Market Participant Defaults At ERCOT, Market Participant's Right To Participate In ERCOT Market Revoked
September 12, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
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ERCOT issued a market notice stating, "On September 6, 2019, Sparcnet LLC defaulted under its Standard Form Market Participant Agreement (SFA) with ERCOT."
In the market notice, ERCOT stated, "Accordingly, ERCOT revoked Sparcnet LLC’s rights to participate in the ERCOT market, and terminated its SFA."
In the market notice, ERCOT stated, "ERCOT has insufficient funds to pay for Sparcnet LLC’s outstanding Settlement Invoices. Therefore, in accordance with Protocol Section 9.19, ERCOT will deduct any applicable administrative fees, payments for Reliability-Must-Run (RMR) services, and the CRR Balancing Account, and reduce payments to all Settlement Invoice Recipients owed monies from ERCOT. Reductions will be made on a pro rata basis of monies owed to each Settlement Invoice Recipient, to the extent necessary to clear ERCOT's accounts on the payment due date to ensure revenue neutrality for ERCOT.
ERCOT stated in the market notice that the Total Amount Short to Market was $104,850.68