ERCOT Ancillary Services Swaps
The terms and conditions of the swaps incorporate by reference such credit and other terms as the parties may establish through their pre-existing bilateral agreement. The swaps have the following characteristics:
Contract Overview: | An agreement to exchange cash flows based on the difference between a fixed price agreed to by the parties and a floating rate based on an ancillary service over a specified term to maturity. |
Reference Ancillary Services: |
ERCOT Regulation Down Service ERCOT Regulation Up Service ERCOT Responsive Reserve Service ERCOT Non-Spinning Reserve Service |
Trade Date: | As determined by the parties. |
Effective Date: | The date on which the parties begin calculating their accrued obligations under the swap. |
Termination Date: | As determined by the parties. |
Buyer: | Party [A/B] |
Seller: | Party [B/A] |
Fixed Price: | As determined by the parties. |
Floating Price: | As determined by ERCOT |
Determination Period: | Effective Date through Termination Date. |
Payment Date: | As determined by the parties. |