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Texas PUC Adopts Final New ERCOT Emergency Pricing Rules
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The Texas PUC adopted a final rule establishing an emergency pricing program (EPP) for the ERCOT wholesale electric market as required by Public Utility Regulatory Act (PURA) §39.160.
The EPP must be activated if the system-wide energy price, as determined by ERCOT, has been at the HCAP ($5,000 per MWh under current rule) for 12 hours within a rolling 24-hour period.
While the EPP is active, the system-wide offer cap will be set to the ECAP for both energy and ancillary service offers. The ECAP will be set equal to the value of the LCAP ($2,000 per MWh under current rule).
The EPP will remain in effect until the later of:
(A) 24 hours after the activation of the EPP; or
(B) if ERCOT has entered into or remained in emergency operations while the EPP is activated, 24 hours after ERCOT exits emergency operations without re-entering emergency operations.
As previously reported, the minimum duration for the EPP of 24 hours is a change from the initially proposed minimum duration of 72 hours.
While the EPP is active, ERCOT must reimburse resource entities for any actual marginal costs in excess of the larger of the ECAP or the real-time energy price for the resource. ERCOT must allocate such costs on a load ratio share basis.
ERCOT must utilize existing settlement processes to the extent practicable to verify the resource entity's costs for reimbursement.
For reimbursement of actual marginal costs in excess of the HCAP, a resource entity must submit a reimbursement request in the manner prescribed by ERCOT. This reimbursement request must include, for a resource entity requesting recovery of fuel costs, an attestation that the costs submitted for recovery are solely related to the provision of fuel or services directly related to the provision of the purchased fuel
If a resource entity fails to provide information to ERCOT in its reimbursement request, ERCOT must not approve the reimbursement of the resource entity's fuel costs.
Project 54585
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December 1, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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