Credit Work Group ERCOT Public February 15 2017 Credit Updates 2 Approved Revision Change Requests Target Release Date is not firmed up until the project moves to Execution E phase ID: 628994
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Slide1
Credit Updates
Vanessa Spells
Credit Work Group
ERCOT Public
February 15, 2017Slide2
Credit Updates
2
Approved Revision / Change Requests
* Target Release Date is not firmed up until the project moves to Execution (E) phase
Project Status Codes: NS = Not Started, I = Initiation, P = Planning, E = Execution, H = On HoldTBD = To Be DeterminedSlide3
Credit Updates
3
Outstanding Revision / Change Requests
NPRR 811 – Two Day Cure Period for Foreign Market Participant Guarantee Agreements Tabled @ PRS Slide4
Credit Updates
Requests or Assignments to CWG/MCWG
Development of Risk Appetite Goal
Review Market Continuity Credit ProcessesDevelopment of 2017 Credit Work Group (CWG) GoalsOtherCMM Tech RefreshProject planning in process Seasonal Adjustment Factor (SAF) @ TAC in FebruaryAudited financials and Standard Form Agreement Attachment A required by April 30th for Counter-Parties with December 31, 2015 financial year ends4Slide5
Credit Updates
5
Implemented Change Requests
NPRR 673 - Correction to Estimated Aggregate Liability (EAL) for a QSE that Represents Neither Load nor Generation
NPRR 671 – Incorporation of DAM Credit Parameters into Protocols
NPRR 670 – Clarification of Portfolio-Weighted Auction Clearing Price (PWACP)
NPRR 612 – Reduction of Cure Period Subsequent to Event of Default
SCR 778 – Credit Exposure Calculations for NOIE Options Linked to RTM PTP Obligations
NPRR 559 – Revisions to MCE Calculation
NPRR 597 - Utilize Initial Estimated Liability (IEL) Only During Initial Market Activity
NPRR 601 - Inclusion of Incremental Exposure in Mass Transitions to Counter- Parties that are Registered as QSEs and LSEs and Provide POLR Service
NPRR 639 - Correction to Minimum Current Exposure
NPRR 690 – Incorporation of Creditworthiness Standards in Protocols
NPRR 692 – Removal of MIS Posting Requirement of DAM Credit Parameters
NPRR 728 - Removal of Language Related to NPRR484, Revisions to Congestion Revenue Rights Credit Calculations and Payments, and NPRR554, Clarification of Future Credit Exposure Calculation
ERCOT PublicSlide6
Credit Updates
Implemented
Change
RequestsNPRR 741 - Clarifications to TPE and EAL Credit Exposure CalculationsImplemented only language clarifications partChange for removal of “abs” from MCE formula is not yet implementedNPRR 773 – Broadening Scope of Acceptable Letter of Credit IssuersNPRR 791 – Clarifications to IEL, MCE, and Aggregate Amount Owed by Breaching PartyNPRR 803 – Remove Grey-boxed Language from NPRR 439, Updating a Counter-Party’s Credit Limit for Current Day DAM
Withdrawn Change RequestsSCR 785 – Update RTL calculation to include Real-Time Reserve Price Adder-based components6Slide7
Credit Updates
7
Questions