Congestion revenue rights clawback rule modification (completed)

Outcome: The ISO implemented in May 2017 software and business modifications to alter the conditions by which a schedule change between day-ahead and real-time will not be considered a "virtual award", thereby, not subjecting the change to the CRR Clawback rule procedures. — Implemented: May 2017; FERC approval: Mar 07, 2017 (ER17-853); Tariff amendment filing: Jan 25, 2017; Board of Governors approval: Jun 28, 2016

The Congestion Revenue Rights (CRR) rule treats a day-ahead intertie award that is reduced in real-time as a “virtual award.” If the real-time reduction to a day-ahead intertie award exceeds 10% of the transmission capacity, then 100% of revenues on the CRRs are clawed back, discouraging rebidding into the 15-minute market. This initiative will explore which transactions should be considered “virtual awards” subject to clawback.