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CRR Offers in the Day-Ahead Market. TPTF – August 28, 2007 Presented by Mark Patterson. CRR offers to DAM CRR Offers and Validations CRR DAM Clearing and Settlement An example. Contents. Who can offer their CRRs into the Day-Ahead market? Only NOIEs, through their QSE

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Crr offers in the day ahead market

CRR Offers in the Day-Ahead Market

TPTF – August 28, 2007Presented by Mark Patterson


Contents

CRR offers to DAM

CRR Offers and Validations

CRR DAM Clearing and Settlement

An example

Contents

TPTF – CRR Offers in DAM


Crr offers

Who can offer their CRRs into the Day-Ahead market?

Only NOIEs, through their QSE

Protocol ref: 4.3 (1) (b)

What products can be offered into DAM?

PTP Options

PTP Options with Refund

Products acquired through Allocation or Auction may be offered

Protocol ref: 4.4.5 (2) & (3)

Once paid for, PCRR allocations of Capacity type, are not differentiated from other PTP Obligations or PTP Options awarded via Auction.

What is the meaning of a CRR offer to DAM?

If the DAM LMP is greater than or equal to the Minimum Reservation Price of a CRR offer, the CRR Account Holder will be paid based on DAM LMPs;

If the DAM LMP is less than the price offered, the offer is not cleared and the CRR Account Holder will be paid based on RT LMPs.

If no offer is made, the CRR Account Holder will be settled at DAM LMPs

CRR offers

TPTF – CRR Offers in DAM


Validation of crr offers

CRR Offers shall include the following information:

The name of the QSE submitting

The name of the CRR Account Holder who owns the CRRs

CRR ID – Unique identifier provided by the CRR system at the conclusion of each allocation and auction

Minimum Reservation Price ($/MWh)

Quantity (MW)

Validation rules

If the QSE and CRR Account Holders are separate entities, the relationship between the two must be formalized.

The CRR Account Holder is identified as a NOIE

The CRR ID will be validated against the CRR Ownership information provided on a daily basis to the MMS-DAM by the CRR system

Validation of CRR Offers

TPTF – CRR Offers in DAM


Settlement of dam results

After DAM execution,

If a CRR offer is partially cleared in DAM, the cleared quantity will be settled using DAM LMPs

Not cleared CRR offers will be settled by Real-Time LMP

Two notes:

If a NOIE wants declare its CRR PTP options to be settled in Real-Time, this NOIE shall submit CRR offers to DAM and indicate the Minimum Reservation Price;

If no Minimum Reservation Price is specified, $2000/MWh will be assigned as a default.

Settlement of DAM Results

TPTF – CRR Offers in DAM


An example
An Example

NOIE: ee QSE: qqSource/Sink settlement points: A/B

CRR settlement:

  • “CRRID-1”

    • 100 MW will be settled by DAM LMP

  • “CRRID-2”

    • 40 MW not offered part will be settled by DAM LMP

    • 60 MW not cleared part by Dam will be settled by RT LMP

TPTF – CRR Offers in DAM


Example 1

Joe’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #1)

Joe’s NOIE QSE offers 100 MW of CRRID #1 into the DAM, with a minimum reservation price of $30 /MW

After DAM clearing, the price difference between PointA and PointB is $40 / MW

All 100 MWs of the offered CRR clears at DAM LMPs

Joe’s NOIE CRR Account Holder will receive $40 /MW for all 100 MW

Example 1

TPTF – CRR Offers in DAM


Example 2

Joe’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #1)

Joe’s NOIE QSE offers 60 MW of CRRID #1 into the DAM, with a minimum reservation price of $30 /MW

After DAM clearing, the price difference between PointA and PointB is $40 / MW

60 MWs of the offered CRR clears at DAM LMPs

40 MWs of the non-offered CRR is paid based on DAM LMPs

Joe’s NOIE CRR Account Holder will receive $40 /MW for all 100 MW

Example 2

TPTF – CRR Offers in DAM


Example 3

Joe’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #1)

Joe’s NOIE QSE offers 60 MW of CRRID #1 into the DAM, with a minimum reservation price of $80 /MW

After DAM clearing, the price difference between PointA and PointB is $40 / MW

After RT clearing the price difference between PointA and PointB is $90 / MW

40 MWs of the non-offered CRR is paid based on DAM LMPs

60 MWs of the offered CRR is not cleared, and will flow to RT and be paid based on RT LMPs

Joe’s NOIE CRR Account Holder will receive $40 /MW for 40 MW and $90 / MW for 60 MW

Example 3

TPTF – CRR Offers in DAM


Example 4

Joe’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #1)

Joe’s NOIE QSE offers 100 MW of CRRID #1 into the DAM, but does not specify a minimum reservation price

After DAM clearing, the price difference between PointA and PointB is $40 / MW

After RT clearing the price difference between PointA and PointB is $90 / MW

100 MWs of the offered CRR is not cleared because the default price is $2000 / MW, and will flow to RT and be paid based on RT LMPs

Joe’s NOIE CRR Account Holder will receive $90 /MW for 100 MW

Example 4

TPTF – CRR Offers in DAM


Example 5

Tom’s NOIE CRR Account Holder, owns 100 MW PTP Option between PointA and PointB (CRRID #1)

Bill’s QSE is authorized to represent Tom’s NOIE CRR Account Holder

Bill’s QSE offers 100 MW of CRRID #1 into the DAM, with a minimum reservation price of $30 /MW

After DAM clearing, the price difference between PointA and PointB is $40 / MW

All 100 MWs of the offered CRR clears at DAM LMPs

Bill’s CRR Account Holder will receive $40 /MW for all 100 MW

Example 5

TPTF – CRR Offers in DAM


Questions

DAM between PointA and PointB (CRRID #1)

Questions?

TPTF – CRR Offers in DAM


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