NOTICE DATE:  February 8, 2013                    

NOTICE TYPE:  M-A020113-02 CRR

SHORT DESCRIPTION:  Reminder of Credit Submission lock date for March 2013 Monthly CRR Auction

INTENDED AUDIENCE:  CRR Account Holders

DAY AFFECTED:  February 11, 2013

LONG DESCRIPTION:  Reminder that the Credit Submission for the March 2013 Monthly Congestion Revenue Right (CRR) Auction will close at 17:00:00 CPT on Monday, February 11, 2013. Counter-Parties that fail to lock credit are excluded from bidding into the CRR auction.

ADDITIONAL INFORMATION:  See Market Notice M-A020113-01 below for further auction details.

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 the ERCOT CRR Team via email at [log in to unmask].

If you are receiving email from an ERCOT distribution list that you no longer wish to receive, please follow this link in order to unsubscribe from this list: http://lists.ercot.com.

NOTICE DATE:  February 1, 2013                    

NOTICE TYPE:  M-A020113-01 CRR

SHORT DESCRIPTION:  March 2013 Monthly CRR Auction

INTENDED AUDIENCE:  CRR Account Holders

DAYS AFFECTED: February 1 – 14, 2013

LONG DESCRIPTION:  Credit Submission for the March 2013 Monthly Congestion Revenue Right (CRR) Auction began at 00:00:01 CPT on February 1, 2013, and will close at 17:00:00 CPT on February 11, 2013.

Per Section 7.5.2(2)(b) of the ERCOT Protocols, ERCOT will enforce a volume limitation of 7,500 market transactions (bids and offers) per account holder. The CRR Auction Bid window opens at 00:00:01 CPT on February 12, 2013, and closes at 17:00:00 CPT on February 14, 2013.

Per Section 7.5.2(2)(e), if the total number of market transactions submitted for the auction exceeds the maximum number of transactions available for the market, currently 200,000, CRR Account Holders will be notified via Operator Message that a second round of submissions will be required. Account Holders whose total bids and offers exceed the maximum number of allowable transactions determined for the second round will have their portfolios removed from the auction and will be required to resubmit a new portfolio with the total number of transactions less than or equal to the second round limit.

Per Section 7.5.2(2)(a), prior to the opening of the auction bid window but after the credit lock deadline, the system will send a message to all account holders regarding the available number of transactions for participating account holders in the event of a second round bid. The preliminary allocated CRR transaction limit is 969.

CRR Account Holders are not included in the CRR transaction volume limitation process if they do not own open CRR positions or they do not have credit allocated to the CRR Auction. Should a second round auction be necessary, the bid/offer limit will be recalculated after credit lock to accommodate only those CRR Account Holders who have open positions or have credit allocated to the auction.

This second auction, if needed, will be open from 18:00:00 CPT on February 14, 2013, until 17:00:00 CPT on February 15, 2013.

ADDITIONAL INFORMATION:  The Baseload CRRs used for the March 2013 Monthly CRR Auction may be found in the Monthly Auction Notice folder on the CRR Market Information System (MIS) site at https://mis.ercot.com/pps/tibco/mis/Pages/Market+Information/CRR and on the CRR webpage of ERCOT.com at http://www.ercot.com/mktinfo/crr/.

Specifications for the equipment and interfaces necessary to participate in the CRR Auction are included in the CRR Market User Interface Specifications document, which may also be found on the CRR MIS site and on the CRR webpage of ERCOT.com.

The ERCOT Board-approved values for A and M as referenced in Nodal Protocols Section 7.5.5.3(3)(a)(iii) are currently set at $.75/MWh and 0 respectively. The minimum Option bid price is $.01.

Per Section 7.5.5.3(3)(b), ERCOT will review preliminary auction results to ensure that Counter-Parties have sufficient credit limit to cover post auction credit requirements. If a Counter-Party does not have sufficient credit limit for post auction credit requirements, ERCOT may send a collateral request that is due by 15:00 CPT on the next Bank Business Day. If sufficient collateral is not received by 15:00 CPT on the next Bank Business Day, ERCOT may set an associated CRR Account Holder’s credit limit to zero in the CRR application such that the Counter-Party’s bids and negatively priced offers in the CRR Auction are voided and rerun the CRR Auction without that Counter-Party’s activity. Collateral calls pursuant to section 7.5.5.3(3)(b) may be issued on a non-Business Day to minimize impact on CRR timelines.

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 the ERCOT CRR Team via email at [log in to unmask].

If you are receiving email from an ERCOT distribution list that you no longer wish to receive, please follow this link in order to unsubscribe from this list: http://lists.ercot.com.

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