NOTICE DATE: March 18, 2024
NOTICE TYPE: M-B031824-01 Operations
SHORT DESCRIPTION: Results of Price Impact Analysis - Incorrect Constraint Data for GTCs impacting Real-Time Market
INTENDED AUDIENCE: All Market Participants
DAYS AFFECTED: February 28, 2024
LONG DESCRIPTION: On March 1, 2024 at 2:40 PM, ERCOT issued an Operations Notice notifying Market Participants of an issue regarding the Energy Management System sending incorrect constraint data for Generic Transmission Constraints to the Market Management System. This issue impacted Security-Constrained Economic Dispatch between 15:50 and 16:25 on February 28, 2024. Due to the complexity of the impact analysis, ERCOT was not able to meet the deadline for correcting prices before they became final at 16:00 on March 1, 2024. Further analysis was performed to determine if the significance criteria were met for ERCOT to seek review of prices by the ERCOT Board of Directors (Board).
ERCOT Protocol Section 6.3(7)(b) requires that the absolute value impact to any single Counter-Party in the RTM must meet one of the following two criteria before ERCOT may seek Board approval of a price correction:
Real-Time Market Results
ERCOT has determined that the impact to OD February 28, 2024 meets the criteria for significance and will seek Board approval to correct prices.
The number of Counter-Parties meeting one of the two criteria for significance are shown in the following table:
| Operating Day |
No. of Counter-Parties meeting criteria in Protocol Section 6.3.7(b)(i) |
No. of Counter-Parties meeting criteria in Protocol Section 6.3.7(b)(ii) |
| 2/28/2024 |
7 |
9 |
| Operating Day |
Maximum Amount ($Thousands) |
Maximum Percentage for Criteria (i)* |
Maximum Percentage for Criteria (ii)** |
| 2/28/2024 |
$455.32 |
2137.76% |
2137.76% |
* The maximum of percentage change to any single Counter-Party with impact more than $20,000 (set as NA when no single Counter-Party has impact more than $20,000)
** The maximum of percentage change to any single Counter-Party with impact more than $2,000 (set as NA when no single Counter-Party has impact more than $2,000
ERCOT intends to seek approval to correct RTM prices for OD February 28, 2024 at the Reliability and Market Committee on April 22, 2024, and the Board meeting on April 23, 2024. Additionally, ERCOT staff intends to provide additional information regarding the proposed price correction to the Technical Advisory Committee (TAC) at its March 27, 2024 meeting.
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