NOTICE DATE: December 21, 2023

NOTICE TYPE: M-A122123-01 Credit and Settlements

SHORT DESCRIPTION: Implementation of payment processing system

INTENDED AUDIENCE: All Market Participants 

DAYS AFFECTED: January 26, 2024

LONG DESCRIPTION: On January 26, 2024, ERCOT will implement an automated payment processing system. ERCOT will be requiring the following to enable the new system and processes:

• Invoice Payment: Add the full invoice ID, alpha and numeric, in the remark/details of the wire.
• Invoice Payment: Must be received by 10:00AM on the day after the invoice was issued in order for the outstanding invoice amount to be excluded from the intra-day TPEA that is calculated in the afternoon.
• Do not pay WAN and ERO invoices into the Market Bank Account. Follow the instructions included on the WAN and ERO invoices.
• Cash Collateral Deposit: Add the Counter-Party number in the remark/details of the wire.
• Collateral Deposit for CRR auctions: Must be received by 3:00PM in order to be included in ACL for the CRR auction being initiated the same day.

ERCOT will be making the following changes to its procedures:

• Reminder emails for non-payment will be sent earlier in the day, and again in the afternoon, if required. 

As a reminder, per Protocol Section 9.7.1, any payment not received by 1700 (5:00PM) on its due date will be considered late. 

1. The payment due date and time for the Settlement Invoice, with funds owed by an Invoice Recipient, is 1700 on the second Bank Business Day after the Settlement Invoice date, unless the second Bank Business Day is not a Business Day.  If the second Bank Business Day is not a Business Day, the payment is due by 1700 on the next Bank Business Day after the second Bank Business Day that is also a Business Day.
2. All Settlement Invoices due, with funds owed by an Invoice Recipient, must be paid to ERCOT in U.S. Dollars (USD) by Electronic Funds Transfer (EFT) in immediately available or good funds (i.e., not subject to reversal) on or before the payment due date.

Similar language is applied to all invoices owed to ERCOT, including CRR Auctions and Securitization M and N.

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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