NPRR474  Clarification of Price Correction Principles and Associated Timelines

This Nodal Protocol Revision Request (NPRR) provides general principles on the types of errors for which ERCOT may perform a price correction. Additionally, the NPRR provides greater regulatory certainty around the associated timelines for price corrections, including ERCOT notice to Market Participants for a price correction request to the ERCOT Board of Directors (ERCOT Board). The general concepts contained within this NPRR were discussed at the May 11, 2012 Joint Communications and Settlements Work Group (CSWG) and Resource Cost Working Group (RCWG) meeting. Specifically, the NPRR does the following: · Adds one more Business Day to the Real-Time Market (RTM) and Day-Ahead Market (DAM) price correction deadline to allow ERCOT additional time to complete price validation by the time such prices are considered final. The current timeline only gives ERCOT until 1600 on the next Business Day (seven Business Hours) to correct prices for the RTM, which is barely enough time to verify the results, identify issues, calculate new prices, get management approval, do data transfer and post the data. The timeline becomes extremely tight during the weekend, when ERCOT must validate and if needed correct prices for multiple Operating Days (Friday / Saturday/ Sunday) and until 1000 on Monday morning (two Business Hours) to correct prices for the DAM for Sunday. · Adds details around the reasons that would support an ERCOT or ERCOT Board price correction when such prices in the DAM and/or in the RTM are in error. · Proposes a maximum 30-day period beyond any Operating Day for which ERCOT notifies Market Participants of a need for a price correction and request to the ERCOT Board for review of such price correction.