Background
Convergence (or virtual) bidding is a mechanism whereby market participants can make financial sales (or purchases) of energy in the Day Ahead market, with the explicit requirement to buy back (or sell back) that energy in the Real Time market. Virtual bids pressure Day Ahead and Real Time prices to move closer together, thus reducing the incentive for buyers and sellers to forgo bidding physical schedules in the Day Ahead market in expectation of better prices in the Real Time market.
Under FERC's September 21, 2006 MRTU Order, the California ISO (the ISO) must implement convergence bidding within twelve months after MRTU startup. FERC's April 20, 2007 Order specifies that the ISO must file tariff language for the implementation of convergence bidding no later than 60 days prior to the on year anniversary of MRTU startup. Thus the ISO is seeking focused stakeholder input now to help develop the design for Convergence Bidding so that the necessary software features and business processes can be built to meet a reasonable implementation schedule.
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Outcome
Pending closure of initiative
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Process
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View History
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Relevant Market Notices
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Convergence Bidding Implementation Working Group
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Stakeholder Conference Call 2-Mar-2010
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Presentation & Agenda - Convergence Bidding FERC Order pdf 260K | Abstract | 03/02/2010 08:27
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Convergence Bidding Draft Tariff Language Stakeholder Meeting - 19-Jan-2010
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CB Comments Matrix for the Convergence Bidding Tariff Stakeholder Meeting - 19-Jan-2010 pdf 135K | Abstract | 01/19/2010 10:40
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Agenda for the Convergence Bidding Tariff Stakeholder Meeting - 19-Jan- 2010 pdf 90K | Abstract | 01/15/2010 10:07
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Draft Convergence Bidding Tariff Language for Stakeholder Review
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Draft Convergence Bidding Tariff Language 21-Dec-2009 pdf 152K | Abstract | 12/21/2009 11:33
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Stakeholder Comments on Draft Convergence Bidding Tariff Language
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CDWR Comments on Draft Convergence Bidding Tariff Language 08-Jan-2010 pdf 53K | Abstract | 01/08/2010 15:41
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DC Energy Comments on Draft Convergence Bidding Tariff Language 08-Jan-2010 pdf 80K | Abstract | 01/11/2010 15:44
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Dynegy Comments on Draft Convergence Bidding Tariff Language 08-Jan-2010 pdf 37K | Abstract | 01/08/2010 15:39
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PG&E Comments on Draft Convergence Bidding Tariff Language 08-Jan-2010 pdf 51K | Abstract | 01/11/2010 15:47
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SCE Comments on Draft Convergence Bidding Tariff Language 08-Jan-2010 pdf 10K | Abstract | 01/11/2010 15:50
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Six Cities Comments on Draft Convergence Bidding Tariff Language 08-Jan-2010 pdf 33K | Abstract | 01/11/2010 15:46
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WPTF Comments on Draft Convergence Bidding Tariff Language 08-Jan-2010 pdf 416K | Abstract | 01/11/2010 15:43
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Convergence Bidding Business Requirements
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Convergence Bidding External Business Requirements Specification (BRS) pdf 470K | Abstract | 12/02/2009 10:12
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Final Stakeholder Comments to Draft Final Proposal
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ARem Comments to Draft Final Proposal pdf 56K | Abstract | 10/15/2009 12:27
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Barclays Comments to Draft Final Proposal pdf 84K | Abstract | 10/15/2009 12:26
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BPEC Comments to Draft Final Proposal pdf 33K | Abstract | 10/15/2009 12:25
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Calpine Comments to Draft Final Proposal pdf 53K | Abstract | 10/15/2009 12:23
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Citigroup Energy Comments to Draft Final Proposal pdf 30K | Abstract | 10/15/2009 12:22
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Constellation Comments to Draft Final Proposal pdf 69K | Abstract | 10/15/2009 12:21
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CPUC Comments on Draft Final Proposal pdf 127K | Abstract | 10/19/2009 15:34
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DC Energy Comments to Draft Final Proposal pdf 86K | Abstract | 10/15/2009 12:20
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Dynegy Comments to Draft Final Proposal pdf 9K | Abstract | 10/15/2009 12:19
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EPIC Comments on Draft Final Proposal pdf 57K | Abstract | 10/19/2009 15:35
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Financial Marketers Comments to Draft Final Proposal pdf 150K | Abstract | 10/15/2009 12:16
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Appendix to Comments from Financial Marketers pdf 5051K | Abstract | 10/15/2009 12:17
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J.P. Morgan Comments to Draft Final Proposal pdf 56K | Abstract | 10/15/2009 12:14
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Mirant Comments to Draft Final Proposal pdf 87K | Abstract | 10/15/2009 12:13
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Morgan Stanley Comments to Draft Final Proposal pdf 10K | Abstract | 10/15/2009 12:12
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NRG Comments to Draft Final Proposal pdf 91K | Abstract | 10/15/2009 12:11
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PG&E Comments to Draft Final Proposal pdf 124K | Abstract | 10/15/2009 12:10
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Powerex Comments to Draft Final Proposal pdf 102K | Abstract | 10/15/2009 12:09
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RRI Comments to Draft Final Proposal pdf 95K | Abstract | 10/15/2009 12:07
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SCE Comments to Draft Final Proposal pdf 102K | Abstract | 10/15/2009 11:28
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Shell Energy Comments to Draft Final Proposal pdf 72K | Abstract | 10/15/2009 11:27
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Six Cities Comments to Draft Final Proposal pdf 82K | Abstract | 10/15/2009 11:25
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Western Comments to Draft Final Proposal pdf 60K | Abstract | 10/15/2009 11:23
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WPTF Comments to Draft Final Proposal pdf 97K | Abstract | 10/15/2009 11:22
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Convergence Bidding Stakeholder Meeting 09-Oct-2009
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Agenda - Convergence Bidding Stakeholder Meeting 09-Oct-2009 pdf 79K | Abstract | 10/07/2009 16:36
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Presentation - Addendum to Draft Final Proposal pdf 369K | Abstract | 10/08/2009 14:44
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Local Market Power Mitigation Under Convergence Bidding pdf 576K | Abstract | 10/08/2009 16:34
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Illustrative Examples of Alternative Local Market Power Mitigation pdf 190K | Abstract | 10/06/2009 14:40
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Addendum to Draft Final Proposal for the Design of Convergence Bidding pdf 458K | Abstract | 10/02/2009 16:42
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CRR Settlement Rule Under Convergence Bidding pdf 400K | Abstract | 10/08/2009 16:36
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Attachment B - CRR Settlement Rule pdf 164K | Abstract | 10/02/2009 16:45
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Local Market Power Mitigation Options Under Convergence Bidding pdf 166K | Abstract | 10/02/2009 16:46
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Stakeholder Comments on Convergence Bidding 2-Oct-2009
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CDWR-SWP Comments on Convergence Bidding Draft Final Proposal pdf 10K | Abstract | 10/02/2009 15:19
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Dynegy Comments on Convergence Bidding Draft Final Proposal pdf 24K | Abstract | 10/02/2009 15:18
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LS Power Comments on Convergence Bidding Issues pdf 28K | Abstract | 10/05/2009 14:19
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PG&E Comments on Convergence Bidding Issues pdf 75K | Abstract | 10/02/2009 15:17
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SCE Comments on Convergence Bidding Issues pdf 120K | Abstract | 10/02/2009 15:15
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SCE Comments on Draft Final Proposal pdf 151K | Abstract | 10/05/2009 14:14
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WPTF Comments on Convergence Bidding Issues pdf 80K | Abstract | 10/02/2009 15:12
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Market Surveillance/ Stakeholder Meeting 18-Sep-2009
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Excel Solver for Convergence Bidding (CB) at the interties xls 78K | Abstract | 09/23/2009 09:18
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Agenda - MSC/Stakeholder Meeting Convergence Bidding pdf 78K | Abstract | 09/16/2009 17:07
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Presentation - Draft Final Proposal for the Design of Convergence Bidding pdf 806K | Abstract | 09/18/2009 13:00
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Draft Final Proposal for the Design of Convergence Bidding pdf 504K | Abstract | 09/18/2009 13:02
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Appendix A - Cost Allocation Examples xls 32K | Abstract | 09/14/2009 18:20
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Appendix B - CRR Settlement Rule Proposal pdf 230K | Abstract | 09/14/2009 18:22
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Appendix C - Results of RUC Testing pdf 123K | Abstract | 09/14/2009 18:25
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Presentation - CRR Settlement Rule under Convergence Bidding pdf 645K | Abstract | 09/17/2009 15:23
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Presentation - Local Market Power Mitigation under Convergence Bidding pdf 626K | Abstract | 09/17/2009 15:25
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Stakeholder Conference Call 09-Sep-2009
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Agenda - Conference call on Convergence Bidding at Interties 09-Sep-2009 pdf 95K | Abstract | 09/04/2009 16:42
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Presentation - Convergence Bidding at Interties pdf 345K | Abstract | 09/04/2009 16:34
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Stakeholder Comments on 27-Aug-2009 Conference Call
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EPIC Comments on CRR Settlement Rule pdf 87K | Abstract | 09/04/2009 13:47
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SCE Comments on Convergence Bidding Policy pdf 132K | Abstract | 09/04/2009 13:49
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WPTF Comments on CRR Settlement Rule pdf 56K | Abstract | 09/04/2009 13:50
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Stakeholder Conference Call 27- Aug- 2009
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Agenda - Convergence Bidding Stakeholder Conference Call 27-Aug-2009 pdf 73K | Abstract | 08/25/2009 20:30
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Presentation - Bid Volumes, GMC, and RUC pdf 602K | Abstract | 08/25/2009 20:33
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Congestion Revenue Rights Settlement Rule pdf 277K | Abstract | 08/18/2009 17:31
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Stakeholder Comments on 13-Aug-2009 Conference Call
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PG&E Comments on 13-Aug-2009 Conference Call pdf 99K | Abstract | 08/28/2009 16:14
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WPTF Comments on 13-Aug-2009 Conference Call pdf 302K | Abstract | 08/28/2009 16:18
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Convergence Bidding Stakeholder Conference Call 13-August 2009
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Presentation - SC Certification and Cost Allocation for Convergence Bids pdf 583K | Abstract | 08/11/2009 15:32
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Examples - IFM BCR and RUC BCR Allocation to Virtual Bidders xls 70K | Abstract | 08/17/2009 12:23
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Stakeholder Comments on Convergence Bidding 24-Jul-2009
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Calpine Comments on Straw Proposal pdf 98K | Abstract | 08/06/2009 13:17
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CERS Comments on Straw Proposal pdf 203K | Abstract | 08/06/2009 13:15
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Citigroup Energy Inc. Comments on Straw Proposal pdf 52K | Abstract | 07/29/2009 16:40
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CPUC Comments on Straw Proposal pdf 136K | Abstract | 08/06/2009 13:19
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Department of Market Monitoring (DMM) Comments on Straw Proposal pdf 146K | Abstract | 07/27/2009 11:46
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Dynegy Comments on Straw Proposal pdf 10K | Abstract | 07/27/2009 11:45
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EPIC Merchant Energy Comments on Straw Proposal pdf 51K | Abstract | 07/29/2009 16:41
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EPIC Attachment 1 - Greening Study on RSG Uplift pdf 90K | Abstract | 07/31/2009 13:09
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JP Morgan Comments on Straw Proposal pdf 106K | Abstract | 07/27/2009 11:49
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PG&E Comments on Straw Proposal pdf 119K | Abstract | 07/27/2009 11:41
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Powerex Comments on Straw Proposal pdf 19K | Abstract | 07/27/2009 11:48
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SCE Comments on Straw Proposal pdf 104K | Abstract | 07/27/2009 11:43
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Western Comments on Straw Proposal pdf 39K | Abstract | 08/06/2009 13:03
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WPTF Comments on Straw Proposal pdf 292K | Abstract | 07/27/2009 11:40
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Straw Proposal
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Straw Proposal for the Design of Convergence Bidding pdf 479K | Abstract | 07/02/2009 14:58
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Convergence Bidding Stakeholder Meeting 09-Jul-2009
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Agenda - Convergence Bidding Stakeholder Meeting 09-Jul-2009 pdf 36K | Abstract | 07/07/2009 17:13
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Presentation - Straw Proposal for Design of Convergence Bidding 09-Jul-2009 pdf 1404K | Abstract | 07/08/2009 14:59
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