NPRR #449 · Revision Request
NPRR449 Reduce Maximum CRR Transaction Limit in Auctions
ReasonSince Nodal go-live, the ERCOT CRR Auction has twice exceeded the maximum number of transactions (bids and offers) allowable in the CRR Auction. Although there is a round-two mechanism that allows re-submissions, the volume limitation is greatly reduced (example from 10,000 to 1,700 transactions). Historical bidding reflects that if TAC had approved a lower limit of 5,000 (example purposes only), the 2012 annual CRR Auction (approximately 226,000 transactions) would not have been oversubscribed, but would have had a healthy participation of 169,000 rather than the reduced volume of 90,000. Also, the monthly CRR Auction threshold could be less vulnerable to over-subscription if that value is not able to be reduced by TAC.
Created2012-03-22
Approved2012-04-17
Sections Affected
7.5.2
Summary
This Nodal Protocol Revision Request (NPRR) reduces the potential of oversubscription of Congestion Revenue Right (CRR) Auctions due to bid volumes by reducing the first round transaction limit from 10,000 to a value established by the Technical Advisory Committee (TAC).
Timeline
- Mar 13 '12
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Mar 22 '12
PRS Protocol Revision Subcommittee (PRS) MeetingPRSRecommended for Approval Recommended for approval Forwarded → TAC“To recommend approval of NPRR449 as submitted and to recommend to TAC a 5,000 transaction limit for annual CRR Auctions and a 7,500 transaction limit for monthly CRR Auctions.” — Passed→ TAC consideration of NPRR449
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Apr 5 '12
TAC Technical Advisory Committee (TAC) MeetingTACRecommended for Approval Recommended for approval Amended by the Apr 4 '12 ERCOT comments Referred → WMS“To recommend approval of NPRR449 as recommended by PRS in the 3/22/12 PRS Report, as amended by the 4/4/12 ERCOT comments, and as revised by TAC; set an initial transaction limit of 5,000 for annual CRR Auctions and 7,500 for monthly CRR Auctions; and request that WMS review the process and timelines associated with setting transaction limits for future CRR Auctions.” — Passed→ ERCOT Board consideration of NPRR449
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Apr 16 '12
Listed without action at 1 meeting
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Apr 17 '12
BOARDEmail Vote / Unlisted MeetingBOARDApproved Recommended for approval“To approve NPRR449 as recommended by TAC in the 4/5/12 TAC Report.” — Passed
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May 9 '12
Listed without action at 4 meetings (May 9 '12 – Aug 15 '12)