Current Members of the Panel

Special Project: NOPR Comment

• Credit Reforms in Organized Wholesale Electric Markets, issued January 21, 2010

  FERC Docket Number RM10-13-000, 18 CFR Part 35 – Notice of Proposed Rulemaking (NOPR)
  (Federal Register Published January 27, 2010 noting that comments are due March 29, 2010)

  CCRO welcomes FERC’s initiative to standardize credit practices to improve electric power market efficiency and reduce systemic risks. CCRO’s current initiative with the PMC panel, is directly relevant to this NOPR. CCRO will provide comments on the NOPR by drawing on the work of our members in the four PMC Subcommittees, and directly from the members’ participation in the ISO and RTO markets. CCRO hopes its contribution of comments taking the perspectives of best practices, will help the FERC to draft rules that achieve their goals and advance healthy, robust markets for energy market participants of all types and sizes. For convenience, CCRO is providing its comments under the paragraph structure found in the NOPR. Click here to participate in the commenting process underway in the PMC Panel.

Topics to be Addressed by Our Subcommittees

• Settlement Cycles

  What should best practices reflect for transaction settlement times set by ISOs. The impact this issue has on credit exposures is significant and increasingly understood. Recently, some have moved to much shorter cycle times, while others point to misalignments created with other longer settlement exposures such as retail....

  Ross Baker Midwest ISO Co-Chair	Arleen Spangler NRG Energy, Inc. Co-Chair	Lou Vitale ACES Power Marketing Co-Chair	Phil Gootee Global Credit Services Co-Chair	Mike Beck Coordinator

• Long-dated Transactions

  One of the largest drivers of credit exposures for ISOs, longer dated transactions such as FTR's has garnered much attention from the Panel. Discussions range from considering the "appropriateness" of long dated markets for an ISO, to considering what risk management best practices should be found at an ISO that makes available long-dated financial transactions...

  Bob Ludlow ISO NE Co-Chair	Phil Gootee Global Credit Services Co-Chair	Peter Stockman DTCC Co-Chair	Steve Kelly Coordinator	Lee Choo Coordinator

• Netting

  Recognized as a significant exposure reduction for ISO participants, implementation of netting is being discussed in the context of "within ISO", "across products" and "across ISOs". Which is appropriate and how to implement? The best practices for allowing and providing netting will be important to all ISOs as risk management product and to increase capacity of participants to transact....

  Ross Baker Midwest ISO Co-Chair	Gary Germeroth Calpine Co-Chair	John Flory NECC Co-Chair	Peter Stockman DTCC Co-Chair	Steve Kelly Coordinator

• ISO Practices

  Specific practices & policies within each ISO are clearly subject to agreed best practices, yet they currently differ significantly across all ISOs. The Panel is tabulating a thorough listing of practices found at each ISO. This will ultimately allow a "gap analysis" for each ISO with respect to its current practices versus agreed best practices....

  Alan Babp PPL Corp Co-Chair	Morgan Davies Calpine Co-Chair	Bob Ludlow ISO NE Co-Chair	Arleen Spangler NRG Energy, Inc. Co-Chair	Mike Beck Coordinator	Lee Choo Coordinator

• Other Open Issues

  A number of other issues were raised during our kick-off meetings, but are longer-term objectives. These topics are being documented to allow later pick-up by the Panel's agenda in the future.