NOTICE DATE: November 14, 2023

NOTICE TYPE: M-B111423-01 Legal

SHORT DESCRIPTION: Remittance of PURA Chapter 39, Subchapter N bond proceeds and Obligated LSE reporting requirements

INTENDED AUDIENCE: All Market Participants

DAYS AFFECTED: November 15 through 30, 2023

LONG DESCRIPTION:  Under PURA § 39.365(e) and the Public Utility Commission of Texas (PUCT) Debt Obligation Order issued in Docket No. 52322, Application of Electric Reliability Council of Texas, Inc. for a Debt Obligation Order Pursuant to Chapter 39, Subchapter N of the Public Utility Regulatory Act, any Load Serving Entity (LSE) that received proceeds from the financing of the bonds issued by the special purpose entity, Texas Electric Market Stabilization Funding N LLC, under PURA Chapter 39, Subchapter N (the N Bonds proceeds) must remit any excess bonds proceeds received.

PUCT Staff – in a memorandum dated June 14, 2022 filed in PUCT Docket No. 52710, Compliance Filing for Docket No. 52322 (Application of Electric Reliability Council of Texas, Inc for a Debt Obligation Order Pursuant to Chapter 39, Subchapter N, of the Public Utility Regulatory Act) – set forth, inter alia, the intended process by which each responsible LSE would report to the PUCT the LSE’s use of the N Bonds proceeds that the LSE received.  The PUCT Staff memorandum also established that any of the N Bonds proceeds that had not been distributed by November 15, 2023 would be returned to ERCOT.  In consultation with PUCT Staff, LSEs should return the funds by the end of November.  LSEs should state on their final status report when they will be returning these funds to ERCOT.

To remit these N Bonds proceeds, each LSE with excess proceeds should send the proceeds to their current Qualified Scheduling Entity with instructions to promptly convey all of these proceeds to ERCOT by Electronic Funds Transfer (EFT) in U.S. dollars to the account ending in xxxxx1869 that is listed on the Securitization Uplift Charge Invoices.    

ADDITIONAL INFORMATION: Additional information regarding securitization can be found at this page on the ERCOT website. 

CONTACT: If you have any questions, please contact your ERCOT Account Manager. You may also call the general ERCOT Client Services phone number at (512) 248-3900 or contact ERCOT Client Services via email at [log in to unmask].

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