2. Update on Market Trials
July 18, 2013

3. Acronyms CMS – Credit Management System
TCR – Transmission Congestion Rights
ARR – Auction Revenue Rights

4. Auction Participation
2013 Phase 2 Annual Auction Round 1
Approximately 4800 ARRs self-converts submitted
Approximately Bids submitted
2013 Monthly Phase 2 for August
Ongoing this week

5. CMS Issues Areas effected
Reference Prices for new and updated Settlement Locations
Excessive Product Final Reference Prices
Caused by CMS’s consumption of a new Commercial Model with new Settlement Locations and updates to existing Settlement Locations

6. Upcoming Virtual Market Trials Split Go-Live
CMS will start seeing Virtual Bids and Offers in the late August timeframe
Split Go-Live
CMS will have two environments
One environment for TCR Go-Live activities that will start in October 2013
One environment for Virtual activities, Day-Ahead activities, Real-Time ENS activities, and Settlements Market Trials