Offers and Bids Sample Clauses

Offers and Bids. (a) Offers to sell and bids to purchase Fixed Transmission Rights shall be submitted during the period set forth in Section 7.1.2, and shall be in the form specified by the Office of the Interconnection in accordance with the requirements set forth below. (b) Offers to sell shall identify the specific Fixed Transmission Right, by megawatt quantity and receipt and delivery points, offered for sale. An offer to sell a specified megawatt quantity of Fixed Transmission Rights shall constitute an offer to sell a quantity of Fixed Transmission Rights equal to or less than the specified quantity. An offer to sell may not specify a minimum quantity being offered. Each offer may specify a reservation price, below which the offeror does not wish to sell the Fixed Transmission Right. Offers submitted by entities holding rights to Fixed Transmission Rights acquired other than by assignment in connection with reservations of Network Transmission Service or Firm Point-to-Point Transmission Service shall be subject to such reasonable standards for the verification of the rights of the offeror as may be established by the Office of the Interconnection. Offers shall be subject to such reasonable standards for the creditworthiness of the offeror or for the posting of security for performance as the Office of the Interconnection shall establish. (c) Bids to purchase shall specify the megawatt quantity, price per megawatt, and receipt and delivery points of the Fixed Transmission Right that the bidder wishes to purchase. A bid to purchase a specified megawatt quantity of Fixed Transmission Rights shall constitute a bid to purchase a quantity of Fixed Transmission Rights equal to or less than the specified quantity. A bid to purchase may not specify a minimum quantity that the bidder wishes to purchase. A bid may specify as receipt or delivery points any bus for which the Office of the Interconnection calculates and posts Locational Marginal Prices in accordance with Section 2 of this Schedule and may include Fixed Transmission Rights for which the associated Transmission Congestion Credits may have negative values. Bids shall be subject to such reasonable standards for the creditworthiness of the bidder or for the posting of security for performance as the Office of the Interconnection shall establish. (d) Bids and offers shall be specified to the nearest tenth of a megawatt and shall be greater than zero.

Offers and Bids. 3.1 From time to time Transpower may (but is not obliged to) make Offers to the Provider. Each Offer must specify: (a) the Call Period for the Offer, which must start and finish on the hour or half-hour; (b) the maximum Strike Fee for the Offer; and (c) the Bid deadline for the Offer. 3.2 The Provider may (but is not obliged to) make Bids in response to Offers made to it. Each Bid must specify: (a) the Offer and Block to which the Bid relates; (b) the Expected Delivery of the Block; and (c) the Strike Fee for the Bid, which must not be more than the maximum Strike Fee in the Offer. The Bid must be received by Transpower before the Bid deadline in the Offer. 3.3 Transpower may accept a Bid by making a Call on the Block to which the Bid relates in accordance with clause 4. Transpower may accept the Bid even if it was received by Transpower after the Bid deadline in the relevant Offer. If Transpower does not make a Call on the Block in accordance with clause 4 then the Bid is not accepted. 3.4 Transpower is not obliged to accept any particular Bid or any minimum quantity of Bids. Transpower may choose not to accept a Bid even if it accepts a comparable bid from another DR provider that has a higher Strike Fee than the Bid.