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Market Operations Presentation Board of Director’s Meeting November 18, 2003

Market Operations Presentation Board of Director’s Meeting November 18, 2003. Agenda. Q3 Retail Transaction Performance Retail Market Activity Wholesale Market Activity Day-Ahead Market Design - Implementer / Operator Perspective More Credit Focus. Q3 Performance Measures

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Market Operations Presentation Board of Director’s Meeting November 18, 2003

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  1. Market Operations Presentation Board of Director’s Meeting November 18, 2003

  2. Agenda • Q3 Retail Transaction Performance • Retail Market Activity • Wholesale Market Activity • Day-Ahead Market Design - Implementer / Operator Perspective • More Credit Focus

  3. Q3 Performance Measures submitted to PUCT SWITCHES

  4. Q3 Performance Measures submitted to PUCT MIMO

  5. Migration from Native AREP% of ESI IDs at at09-30-0209-30-03 Residential 5.0% 12.2% Small Non-Residential 8.1% 14.6% Large Non-Residential 30.3% 53.5%

  6. Migration from Native AREP% of ESI IDs / % of Load at at at09-30-0209-30-0309-30-03 Residential 5.0% 12.2% 15% Small Non-Residential 8.1% 14.6% 38% Large Non-Residential 30.3% 53.5% 61%

  7. REPs of Record Serving ESI IDs in ERCOT as of 09-30-03

  8. Reliability and Balancing Services$ in millions YTD YTD 09-30-0209-30-03 • Uplift on load ratio share: RMR $ - 226.8 RMR BENA Credit - -129.9 Net RMR - 96.9 Black Start 5.4 5.3 Local Congestion 146.3 192.3 Total Uplift $ 191.7 294.5 • Obligation Services: • Ancillary Services $ 40.0 103.2 • Directly assigned: Zonal Congestion $ 39.8 19.8 Balancing Energy $ 52.0 336.6 (includes Regulation Service) • Short Pay $ .1 22.2

  9. Day-Ahead Market Design Template

  10. Day-Ahead Market Design Template Vision: to make the market better

  11. Day-Ahead Market Design Template Vision: to make the market better Guiding Principle: fair to all market participants

  12. Day-Ahead Market Design Template Vision: to make the market better Guiding Principle: fair to all market participants Strategy: strive to increase market transparency and liquidity

  13. Day-Ahead Market Design Template Vision: to make the market better Guiding Principle: fair to all market participants Strategy: strive to increase market transparency and liquidity Objective: create a public market to achieve desired transaction volume…

  14. Day-Ahead Market Design Template Vision: to make the market better Guiding Principle: fair to all market participants Strategy: strive to increase market transparency and liquidity Objective: create a public market to achieve desired transaction volume… at an acceptable cost.

  15. Day-Ahead Market Design Template Vision: to make the market better Guiding Principle: fair to all market participants Strategy: strive to increase market transparency and liquidity Objective: create a public market to achieve desired transaction volume… - PRODUCT - PRICE DISCOVERY - CLEARING - SETTLEMENT at an acceptable cost.

  16. Day-Ahead Market Design Template Vision: to make the market better Guiding Principle: fair to all market participants Strategy: strive to increase market transparency and liquidity Objective: create a public market to achieve desired transaction volume… - PRODUCT - PRICE DISCOVERY - CLEARING - SETTLEMENT at an acceptable cost. - IMPLEMENTATION - UPLIFT - PROVIDER OF LAST RESORT

  17. Day-Ahead Market Design Template Vision: to make the market better Guiding Principle: fair to all market participants Strategy: strive to increase market transparency and liquidity Objective: create a public market to achieve desired transaction volume… - PRODUCT - PRICE DISCOVERY - CLEARING - SETTLEMENT at an acceptable cost. - IMPLEMENTATION - UPLIFT - PROVIDER OF LAST RESORT - CREDIT UNDERWRITER

  18. Day-Ahead Market Design Credit Underwriter Considerations: Possible Size of Underwriting (given a Texas Market ~ $15 – 20 billion): If at PJM volume of 27%, then Underwriting ~ $ 4 – 5 billion If at NYISO volume of 50%, then Underwriting ~ $ 7 – 10 billion

  19. Day-Ahead Market Design Credit Underwriter Considerations: Possible Size of Underwriting (given a Texas Market ~ $15 – 20 billion): If at PJM volume of 27%, then Underwriting ~ $ 4 – 5 billion If at NYISO volume of 50%, then Underwriting ~ $ 7 – 10 billion Who will be credit underwriter for the Texas Day-Ahead Market? ERCOT LSEs? ERCOT LSEs and Generators? Commercial Bank(s)? Other Market Institution? Other? What market policies should be implemented to achieve desired result? What legislative and/or PUCT actions are needed to achieve desired result?

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