Proposed Revision Request (PRR) Info Requirements BPM Changes

Edit Date: 5/27/09

Version: 1.3

INFORMATION REQUIREMENTS

BPM Coordinators are responsible for submitting new ISO initiated PRRs on their respective BPMs. Sometimes it is necessary to get information from subject matter experts (SMEs) who do not submit PRRs. In such cases, this form will assist BPM Coordinators gather the pertinent information from the SMEs and easily transfer the information to the official PRRs.

PRR DATA FIELD / INFORMATION REQUIRED
BPM Requiring Revision: / BPM for Market Operations
BPM Section: / 8.1.6.2
PRR Title: / Five-Day Price Correction Time Horizon
Existing BPM Language: / The CAISO is proposing the following phased approach for implementing the Price Correction Time Horizon. This approach is phased as the CAISO would like time to gain familiarity with the process before it ultimately sets the Price Correction Time Horizon to three calendar days.
The Price Correction Time Horizon shall be eight calendar days for the first 90 days of MRTU operations, meaning that the Price Correction Time Horizon shall begin at the time of publication of market prices to OASIS for the Trading Day, and shall end at 17:00 on the eighth calendar day following that Trading Day.
Between the 91st day and the one year anniversary of the MRTU deployment the Price Correction Time Horizon shall be five calendar days.
Beginning exactly one year after MRTU deployment Price Correction Time Horizon shall be three calendar days.
Proposed Revision to Above Language: / The CAISO is proposing the following phased approach for implementing the Price Correction Time Horizon. This approach is phased as the CAISO would like time to gain familiarity with the process before it ultimately sets the Price Correction Time Horizon to three calendar days.
The Price Correction Time Horizon shall be eight calendar days for the first 90 days of MRTU operations, meaning that the Price Correction Time Horizon shall begin at the time of publication of market prices to OASIS for the Trading Day, and shall end at 17:00 on the eighth calendar day following that Trading Day.
Between the Beginning with the 91st day after the deployment of and the one year anniversary of the MRTU deployment the Price Correction Time Horizon shall be five calendar days.
Beginning exactly one year after MRTU deployment Price Correction Time Horizon shall be three calendar days.
Reason for Revision: / Since the adoption of the new price correction procedures, the ISO has improved its price correction processes, and is confident that these procedures can reliably conduct the necessary price validation within the current five day price correction time horizon.The ISO believes that, at this time, it is more prudent to retain the five day period. As it strives to provide more price certainty outside the price correction time horizon, shortening the time horizon may unnecessarily result in more need to change prices outside that time period. The ISO therefore proposes to retain the five day time horizon.
Requested Priority: / Normal
Category Type: / C
Assumptions: / n/a
Market Cost: / n/a
Market Benefit: / The current five day Price Correction Time Horizon provides more price certainty. The ISO will begin a stakeholder initiative to discuss the price corrections that will occur outside of the Price Correction Time Horizon so the current five-day timeline is appropriate to retain at this time so that more events will not fall outside of the Price Correction Time Horizon.
Additional Qualitative Information: / The ISO has posted an Issue Paper on Post-Five Day Price Corrections on February 8 and will begin a stakeholder process that will define more clearly the price corrections that will occur outside of the Price Correction Time Horizon. The Issue Paper is posted at:

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