Market Participants (MPs) with seasonal ZRCs that have not been used in a FRAP or RBDC Opt Out plan can submit offers into the seasonal Planning Resource Auction (PRA) during the auction window period.
The seasonal PRAs are sealed bid auctions, which determine the seasonal Auction Clearing Prices (ACP) for each Local Resource Zone (LRZ) and External Resource Zone (ERZ) modeled in that auction. The auction determines the outcome of all seasonal ZRC offers accepted during the qualification process and submitted during the auction offer window. The Auction Offer window is opened at 8:00 AM EPT, 3 business days prior to the last business day in March and closed at 6:00 PM EPT on the last business day of March.
ZRC Offers are submitted in the MECT from the Fulfillment | Submit Offer menu. The Submit Offer screen provides a summary of previously submitted offers (if any) for the selected Auction season. New offers are entered by clicking the "+New" button near the top of the screen. When creating new offers, MP's can select an Asset Owner (AO) for each Planning Resource that has available ZRCs and specify a quantity/amount pair for the up to 5 offer segments. Selecting an AO for the Planning Resource offers defines which AO will receive ZRC*ACP credits on your Settlements Statement for any ZRC Offers cleared in the PRA. Note, if you wish to submit offers for portions of available ZRCs from a given Planning Resource under multiple AOs, you will need to submit the offer with one AO selected, then use the +New button again to specify a new offer under a different AO.
Self-Scheduling
Self-scheduling a ZRC offer means you enter a price of $0.00/MW-Day for the quantity of ZRCs you want to clear in the seasonal PRA. In BPM-011, self-scheduled ZRCs "will always clear the auction."
How to Enter in MECT (Submit Offer)
Go to Fulfillment | Submit Offer and click + New.
Select the Asset Owner (AO) for the Planning Resource with available ZRCs.
In Offer Segment 1, enter the Quantity of ZRCs to self-schedule and set Price = 0.00. You may use up to 5 offer segments per resource if you want mixed strategies; self-scheduled segments are the ones priced at 0.00.
Review and Submit. Tip: The Reset button on the Add New Offer screen returns all inputs to the default where all available ZRCs are self-scheduled in segment 1.
How Self-Schedule Differs from an Offer at $0.01
- All self-scheduled offers (price 0.00) always clear; an offer at $0.01 is a normal price-quantity offer that may or may not clear depending on LRZ needs and the supply stack. If the auction's clearing price is $0.00, zero-priced are accepted first, and a $0.01 offer can be left un-cleared.
- Both self-scheduled and $0.01 offers, if cleared, carry the same performance obligations (e.g., Day-Ahead/RAC must offer obligations for the ICAP equivalent of the cleared ZRCs).
How to Omit One or More Planning Resources when Submitting Offers
If you have multiple planning resources but only want to submit an offer for two of them. A quick way to accomplish this is to use the Clear Input Fields to clear all offers for all resources, then enter price/quantity information for only the resources for which you want to submit offers. Once you have the price/quantity values set, click the Submit button and review on the next screen to confirm the offer status is set to SUBMITTED.
Some Useful Features on the +New Offer Screen
Export/Import - an easy way to review and refine offer strategy with your team. After clicking +New on the Submit Offer screen, enter your draft offers and use the export button to download them as a csv file. You can now leave the Add New Offer screen using the cancel button. Next, you can then review the csv contents with your team and update them as needed. When your updates are ready to be entered in the MECT, return to the Submit Offer screen, click +New button and then the Import button on the Add New Offer screen to upload your csv with the updated offers. After reviewing the imported data, click the Submit button and review on the next screen to confirm the offer status is set to SUBMITTED.
Reset - use this button to reset all input fields to the default values (all available ZRCs self-scheduled in segment 1)
Clear Input Fields - clear all input fields. When you have a lot of planning resources, this makes it easy to submit an offer for only one or two resources.
Reference:
MECT User Guide - Submit a ZRC Offer
Governing Documents:
Tariff Module E-1 - Section 69A.7.1.a
BPM-011 Resource Adequacy -Section 5.5.6