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Decision on Dropping the Dec Bidding Rule Greg Cook Manager, Market Design and Regulatory Policy Board of Governors Meeting General Session May 21-23, 2008 Managements proposal addresses concerns regarding the MRTU bidding rule Goal

  1. Decision on Dropping the Dec Bidding Rule Greg Cook Manager, Market Design and Regulatory Policy Board of Governors Meeting General Session May 21-23, 2008

  2. Management’s proposal addresses concerns regarding the MRTU bidding rule Goal Today � Board approval to make filing to amend MRTU tariff to eliminate Decremental Real-Time Energy bidding rule This Proposal � Addresses immediate concerns by eliminating bidding rule � Recognizes that there will be further efforts to enhance volume and competitiveness of decremental Real-Time Energy bids 2

  3. Rule was originally included in MRTU to prevent uncompetitive real-time bidding Perceived Problem: � Generators could exercise market power through knowledge of infeasible schedules resulting from transmission derates. Solution: � Real-Time Market decremental energy bids not allowed to be lower than bids that cleared the Day-Ahead Market. 3

  4. LECG raised concerns in 2005 review of MRTU design Concerns: � Insufficient real-time decremental energy bids to operate the grid � Easily subverted by withholding real-time decremental energy bids Confirmed by: � Stakeholders � Market Surveillance Committee 4

  5. Consensus gained through working with stakeholders Posted Issue Paper February 1 Joint Stakeholder/MSC Meeting February 8 Stakeholder Written Comments February 15 Posted Straw Proposal March 7 Stakeholder Conference Call March 17 Stakeholder Written Comments March 25 Draft Final Proposal Posted April 14 Stakeholder Written Comments April 30 MSC Opinion Issued May 7 5

  6. Board Action Today: Approve elimination of rule for MRTU July Board Meeting: Proposal for enhanced bidding rules � Markets and Performance (MAP) software release 6

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