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CRR Offers in the Day-Ahead Market

CRR Offers in the Day-Ahead Market. TPTF – August 28, 2007 Presented by Mark Patterson. CRR offers to DAM CRR Offers and Validations CRR DAM Clearing and Settlement Examples. Contents. What is the meaning of a CRR offer to DAM?

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CRR Offers in the Day-Ahead Market

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  1. CRR Offers in the Day-Ahead Market TPTF – August 28, 2007Presented by Mark Patterson

  2. CRR offers to DAM CRR Offers and Validations CRR DAM Clearing and Settlement Examples Contents TPTF – CRR Offers in DAM

  3. What is the meaning of a CRR offer to DAM? Offering a CRR Options/Options with Refund to DAM is declaring a CRR Options available to be settled in Real-Time; An valid offer can be either: Quantity along with a Minimum Reservation Price Quantity only (no Minimum Reservation Price) If no Minimum Reservation Price is specified (quantity only in an offer), $2000/MWh will be assigned as a default. If no offer is made, the CRR Account Holder will be settled at DAM LMPs CRR offers TPTF – CRR Offers in DAM

  4. Who can offer their CRRs into the Day-Ahead market? Only NOIEs, through their QSE Protocol ref: 4.3 (1) (b) What products can be offered into DAM? PTP Options PTP Options with Refund Products acquired through Allocation or Auction may be offered Protocol ref: 4.4.5 (2) & (3) Once paid for, PCRR allocations of Capacity type, are not differentiated from other PTP Obligations or PTP Options awarded via Auction. CRR offers TPTF – CRR Offers in DAM

  5. CRR Offers include the following information: The name of the QSE submitting The name of the CRR Account Holder who owns the CRRs CRR ID – Unique identifier provided by the CRR system at the conclusion of each allocation and auction Source and sink settlement points First hour and last hour Minimum Reservation Price $ per MW per hour* Quantity (MW) NOIE peak load forecast for the Operating Day Criteria of CRR Offers • * Note: Nodal Protocols state Minimum Reservation Price required but include provision for using default value when no price provided with Offer TPTF – CRR Offers in DAM

  6. Key Notes If the QSE and CRR Account Holders are separate entities, the relationship between the two must be formalized through registration. The CRR Account Holder is identified as a NOIE. The CRR ID will be validated against the CRR Ownership information provided on a daily basis to the MMS-DAM by the CRR system The total Quantity of CRR offers for a NOIE for an Operating Hour must not exceed 110% of NOIE’s peak load forecast of the Operating Day. Otherwise, last offer will be rejected. Validation of CRR Offers TPTF – CRR Offers in DAM

  7. After DAM execution, If a CRR offer is cleared in DAM, the cleared quantity will be settled using DAM LMPs. Not cleared CRR offers will be settled by Real-Time LMP. Settlement of DAM Results TPTF – CRR Offers in DAM

  8. Example Source/Sink settlement points: A/B TPTF – CRR Offers in DAM

  9. Joe’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #1) Joe’s NOIE QSE offers 100 MW of CRRID #1 into the DAM, with a minimum reservation price of $30 /MW After DAM clearing, the CRR option clearing price for source at PointA and sink at PointB is $40 / MW After DAM clearing, the LMP difference between PointA and PointB is $35 / MW All 100 MWs of the offered CRR clears in DAM Joe’s NOIE CRR Account Holder will receive $35 / MW for all 100 MW Example 1 TPTF – CRR Offers in DAM

  10. Joe’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #2) Joe’s NOIE QSE offers 60 MW of CRRID #2 into the DAM, with a minimum reservation price of $30 /MW After DAM clearing, the CRR option clearing price for source at PointA and sink at PointB is $40 / MW After DAM clearing, the price difference between PointA and PointB is $35 / MW 60 MWs of the offered CRR clears in DAM 40 MWs of the non-offered CRR is paid based on DAM LMPs Joe’s NOIE CRR Account Holder will receive 35 $/ MW for all 100 MW Example 2 TPTF – CRR Offers in DAM

  11. Joe’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #3) Joe’s NOIE QSE offers 60 MW of CRRID #3 into the DAM, with a minimum reservation price of $50 /MW After DAM clearing, the CRR option clearing price for source at PointA and sink at PointB is $40 / MW After DAM clearing, the price difference between PointA and PointB is $35 / MW After RT clearing the price difference between PointA and PointB is $90 / MW 40 MWs of the non-offered CRR is paid based on DAM LMPs 60 MWs of the offered CRR is not cleared, and will flow to RT and be paid based on RT LMPs Joe’s NOIE CRR Account Holder will receive $35 /MW for 40 MW and $90 / MW for 60 MW Example 3 TPTF – CRR Offers in DAM

  12. Joe’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #4) Joe’s NOIE QSE offers 100 MW of CRRID #4 into the DAM, but does not specify a minimum reservation price After DAM clearing, the CRR option clearing price for source at PointA and sink at PointB is $40 / MW After DAM clearing, the price difference between PointA and PointB is $35 / MW After RT clearing the price difference between PointA and PointB is $90 / MW 100 MWs of the offered CRR is not cleared because the default price is $2000 / MW, and will flow to RT and be paid based on RT LMPs Joe’s NOIE CRR Account Holder will receive $90 /MW for 100 MW Example 4 TPTF – CRR Offers in DAM

  13. Tom’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #5) Bill’s QSE is authorized to represent Tom’s NOIE CRR Account Holder Bill’s QSE offers 100 MW of CRRID #5 into the DAM, with a minimum reservation price of $30 /MW After DAM clearing, the CRR option clearing price for source at PointA and sink at PointB is $40 / MW After DAM clearing, the price difference between PointA and PointB is $35 / MW All 100 MWs of the offered CRR clears at DAM Tom’s CRR Account Holder will receive $35 /MW for all 100 MW Example 5 TPTF – CRR Offers in DAM

  14. Questions? TPTF – CRR Offers in DAM

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