Decision on Settlement Modifications for Payment Acceleration Nancy - PowerPoint PPT Presentation

Jan 19, 2023 •227 likes •302 views

Decision on Settlement Modifications for Payment Acceleration Nancy Traweek Director of Operations Support & Settlements Board of Governors Meeting General Session September 10-11, 2009 Payment acceleration begins the first of November !

Decision on Settlement Modifications for Payment Acceleration Nancy Traweek Director of Operations Support & Settlements Board of Governors Meeting General Session September 10-11, 2009
Payment acceleration begins the first of November ! Provides settlement benefits ! Reduces initial settlement timeline 38 business days to 7 ! Reduces cash clearing timeline 80 calendar days to 25 ! Changes invoicing from monthly to semi-monthly ! Dry run period underway and going well ! Currently in the second of a three month dry run period ! Two minor neutrality issues identified with semi-monthly invoicing ! Participating Intermittent Resource Program (PIRP) ! Congestion Revenue Rights (CRR) Slide 2
When invoicing semi-monthly, PIRP month-end netting causes bias. ! Currently, uninstructed deviations are: ! Exempt from daily charges and allocations ! Trued up through month-end netting ! Charged to net negative deviators ! Issues caused with semi-monthly invoicing: ! Over or under collection of charges ! Non-neutral settlement on mid-month invoice Slide 3
In addition, when invoicing semi-monthly, current CRR settlement also causes bias. ! Currently, CRR entitlements are: ! Comprised of both daily and monthly charges ! Funded by day ahead congestion revenues ! Distributed imbalances through month-end CRR balancing account ! Issues caused with semi-monthly invoicing: ! Congestion revenues might be higher or lower than entitlements ! Non-neutral settlement on mid-month invoice Slide 4 Slide 4
Proposed resolutions solves accounting issues without negative impact to participants. ! Convert PIRP deviation charges and cost allocation to daily charge codes ! Neutrality is achieved on semi-monthly invoice ! Exemptions re-established at the end of month ! No monetary consequences to PIRP participants ! Convert CRR balancing account from a monthly to daily charge code ! Neutrality is achieved on semi-monthly invoice ! No financial impact to CRR holders Slide 5
ISO and stakeholders vetted proposed resolution. ! ISO ! Posted white paper with recommendations ! Reached out to participants to gain understanding and feedback ! Participants ! Understand the need for change ! Understand no financial impact ! Accept proposed modification Slide 6

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