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NOTICE DATE: May 10, 2011

NOTICE TYPE: M-A042511-02 Settlements

SHORT DESCRIPTION: Resettlement schedule of DAM and RTM price corrections for de-energized Settlement Point Prices

INTENDED AUDIENCE: CRRAH and QSE Settlement Personnel

DAYS AFFECTED: Operating Days December 1, 2010 – February 1, 2011

LONG DESCRIPTION: On April 25, 2011, ERCOT issued Market Notice W-A042511-01 announcing Board approval of price corrections for Settlement Point Prices assigned to de-energized Settlement Points for Operating Days December 1, 2010 – February 1, 2011. If the Board decision is not appealed to the Public Utility Commission of Texas (PUCT), ERCOT plans to execute Day-Ahead Market (DAM) Resettlements beginning May 25, 2011. Furthermore, ERCOT plans to use the regularly scheduled Real-Time Market (RTM) True-Up settlement process to resettle the corrected RTM Settlement Point Prices beginning May 31, 2011.

In addition to the DAM Settlements currently scheduled to post each day, ERCOT may post an equivalent number of DAM Resettlements. ERCOT will make best efforts to follow the timing appropriate for the sequence of DAM Settlement and RTM Initial Settlement, thus posting the DAM Resettlement for an Operating Day approximately six to ten days prior to the RTM True-Up Settlement for the same Operating Day. However, due to timing, the DAM Resettlement process cannot begin early enough to reflect the typical timing between DAM and RTM Settlement. Therefore, multiple DAM Resettlements will post for the first five Business Days of the resettlement process to “catch up” on the DAM Resettlements.

Please note that any excess congestion rent collected in the Balancing Account as a result of the resettlement using the price corrections will be distributed after completion of resettlement for the month and will be noticed to the market.

The “start” and “complete” dates for the resettlement schedule are as follows:

Activity	Start Activity	Complete Activity
Post DAM Resettlements	May 25, 2011	July 25, 2011
Post RTM True-Up Settlements	May 31, 2011	August 1, 2011
Post Dec 2010 Bal Acct Distribution	July 2011	n/a
Post Jan 2011 Bal Acct Distribution	August 2011	n/a
Post Feb 2011 Bal Acct Distribution	September 2011	n/a

ADDITIONAL INFORMATION: Prior to beginning the resettlements, the schedule for the DAM Resettlement will be reflected in the Settlement Calendar Extract. The schedule for the RTM True-Up Settlement is currently reflected in the Settlement Calendar Extract.

In the event that ERCOT experiences system constraints, the DAM Resettlement schedule may be modified. Modifications to the schedule will be reflected in the Settlement Calendar Extract.

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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