MTA (Mark-to-Auction) Examples
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1 MTA (Mark-to-Auctio) Examples 10/26/2018
2 MTA Credit Calculatio by FTR The MTA Credit is iitially calculated o a mothly basis for each FTR path as the origial purchase price mius the most recet auctio clearig price The origial purchase price is prorated by mothly class hours The most recet auctio clearig prices are applied Log Term Auctio prices are pro-rated o a mothly class hour basis for the applicable year(s) Aual Auctio prices are pro-rated o a mothly class hour basis for the applicable year Balace of Plaig Period (BOPP) Auctio prices are applied mothly if mothly value exists (i.e. JUL); Overlappig periods i a idividual auctio (i.e. SEP ad Q2), subtract the kow price of the sub-period from the larger period's price, ad prorate the remaiig price amog the remaiig moths i that period; Quarterly periods are prorated by mothly class hours "Sell" ad optios logic are implemeted the same as the path specific credit requiremets are calculated curretly 2
3 Path Specific Example for BOPP If you cleared a 1MW, 24H, Buy Obligatio FTR at $50 i the 16/19 Log Term Auctio Roud 3 for 18/19 Plaig Year (i.e. YR3) ad the results from the JUL 2018 Auctio are as follows: Period Clearig Price JUL -$4 AUG -$7 SEP -$5 Q2-SEP -$10 Q3 $15 Q4 -$6 3
4 Path Specific Example for BOPP The idividual mothly MTA credit values for this path would be as follows: Equatio JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY Period Type JUL AUG SEP Q2-SEP Q3 Q4 Class Hours (A) Proratio Factor for Origial Purchase Price (B) (A)/ / / / / / / / / / / /8760 (B*50) Prorated Origial Purchase Price (C) $4.25 $4.25 $4.11 $4.25 $4.12 $4.25 $4.25 $3.84 $4.24 $4.11 $4.25 Proratio Factor for Most Recet (A)/sum of class 744/ / / / / / / / / / /2207 Auctio Clearig Price (D) hours i period type Most Recet Auctio Clearig Price (E) -$4 -$7 -$5 -$10 -$10 $15 $15 $15 -$6 -$6 -$6 Prorated Most Recet Auctio Clearig (D*E) Price (F) -$4.00 -$7.00 -$5.00 -$5.08 -$4.92 $5.17 $5.17 $4.67 -$2.02 -$1.96 -$2.02 Mark to Auctio Credit (C-F) $8.25 $11.25 $9.11 $9.33 $9.04 -$0.92 -$0.92 -$0.83 $6.26 $6.07 $6.27 The moths with positive MTA credit represet that the most recet mark is movig agaist the portfolio, ad thus has a positive credit requiremet If this was the oly FTR i a portfolio, the portfolio approach would sum all the moths for a total of $62.98 (ote: positive values et with egative values). The mothly approach would look at each moth idividually. 4
5 Desig Compoet Mothly vs Portfolio Curret proposals iclude two differet optios for MTA credit itegratio with curret requiremets Portfolio: Uder the portfolio approach, all the FTR paths would be summed over all the moths of the portfolio, whereby positive moths would et with egative moths. The MTA credit would the be applied to the curret portfolio requiremet Mothly: Uder the mothly approach, all the FTR paths are summed for each moth ad the the mothly MTA credit would be applied to the curret mothly requiremets. 5
6 Descriptios A would take the higher of the mothly MTA credit ad the curret mothly credit requiremet D1/D1 would take the higher of the portfolio MTA credit ad the curret credit requiremet G1/G2 would add the portfolio MTA credit to the curret credit requiremet H/H would take the higher of the (portfolio MTA credit plus a MTA Adder 1 ) ad the curret credit requiremet I/I would take the higher of G1/G2 ad H/H 1 MTA Adder: 20% of MTA for FTRs awarded i BOPP or Aual; 50% MTA loss for Log-Term FTRs (LT adder would be for LT FTRs util they become the aual auctio period) 6
7 Assumig a portfolio cosisted of positios for the curret plaig year (18/19) ad oe log term (19/20), ad the mothly values for the curret credit requiremet ad the MTA credit are as show i the table to the right: A would have a credit requiremet equal to the sum of colum (C) = $14,125 D1/D1 would have a credit requiremet equal to the higher of [(A) ad (B)] = $13,950 G1/G2 would have a credit requiremet equal to [(A)+(B)] = $19,850 H/H would have a credit requiremet equal to higher of [(A) ad (B)+0.2*(D)+0.5*(E)]= higher of [$13,950 ad $7,103]=$13,950 I/I would be the max of G1/G2 ad H/H = $19,850 NOTE: Uder all packages, if (B) was egative (i.e. a positive mark) the it would ot be used to reduce credit requiremets. Example 1: Applicatio of each of the s A u a l L o g T e r m Curret Credit Requiremet MTA Mothly Moth Year Credit "Higher of" JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY Portfolio Total 13,950 5,900 14,125 (A) (B) (C) Additioal Calculatios for H/H : The Aual MTA is the sum of MTA from JUL 2018 through May It is equal to $5,825 (D) The Log Term MTA is the sum of MTA from JUN 2019 through MAY It is equal to $75 (E) 7
8 Assumig a portfolio cosisted of positios for the curret plaig year (18/19) ad oe log term (19/20), ad the mothly values for the curret credit requiremet ad the MTA credit are as show i the table to the right: A would have a credit requiremet equal to the sum of colum (C) = $21,838 D1/D1 would have a credit requiremet equal to the higher of [(A) ad (B)] = $14,750 G1/G2 would have a credit requiremet equal to [(A)+(B)] = $28,700 H/H would have a credit requiremet equal to higher of [(A) ad (B)+0.2*(D)+0.5*(E)]= higher of [$13,950 ad $17,756]=$ 17,756 I/I would be the max of G1/G2 ad H/H = $28,700 NOTE: Uder all packages, if (B) was egative (i.e. a positive mark) the it would ot be used to reduce credit requiremets. Example 2: Applicatio of each of the s A u a l L o g T e r m Curret Credit Requiremet MTA Mothly Moth Year Credit "Higher of" JUL (250) 800 AUG SEP OCT ,125 1,125 NOV ,250 1,250 DEC ,750 1,750 JAN ,875 1,875 FEB ,750 1,750 MAR ,875 1,875 APR ,938 1,938 MAY ,000 2,000 JUN JUL AUG SEP (63) 450 OCT (63) 475 NOV (125) 450 DEC (187) 500 JAN (63) 575 FEB (125) 400 MAR APR MAY Portfolio Total 13,950 14,750 21,838 (A) (B) (C) Additioal Calculatios for H/H : The Aual MTA is the sum of MTA from JUL 2018 through May It is equal to $14,563 (D) The Log Term MTA is the sum of MTA from JUN 2019 through MAY It is equal to $187 (E) 8
9 Mark to Auctio Proposals A D1 D1 G1 - PJM Proposal G2 H H I I Compariso Timeframe Mothly Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Itegratio with existig requiremets Higher of Higher of Higher of Additive Additive Higher of [Existig, (MTA plus MTA Adder)] MTA Adder: 20% of MTA for FTRs awarded i BOPP or Aual 50% MTA loss for Log-Term FTRs 2 Higher of [ G1 ad H] Higher of [ G2 ad H ] Itra-Auctio or Post- Auctio Itra- Auctio Itra- Auctio Itra- Auctio with $100k Threshold 1 Itra- Auctio Itra- Auctio with $100k Threshold 1 Itra-Auctio Itra-Auctio with $100k Threshold 1 Itra-Auctio Itra-Auctio with $100k Threshold 1 1 Threshold to be applied Itra-Auctio oly; collateral calls for amouts uder the threshold will be issued Post-Auctio 2 LT adder would be for LT FTRs util they become the aual auctio period Iitial Postig: 10/23/2018 after Credit Subcommittee Meetig 9
10 Revisio History 10/26/ AM: Origial Postig 10/26/2018 4:30 PM: Added a additioal example slide 8 10
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