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ERCOT Nodal 101 Flashcards

(67 cards)

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1
Q

What percentage of the Texas load does ERCOT represent?

A

ERCOT Represents 90% of Texas Load

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2
Q

What is ERCOT’s generation capacity?

A

77,000 MW

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3
Q

How many miles of transmission lines does ERCOT govern?

A

46,500

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4
Q

What are the 3 types of ancillary services?

A
  1. Regulation Reserve
  2. Responsive Reserve
  3. Non-Spin Reserve
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5
Q

What is a QSE?

A

Qualified Scheduling Entity

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6
Q

What is an LSE?

A

Load Serving Entity

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7
Q

What is a TDSP?

A

Transmission and/or Distribution Service Providers

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8
Q

What is a Resource Entity?

A

owns or controls a generation resource or behaves as a load acting as a resource

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9
Q

What are the 3 ERCOT Facilitated Markets

A
  1. Day-Ahead Ancillary Services Market
  2. Day-Ahead Energy Market
  3. Real-Time Energy Market
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10
Q

What is the non-ERCOT Facilitated market known as?

A

Bilateral Market

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11
Q

ERCOT is an energy-only market. What does that mean?

A

All costs to build generation must be recovered with revenues from energy production and operating reserves.

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12
Q

What is an IMRE?

A

Independent Market Information System Registered Entity

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13
Q

What are CRR?

A

Congestion Revenue Rights

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14
Q

What is LMP?

A

Locational Marginal Pricing

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15
Q

Define Locational Marginal Pricing

A

Pricing: Cost
Marginal : to serve the next increment of Load
Locational: at an Electrical Bus

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16
Q

True or False:

The Nodal Market includes losses in LMPs

A

False.

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17
Q

What is Congestion Rent?

A

The difference between Payment to Resources and Charges to Load

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18
Q

What are the 3 types of Settlement Points?

A
  1. Resource Nodes
  2. Load Zones
  3. Hubs
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19
Q

True or False:

In the Day-Ahead Market, LMPs are settled every hour.

A

True.

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20
Q

True or False:

In the Day-Ahead Market, Settlement Point Prices are settled every 15 minutes.

A

False. In the Day-Ahead Market, Settlement Point prices are settled every hour.

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21
Q

What is a Reserve Price Adder?

A

The economic value of reserves that are available for energy dispatch in Real-Time.

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22
Q

True or False:
LMPs and Reserve Price Adders are used
together to form SPPs in Real-Time

A

True.

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23
Q

True or False: LMPs represent the value of reserves ERCOT-wide

A

False. LMPs are location-specific.

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24
Q

True or False:

Reserve Price Adders represent the value of reserves ERCOT-wide

A

True.

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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
DAM PTP-Obligation Bids are Purchased at ______ Settlement Point Price Spread, and Settled at ______ Settlement Point Price Spread
Day-Ahead Market | Real-Time

ERCOT (1 decks)

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