TCR to CRR Transition Plan Refresher on Part 1 Part 2 – discussion Beth Garza WMS May 21, 2008.

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Presentation transcript:

TCR to CRR Transition Plan Refresher on Part 1 Part 2 – discussion Beth Garza WMS May 21, 2008

2 2 WMS: TCR to CRR Transition (Part 2) May 21 st 2008 Agenda Background information Decisions made/needed –Includes pros-cons matrix for item 5 Next steps

3 3 WMS: TCR to CRR Transition (Part 2) May 21 st 2008 Background information (refresher) The TCR to CRR Transition Plan describes the plan(s) for transitioning from the TCR to CRR market. Part 1: plan for 12/1/08 go-live, including refund methodology Part 2: contingency plans for post 12/1/08 go-live Part 1 was approved by WMS, TPTF and TAC end of last year (2007). WMS recommended postponing discussion/approval of Part 2 till late Q Approval of Part 1 fulfilled Market Readiness Criteria CRR2: Develop TCR to CRR Transition Plan PRR 743 was drafted to document decisions made in Part 1 (it only includes language addressing 12/1/08 go-live). It was recommended that the PRR language be revisited to incorporate Part 2 discussion/decisions.

4 4 WMS: TCR to CRR Transition (Part 2) May 21 st 2008 Decisions made or needed QuestionDecision/choicesApproved/no 1Should we run the 2008 Annual TCR Auction?YesApproved (Q4 07) 2How do we refund TCRs from 2008 Annual TCR Auction for the month of December 2008? According to PCR/TCR purchase allocation Approved (Q4 07) 3Should we run Dec 08 Monthly TCR Auction, and continue running monthly TCR Auctions until Nodal go-live is fully implemented? Yes/no?Need approval 4How do we refund TCRs if mid-month go-live occurs, or a reversal to Zonal occurs? Refund monthly the fraction of monthly auction revenues equal to the ratio of (# non-Nodal days) / (total # days in month)? Need approval 5Should we run a 2009 Annual TCR Auction?See next slideNeed approval

5 5 WMS: TCR to CRR Transition (Part 2) May 21 st 2008 Item 5: pros and cons Yes (Run the 2009 Annual TCR Auction)No (Run monthly PCR/TCR auctions only) Pros Flexible go-live date No change to today’s auction activities Minimal protocol change Pros Flexible go-live date Lower collateral requirements/tie-up Minimize need to refund MPs* Smaller refund quantity* *only if mid-month go-live occurs Cons Higher collateral requirements/tie-up Additional effort required to refund MPs Larger refund quantity Cons Modification to today’s business** More protocol change ** Suggested modification: 100% available capacity in monthly auctions; PCRs allocated monthly and tied to monthly auction clearing price

6 6 WMS: TCR to CRR Transition (Part 2) May 21 st 2008 Next steps Today: Distribute information to WMS June 18, 2008: Request decision by WMS; update PRR 743 language June / July 2008: Present Plan/PRR to TPTF; seek approval June 26, 2008 or August 7, 2008: Present Plan/PRR to TAC; seek approval