TCC Auction Settlements Clause Samples
The TCC Auction Settlements clause defines the procedures and obligations related to the financial settlement of Transmission Congestion Contracts (TCCs) that are awarded through an auction process. It typically outlines how payments are calculated and distributed to TCC holders based on the results of the auction and subsequent market operations, including the allocation of congestion revenues. This clause ensures that all parties involved in TCC auctions understand how and when they will receive payments or be required to make payments, thereby providing transparency and reducing disputes over settlement amounts.
TCC Auction Settlements. Notwithstanding Sections 2.7.3.2.1 and 2.7.3.2.2 of this ISO OATT, the ISO shall make settlements related to the Centralized TCC Auction and the Reconfiguration Auction as set forth in this Section 2.7.3.6.
2.7.3.6.1 The ISO shall submit invoices to, and make settlements with, Transmission Owners in connection with the allocation of Net Auction Revenues in accordance with the timeline set forth in ISO Procedures.
2.7.3.6.2 Transmission Customers owing payments to the ISO as a result of their activity in or related to a Centralized TCC Auction or Reconfiguration Auction, pursuant to an award notice or a comparable invoice rendered by the ISO, shall make those payments to the ISO through the ISO Clearing Account in accordance with the timeline set forth in ISO Procedures.
2.7.3.6.3 Except as provided in Section 2.7.1.4 of this ISO OATT, the ISO shall pay all net monies owed to Transmission Customers as a result of their activity in or related to a Centralized TCC Auction or a Reconfiguration Auction, pursuant to an award notice or a comparable invoice rendered by the ISO, from the ISO Clearing Account in accordance with ISO Procedures.