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Relaxed Resource Schedule Credit Requirements

Relaxed Resource Schedule Credit Requirements. December 2003. Relaxed Resource Schedule. Credit Requirements Incremental Collateral Calculation Price Volume Weekly True-Up Resource and Load Imbalance Collateral Posting. Incremental Collateral Calculation. For Resource Only QSEs

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Relaxed Resource Schedule Credit Requirements

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  1. Relaxed Resource Schedule Credit Requirements December 2003

  2. Relaxed Resource Schedule Credit Requirements • Incremental Collateral Calculation • Price • Volume • Weekly True-Up • Resource and Load Imbalance • Collateral Posting

  3. Incremental Collateral Calculation For Resource Only QSEs For any un-invoiced trade weeks that a QSE’s estimated resource mwhs deviation exceeds Expected Generation mwhs by 20%, ERCOT will calculate an incremental collateral requirement as follows: (Estimated Resource MWhs Deviation x Estimated Price unbilled ) – Collateral Held for Resource Imbalance Estimated Resource MWhs Deviation = Expected Generation unbilled - Estimated Generation unbilled + Scheduled ERCOT Market Resource Purchase Expected Generation = Base Schedule + BES Instructions + Regulation & other Ancillary Services Deployment

  4. Price Price will be calculated for: • The weeks of activity that have occurred but have not been billed (currently approximately three weeks) • One forward week (to capture volatility)

  5. Price Price for Unbilled Weeks • The seven day average or the higher of • a) The BE Up and • b) The BE Down daily weighted average BES MCPE Daily prices found on the ERCOT website (transparent) • Price for the Forward Week • Price will be calculated as 150% of the most recent seven (7) day weighted average BES MCPE

  6. Balancing Energy Summary

  7. Volume Volume will be calculated as the higher of: • ERCOT’s estimate of the QSE’s previous seven day average estimated resource deviation or • The QSE’s estimated average forecast of resource deviation for the next seven day period

  8. Volume • The ERCOT estimated resource deviation for the previous seven-day period is calculated as: (Scheduled Generation – Preliminary Actual Generation + ScheduledERCOT MarketResourcePurchased)

  9. Collateral Held for Resource Imbalance

  10. Sample Resource Deviation Calculation

  11. Daily Monitoring and Weekly True-Up • ERCOT will monitor daily and calculate weekly an incremental Resource Imbalance liability. • Each week, ERCOT will apply the seven-day period’s updated estimated resource deviation and weighted average MCP and increase or reduce the QSE’s amount of incremental collateral posted.

  12. Resource and Load Imbalance • Collateral requirements for Resource and Load Imbalance: • If the sum of • 1. The percentage by which a QSE’s total estimated Load MWHs differs from its scheduled Load MWHs and • 2. The percentage by which a QSE’s total estimated Resource MWHs differs from its scheduled Resource MWHs • exceed 20%, ERCOT will monitor daily and calculate weekly an incremental net Resource and Load Imbalance liability.

  13. Resource and Load Imbalance(based on the example listed below collateral would be calculated for both Resource and Load Imbalance)

  14. Collateral Posting • All collateral, for NBEL, NRIL, TEL and EAL is due within two banking days.

  15. Relaxed Resource ScheduleCredit Requirements Questions

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