Review of Audited Financial Statement requirement for zero unsecure credit users 2016 Feb, ERCOT CWG/MCWG meeting You Seok “Peter” Son, PhD, MBA, PE Managing.

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Presentation transcript:

Review of Audited Financial Statement requirement for zero unsecure credit users 2016 Feb, ERCOT CWG/MCWG meeting You Seok “Peter” Son, PhD, MBA, PE Managing Director, VIT DA QSE LLC

Current process VIT DA QSE LLC 2 Protocol Section (1) (b) (1)ERCOT shall monitor the creditworthiness and credit exposure of each Counter-Party or its guarantor, if any. To enable ERCOT to monitor creditworthiness, each Counter-Party shall provide to ERCOT: (b)Its own or its guarantor’s annual audited financial statements not later than 120 days after the close of each of the issuer’s fiscal year; if an issuer’s financial statements are publicly available electronically and the issuer provides to ERCOT sufficient information to access those financial statements, then the issuer is considered to have met this requirement. ERCOT may extend the period for providing interim unaudited or annual audited statements on a case-by-case basis. Annual audited financial statements must be prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) or International Accounting Standards (IAS). Currently, all Counter-Parties or its guarantors should provide annual audited financial statements regardless of their using unsecured credit.

Recommended protocol revision. VIT DA QSE LLC 3 Protocol Section (1) (b) (1)ERCOT shall monitor the creditworthiness and credit exposure of each Counter-Party or its guarantor, if any. To enable ERCOT to monitor creditworthiness, each Counter-Party shall provide to ERCOT: (b)Its own or its guarantor’s annual audited financial statements not later than 120 days after the close of each of the issuer’s fiscal year; if an issuer’s financial statements are publicly available electronically and the issuer provides to ERCOT sufficient information to access those financial statements, then the issuer is considered to have met this requirement. Counter-Party which doesn’t seek any unsecured credit doesn’t have to provide the audited financial statement. ERCOT may extend the period for providing interim unaudited or annual audited statements on a case-by-case basis. Annual audited financial statements must be prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) or International Accounting Standards (IAS). Counter-Party which doesn’t seek any unsecured credit should be exempt for the obligation of the annual submission of the audited financial statement.