMD2. So far a separate in-hour process was considered since BME ran once per hour and well ahead of time as well. • As this is written it presumes RTC (the commit component of RTS) schedules the transactions subject to the limitations of the supply curves (and security). • It presumably would be possible to shorten the timeframe, ignoring RTC. This would require a separate process of some sort and all the impact would fall onto RTD – the real time dispatch component jes/Select Energy

  4. VRD vs. QHr Scheduling • Proposal: • Participants would submit transactions to one ISO 30+ minutes in advance of one ¼ hour interval for which they would flow if chosen • Checkout is proposed to be automatic between the ISOs – if ramp is available and RTC accepts your bid, you get in the queue • We might consider using NY as the required bid would eliminate the need for possible transmission allocation scheme • Supply curves as already proposed by the ISOs would be used to avoid price “flipping” jes/Select Energy

  5. VRD vs. QHr Scheduling • Proposal (cont): • While transactions could be offered in either direction, only those that would aid the arbitrage would be scheduled to flow • Note that any transaction entered will be considered and if scheduled and priced at RT proxy bus prices • There will be no opportunity for transaction “failures” • Propose a “no-Tag” approach for these transactions • Participant transactions will be subject to the ahead of vs. RT price risk but for a shorter period jes/Select Energy

  6. VRD vs. QHr Scheduling:Benefits • Provides opportunity for participants to address the problem by reducing, not eliminating, transaction risk • Shorter lead & flow times – 30+ & 15 minutes, respectively • Single point of transaction entry • Utilizes capabilities that the ISOs would need for VRD including supply curves & security checks • Reduces potential for “throw-away” development • Eliminates transaction risk to the ISOs • No opportunity for transaction “failures” by MPs due to missing tags, mismatched schedules etc. jes/Select Energy

  7. VRD vs. QHr Scheduling: Benefits (cont) • Avoids any gain/loss allocation issues the ISOs would have with VRD • See A2_VRD Straw Proposal_7-25-03.pdf for the 7-31-03 MSWG/MC meeting; page 11 • Failure of MPs to arbitrage price spreads in a significant manner would ultimately lead to a full VRD implementation jes/Select Energy

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