NOTICE DATE: August 28, 2024
NOTICE TYPE: M-A082824-01 Operations
SHORT DESCRIPTION: Potential Price Correction - Incorrect Recall of ERCOT Contingency Reserve Service
INTENDED AUDIENCE: All Market Participants
DAYS AFFECTED: August 20, 2024
LONG DESCRIPTION: On August 20, 2024 at 8:28:44 PM, ERCOT attempted to recall 500 megawatts (MW) of the 2,000 MW of ERCOT Contingency Reserve Service (ECRS) that was then currently deployed. Instead, a software defect in the Energy Management System (EMS) caused all deployed 2,000 MW of ECRS to be recalled. At the time of the recall, System Lambda was at $849.75/MWh. When Security Constrained Economic Dispatch (SCED) ran at 8:30:02 PM, System Lambda spiked to $5,001/MWh. SCED ran again at 8:30:27 PM with a resulting System Lambda of $5,001/MWh. ERCOT operators corrected the deployment of ECRS to 1,500 MW at 8:30:48 PM, and SCED ran at 8:32:00 PM resulting in a System Lambda of $284.64/MWh. Accordingly, prices in the Real-Time Market (RTM) for Operating Day (OD) August 20, 2024 were impacted.
If ERCOT determines that RTM prices qualify for a correction and seeks review of such prices by the ERCOT Board of Directors (ERCOT Board), ERCOT must notify Market Participants no later than 30 days following the OD; see ERCOT Protocol Section 6.3(7)(a).
While ERCOT continues to investigate the impact on RTM prices, this Market Notice is to preserve the eligibility of the ERCOT Board to review prices for the affected OD. ERCOT will provide Market Participants more information concerning pricing impacts and whether ERCOT will be seeking review by the ERCOT Board once available.
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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