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NYISO Seeks Short Delay In Posting December Monthly Auction ICAP Results, Citing Software Failure (Shortens Time For ESCOs To Evaluate Results Prior To Certifying Their UCAP Procurements)
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Update:
NYISO said on Nov 14 that NYISO was ultimately able to calculate valid auction results in time. Those results were posted late in the evening of November 10. NYISO withdrew its request at FERC
Earlier:
The New York ISO sought at FERC a prospective tariff waiver that would allow it to delay posting
the December Monthly Auction ICAP results for up to two more business days, i.e. until November 15,
2022.
As described in a Nov. 10 FERC filing, NYISO said, "the NYISO discovered an unexpected failure just yesterday, i.e.,
November 9, 2022, in the software (the 'Auction Solver') used to solve and produce the results
of voluntary Monthly Auctions2
for Installed Capacity. Despite the NYISO’s best efforts to
address the problem with the Auction Solver the NYISO will not be able to determine valid
results for the December Monthly Auction on time. The Services Tariff and the NYISO’s
implementing procedures currently require that the results of the December Monthly Auction be
posted by 5 p.m. today, November 10. This is because Section 5.13.1 of the Services Tariff
directs the NYISO to ensure that there are at least four business days between the posting of the auction results and November 18, which is the date that Load Serving Entities ('LSEs') are
required to certify the Unforced Capacity they have procured for the December Obligation
Procurement Period. This filing refers to Section 5.13.1’s requirement as the 'four business day
rule.'"
"The NYISO is requesting a prospective tariff waiver that would allow it to delay posting
the December Monthly Auction results for up to two more business days, i.e. until November 15,
2022. That would give the NYISO additional time to correctly post valid December Monthly
Auction results. Delaying the posting of the December Monthly Auction results would prevent
capacity prices from being set at levels inconsistent with actual bids and offers in the auction. It
would avoid LSEs having to incur additional costs in the ICAP Spot Auction to undo any
unintended or inexplicable auction outcomes that deviated from offers and bids that LSEs and
suppliers submitted. Postponement also would not prevent Market Participants from continuing
to engage in bilateral capacity transactions in secondary markets and would not impact the
upcoming December ICAP Spot Market Auction," NYISO said
"The NYISO respectfully requests a prospective waiver of Section 5.13.1’s four business
day rule so that it may take two up to more business days to post valid December Monthly
Auction results.
If the requested waiver is granted the NYISO would then be required to post
the December Monthly Auction results no later than November 15. The NYISO would do
everything practicable to finalize the posting sooner. If the NYISO posted on November 15
there would still be two business days for Market Participants to make their certifications under
Section 5.13.1," NYISO said
"Market
participants would have less time to make their certifications but would still have at least two
business days. They will be on notice that the NYISO is delaying the posting starting today [Nov. 10],
which is seven calendar days before the November 18 certification deadline. Market
Participants’ ability to engage in bilateral transactions before the December ICAP Spot Market
Auction will not be diminished. The NYISO’s requested waiver would also allow the December
ICAP Spot Market Auction to move forward as scheduled and to incorporate information from the December Monthly Auction. Any practical difficulties that may be caused by having fewer
than four business days to make certifications would be far outweighed by the harm and market
uncertainty that could result if Market Participants were to make decisions based on invalid
December Monthly Auction results. This is especially true given that the NYISO plans to reach
out to assist Market Participants that may receive awards from the December Monthly Auction," NYISO said
Providing further details on the software failure, NYISO said,
"However, on November 9, 2022, the NYISO identified a failure in the results that the
Auction Solver generated for the December Monthly Auction. Bids and offers were not matched
and the resulting prices did not reflect the interplay of bids and offers for the month of
December. The results for the other months encompassed by the December Monthly Auction
appeared to have been calculated correctly. But the unexpected and not yet understood failure of
the Auction Solver for the month of December creates concern that there might undiscovered
issues with the Auction Solver results for January through April. It is also possible that
problems could recur in subsequent Monthly Auctions."
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November 11, 2022
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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