Flashcards in ERCOT Nodal 101 Deck (67)
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1
What percentage of the Texas load does ERCOT represent?
ERCOT Represents 90% of Texas Load
2
What is ERCOT's generation capacity?
77,000 MW
3
How many miles of transmission lines does ERCOT govern?
46,500
4
What are the 3 types of ancillary services?
1. Regulation Reserve
2. Responsive Reserve
3. Non-Spin Reserve
5
What is a QSE?
Qualified Scheduling Entity
6
What is an LSE?
Load Serving Entity
7
What is a TDSP?
Transmission and/or Distribution Service Providers
8
What is a Resource Entity?
owns or controls a generation resource or behaves as a load acting as a resource
9
What are the 3 ERCOT Facilitated Markets
1. Day-Ahead Ancillary Services Market
2. Day-Ahead Energy Market
3. Real-Time Energy Market
10
What is the non-ERCOT Facilitated market known as?
Bilateral Market
11
ERCOT is an energy-only market. What does that mean?
All costs to build generation must be recovered with revenues from energy production and operating reserves.
12
What is an IMRE?
Independent Market Information System Registered Entity
13
What are CRR?
Congestion Revenue Rights
14
What is LMP?
Locational Marginal Pricing
15
Define Locational Marginal Pricing
Pricing: Cost
Marginal : to serve the next increment of Load
Locational: at an Electrical Bus
16
True or False:
The Nodal Market includes losses in LMPs
False.
17
What is Congestion Rent?
The difference between Payment to Resources and Charges to Load
18
What are the 3 types of Settlement Points?
1. Resource Nodes
2. Load Zones
3. Hubs
19
True or False:
In the Day-Ahead Market, LMPs are settled every hour.
True.
20
True or False:
In the Day-Ahead Market, Settlement Point Prices are settled every 15 minutes.
False. In the Day-Ahead Market, Settlement Point prices are settled every hour.
21
What is a Reserve Price Adder?
The economic value of reserves that are available for energy dispatch in Real-Time.
22
True or False:
LMPs and Reserve Price Adders are used
together to form SPPs in Real-Time
True.
23
True or False: LMPs represent the value of reserves ERCOT-wide
False. LMPs are location-specific.
24
True or False:
Reserve Price Adders represent the value of reserves ERCOT-wide
True.
25
In Real-Time Operations, how often are LMPs calculated?
Every 5 minutes.
26
In Real-Time Operations, how often are Reserve Price Adders calculated?
Every 5 minutes.
27
In Real-Time Operations, how often are Settlement Point Prices calculated?
Every 15 minutes
28
True or False:
LMPs and Reserve Price Adders are generated at each SCED cycle, which are possibly more often than 5 minutes
True.
29
What is a Resource Node?
An Electrical Bus where a
Resource’s measured output
is settled
30
True or False:
In the Day-Ahead Market, LMPs are calculated at the Resource Node
True.
31
During Real-Time Operations, the sum of what two calculations make up the Settlement Point Price for a Resource Node?
Time-Weighted Average of
LMPs at the Resource Node
+
Time-Weighted Average of
Reserve Price Adders
32
What is a Load Zone?
A group of Electrical Buses assigned
to the same geographical zone
33
True or False:
Every Electrical Bus with
Load must be assigned to
a Load Zone for
Settlement purposes
True.
34
How are Real-Time Settlement Point Prices calculated for Load Zones?
Load-Weighted and Time-Weighted
Averages of LMPs
in Load Zone
+
Time-Weighted Average of
Reserve Price Adders
35
How are Settlement Point Prices calculated for Load Zones in the Day-Ahead Market?
Load-Weighted Average of
LMPs
in Load Zone
36
What are the 3 types of Load Zones?
1. Competitive
2. Non Opt-in Entity (NOIE(s))
3. DC Tie
37
What are the 4 ERCOT Load Zones?
1. North
2. South
3. West
4. Houston
38
True or False:
NOIEs that don’t establish NOIE
Load Zone are assigned to
Competitive Load Zone
True.
39
True or False:
All NOIEs are required to
establish their own NOIE Load Zones
False. Only some large NOIEs are required to
establish their own NOIE Load Zones
40
True or False:
An NOIE may contain only one NOIE
False.
41
True or False:
All Load must be
assigned to a Load Zone
for Settlement purposes
True.
42
What is a Hub?
Group of 345kV Hub-buses, defined by Protocols
43
How many Hubs in ERCOT? Name them
Six Hubs in ERCOT:
1. North
2. West
3. South
4. Houston
Plus 2 Average Hubs:
5. ERCOT Hub Average
6. ERCOT Bus Average
44
In the Day-Ahead Market, how are Settlement Point Prices for Hubs calculated?
Simple average of LMPs at Hub Buses in each Hub
45
During Real-Time Operations, how are Settlement Point Prices for Hubs calculated?
Simple average of TimeWeighted
Average LMPs at the
Hub Buses in the Hub
+
Time-Weighted Average of
Reserve Price Adders
46
What are the 4 Nodal Market Operations?
1. Congestion Revenue Rights (CRR) Auction
2. Day-Ahead Market
3. Reliability Unit Commitment
4. Real-Time Operations
47
True or False:
A CRR is the right to deliver physical energy.
False.
48
True or False:
Congestion costs are built in
to the Settlement Point prices
True.
49
True or False:
Only ERCOT and TDSPs can own CRRs
False. ERCOT and TDSPs are barred from owning CRRs.
50
What are the Two CRR Financial Instruments?
1. PTP Options - payment only
2. PHP Obligations - payment or charge
51
What are the 3 ways to acquire CRRs?
1. CRR Auction
2. Allocation (Special Case)
3. Bilateral Trades
52
What are the two timeframes in which CRRs are auctioned and allocated?
1. Time-of-Use Blocks
2. One month strips
53
True or False:
PCRRs are allocated to NOIEs and are based on long-term supply contracts.
True.
54
True or False:
PCRRs can only be allocated as Obligations.
False. PCRRs can be allocated as Options or Obligations.
55
PCRRs are allocated at no charge or a percentage of the Auction clearing price
True.
56
What are the 3 CRR Settlement Processes?
1. CRR Auction Settlement
2. CRR Settlement
3. CRR Balancing Account
57
How many business days after CRR Auction, must ERCOT receive payment?
4 Days
58
How many business days after CRR Auction are payments due to CRR Account Holders?
5 Days
59
What time does the ERCOT Day-Ahead Market open?
06:00 AM
60
What time does the ERCOT Day-Ahead Market Clearing Process begin?
10:00 AM
61
What time are ERCOT Day-Ahead Market Results posted?
13:30 PM
62
What are the 3 types of Day-Ahead Market Offers?
1. Three-Part Supply Offer
2. Ancillary Service (AS) Offer
3. Day-Ahead Market Energy-only Offer
63
What are the 3 components of a Three-Part Supply Offer?
1. Startup Offer
2. Minimum Energy Offer
3. Energy Offer Curve
64
True or False:
An Energy Offer Curve must be submitted with Start-up or Minimum Energy Offers
False. Energy Offer Curves can be submitted without
Start-up or Minimum Energy Offers
65
True or False:
A Resource may only offer its services for Energy or Ancillary Services.
False.
66
What are the two types of Day-Ahead Market Bids?
1. Energy Bid
2. PTP Obligation Bid
67
