NOTICE DATE: February 5, 2024
NOTICE TYPE: M-A020524-01 Operations
SHORT DESCRIPTION: Potential Price Corrections - Incorrect Line, Series Device, and Transformer Ratings Impacting the Real-Time and Day-Ahead Markets
INTENDED AUDIENCE: All Market Participants
DAYS AFFECTED: November 8, 2023 - January 31, 2024
LONG DESCRIPTION: On January 29, 2024, ERCOT became aware of an issue concerning the ratings of certain transmission lines, series devices, and transformers. As part of the weekly model loads, the Energy Management System (EMS) retained outdated Normal/Emergency/15-Minute static ratings from the 2023 NOV_ML1 CIM model through the 2024 JAN_ML3 CIM model due to a defect in the EMS. The Real-Time Market (RTM) and Day-Ahead Market (DAM) use the static ratings from the EMS.
On January 30, 2024 around 23:00, ERCOT implemented a fix to ensure that correct static ratings for the transmission lines, series devices, and transformers are used in EMS from the CIM models.
Accordingly, prices in the RTM for Operating Days (ODs) November 8, 2023 through January 30, 2024 and in the DAM for ODs November 8, 2023 through January 31, 2024 may have been impacted.
If ERCOT determines that RTM or DAM prices qualify for a correction and seeks review of such prices by the ERCOT Board of Directors (Board), ERCOT must notify Market Participants no later than 30 days following the OD; see respectively ERCOT Protocol Sections 4.5.3(6)(a) and 6.3(7)(a).
ERCOT anticipates seeking Board review of RTM and DAM prices for various ODs from January 6 - 31, 2024. While ERCOT continues to investigate the impact on RTM and DAM prices, this Market Notice is being issued to preserve the eligibility of the Board to review prices for qualifying ODs. ERCOT will provide Market Participants with a follow-up Market Notice with more information concerning pricing impacts and the specific ODs for which ERCOT will be seeking Board review, if any are identified.
ADDITIONAL INFORMATION: It should be noted that while Congestion Revenue Rights (CRR) Auctions also use ratings for transmission equipment, the ratings information is sourced from the Network Operations Model in a separate manner, and accordingly the CRR Auctions were unaffected by this error.
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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