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TAC Endorses Forward-pricing Methodology
TAC Endorses Forward-pricing Methodology
Feb 1, 2017
by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC. All rights reserved
On 1/30, RTO Insider wrote about the 1/26/17 meeting of the Technical Advisory Committee (TAC) meeting, at which members “endorsed a protocol change that incorporates futures prices to estimate forward risk, a change that the ISO says could reduce market-wide collateral requirements by $30 million to $70 million, depending on several parameters. Under Nodal Protocol Revision Request 800, collateral requirements would be calculated using a ratio of the futures average price to the historic average price. It would be based on the Intercontinental Exchange’s 21-day North Hub price curves. ERCOT said exchange-based electricity futures market prices are “assumed” to be a better indicator of forward risk than historic ERCOT market prices. Reliant Energy Retail Services’ Bill Barnes, representing the independent retail electric providers, called the change a “novel approach,” saying ERCOT may be the first electricity market to use this methodology.”
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