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Price Bias Adjustment Factor

Some of the intertie failure charge calculations include the difference between the pre-dispatch and real time Ontario price during the hour of the failure. This difference is adjusted by a price bias adjustment factor which compensates for the different methods used to calculate the pre-dispatch and real-time Ontario prices. These price bias adjustment factors are to be used in the settlement charge calculation for the real-time import and export failure charge as well as the day-ahead linked wheel failure charge.

Adjustment Factor

The price bias adjustment factors that form part of the charge calculation will be provided in advance of the effective trade date. There are twenty four hourly factors that will apply for a three month period to both the import and export failure charge. These three month periods are aligned with the seasons of the year. The effective period of the factors are in three month blocks and are defined in the table below.

The effective start time is the first hour of the first day of the block and ends the twenty fourth hour of the last day of the block.

The factors will be updated at least one month before their effective trade date. The effective period of the factors appears at the top of each column below.

A communication will be sent when the factors are updated. Old factors are overwritten with each update. Here is a table of current adjustment factors:

Date
Posted
Apr. 22, 2013 Apr. 22, 2013 Oct 15, 2013 Oct 15, 2013
Hour
Jun. 2013 -
Aug. 2013
Sep. 2013 -
Nov. 2013
Dec. 2013 -
Feb. 2014
Mar. 2014 -
May. 2014
1 -0.66 -0.91 -0.02 -0.40
2 -0.50 -1.37 0.00 0.09
3 -0.32 -0.44 0.17 -0.09
4 -0.42 -0.22 0.23 0.17
5 -0.51 -0.63 0.13 0.00
6 0.90 0.37 2.24 1.96
7 0.70 0.17 2.39 1.23
8 0.88 0.39 1.24 0.97
9 0.63 0.53 0.99 0.68
10 -0.17 0.12 0.25 0.06
11 -0.20 0.13 0.13 0.10
12 -0.10 0.21 0.23 0.07
13 -0.06 0.12 0.09 0.20
14 0.00 0.08 0.27 0.32
15 0.01 0.10 0.20 0.19
16 0.00 0.03 0.11 0.05
17 -0.10 0.37 0.89 0.61
18 -0.25 0.02 1.01 0.34
19 -0.44 0.04 0.55 0.28
20 -0.37 0.06 0.45 0.44
21 -0.25 0.00 0.12 0.32
22 -0.03 0.00 0.01 0.03
23 -0.07 -0.01 0.02 0.00
24 -0.41 -0.71 0.00 0.00

More information on the calculation methodology for the price adjustment factors may be found in Market Manual 5.5: “Physical Markets Settlement Statements” and Market Manual 9.5: “Settlement for the DACP.

1 The list of bona fide and legitimate reasons and their associated settlement reason codes are available in Market Manual 4.3, "Real Time Scheduling of Physical Markets". Physical Market Settlement Statements Manual 5.5 and Charge Types and Equations documentation provide further clarification on settlement statement details.

2 Market Rules Chapter 7, Section 7.5.8A and S. 7.5.8B
 
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