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NPRR612

Summary

Title Reduction of Cure Period Subsequent to Event of Default
Next Group
Next Step
Status Approved on 12/09/2014
Effective Dates
04/01/2015

Action

Date Gov Body Action Taken Next Steps
12/09/2014 BOARD Approved
10/23/2014 TAC Recommended for Approval Board for consideration
05/29/2014 TAC Deferred/Tabled TAC for consideration
05/15/2014 PRS Recommended for Approval TAC for consideration.
04/10/2014 PRS Recommended for Approval PRS for IA review.

Voting Record

Date Gov Body Motion Result
12/09/2014 BOARD To approved NPRR612 as recommended by TAC in the 10/23/14 TAC Report. Passed
10/23/2014 TAC To recommend approval of NPRR612 as amended by the 8/12/14 ERCOT comments with an effective date of April 1, 2015. Passed
05/29/2014 TAC To table NPRR612. Passed
05/15/2014 PRS To endorse and forward the 4/10/14 PRS Report and Impact Analysis for NPRR612 to TAC. Passed
04/10/2014 PRS To recommend approval of NPRR612 as submitted. Passed

Background

Status: Approved
Date Posted: Mar 26, 2014
Sponsor: ERCOT
Urgent: No
Sections: 9.11, 9.11.3, 9.13.2.3, 9.19, 16.11.6, 16.11.6.1, 16.11.6.1.1, 16.11.6.1.2, 16.11.6.1.4, 16.11.6.1.6, 16.11.6.2, 16.11.6.2.1, 16.11.6.2.2, 16.11.6.2.3, 16.11.6.2.4, 16.16.1.
Description: This Nodal Protocol Revision Request (NPRR) reduces the cure period for failure to make payment or transfer funds, provide collateral or designate/maintain an association with a Qualified Scheduling Entity (QSE), to one Business Day subsequent to written notification of the breach. In addition, the NPRR clarifies that an Invoice payment from available security will be considered a Late Payment per Protocol Section 16.11.6; it eliminates discrepancies between Protocol and Standard Form Agreement language; and aligns terminology in Protocol Section 16.
Reason: Reducing the cure period allows reduction of the collateral posted by Counter-Parties to cover their risk during the cure period.Also, this NPRR provides clarification of the Late Payment status if past due Invoices are paid from existing collateral and contains clean-up items to ensure Protocol language with respect to Payment Breaches is consistent.

Key Documents

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