Last Update: 01/29/2020
Below, affected ISO customers can learn more about actions they’ll need to take and changes to existing systems or procedures related to the Balance of Planning Period: Financial Assurance (BOPP FA) Project. This project was one of several that ISO New England has undertaken, in collaboration with stakeholders, for the continued development of the region’s wholesale electricity markets.
See Participant Readiness Project Outlook for more detail on specifically affected customers and systems for this and other major projects.
Target launch: September 17, 2019
In an effort to improve price discovery and to provide participants with more opportunities to reconfigure their Financial Transmission Rights (FTRs) portfolio, the monthly FTR auctions include auctions for each month remaining in the annual period. Market participants participating in the FTR market also saw a change in the associated financial assurance calculation. To avoid “double margining,” a new netting mechanism was introduced.
More specifically, the BOPP FA Project:
Affected market participants were required to take specific steps or adapt to changes in ISO systems, as described below and should be mindful of additional time-bound items, some of which may require customers to take specific steps or adapt to changes in ISO systems both before and after the project implementation date.
Please consider subscribing to Participant Readiness, Market Notices, Information Technology (IT) Notices, and MIS Report Issues to receive notices posted to the ISO calendar for future projects.
| TIMING OR DEADLINE | SYSTEM | ACTION OR EVENT |
|---|---|---|
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August 15, 2019 |
eFTR Sandbox |
Participants were able to access the user interface to practice BoPP auction bidding |
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September 17, 2019 - September 19, 2019 |
eFTR |
Auctions opened for October prompt month and November and December BoPP months |
|
September 17, 2019 |
Financial Assurance Management (FAM) |
Participants began to monitor financial assurance obligations as the new FA calculations were introduced because the MtM change of the existing portfolios could cause an FA default when the auctions clear |
|
September 17, 2019 |
Web Services |
New web services were made available for FTR auction results |
The ISO conducted web-based training and online information sessions for affected customers to learn about changes and ask questions in advance of project implementation. Please consider subscribing to ISO Training to receive notices posted to the ISO calendar for this project.
| DATE | EVENT AND SUPPORTING MATERIALS |
|---|---|
|
2019 Q3 |
Financial Assurance Requirements for FTR and Virtual Transactions self-paced training – existing web-based training updated with financial assurance requirements under the BoPP FA project |
|
July 2, 2019 |
Financial Transmission Rights – web-based training updated with changes under the BoPP FA project |
|
Quarterly beginning 2019 Q2 |
Quarterly Settlements Issues Forum (QSIF) |
Market participants affected by the project were provided the following documents for specific instructions on completing related tasks or processes and helpful answers to frequently asked questions.
| DOCUMENT | NOTES (if necessary) |
|---|---|
|
FTR calendars updated with BOPP FA requirements |
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Financial Transmission Rights webpage |
Access data and information related to FTRs |
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Revised formats and a new location for results and clearing prices reports found under Market Operations > ISO Express > Auctions Reports > FTR Auctions Results |
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MIS report changes |
As part of the project, MIS report descriptions, templates and sample files were added or revised for the following reports:
Existing reports:
The most recent version of each MIS report can be found on the MIS Report Descriptions, Template and Samples web page. |
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New web services available for FTR:
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Machine-readable XML description of HTTP-based web services available for BoPP. Accessible to customers that have signed up for an ISO Express account |
| DOCUMENT | NOTES (if necessary) |
|---|---|
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