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Frequently Asked Questions
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Interruptible storage injection and withdrawal rights (“IT” rights) are provided with purchased inventory rights as zero-priced IT rights. When there is a constraint on the use of these rights, the rights are scheduled based on an interruptible priority queue (“ITQ”) that is ranked by price. The ITQ auction is the means for creating this price-based queue by enabling bidders to attach a price and move up the queue. Higher-priced IT rights will be scheduled ahead of lower-priced IT rights in compliance with the bumping rules. The price is charged only if the rights are scheduled.
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You can begin bidding when the auction is listed in the drop down menu of Choose ITQ Term.
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The auction has a “soft” close time and a “hard” close time. The soft close time is stated on the auction site after the Close Date. This soft close time is subject to change based on experience and customer feedback. The auction will close at the soft close time when no further bid is received within 1 minute of the soft close time. If a bid is received within 1 minute of the soft close time, then the soft close time is extended by 1 minute. Soft close time extensions are allowed until the hard close time is reached. The hard close time is set for 10 minutes after the initial soft close time. For example, if the soft close time is set for 6:20AM, then the hard close time is 6:30AM. In this case, the auction will close between 6:20AM and 6:30AM depending on the number of soft close extensions.
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Use the "Edit" button to increase your existing bid or to add more quantity. Do not enter a new bid unless you want both bids to be active. If you enter a new bid with a higher price, both bids will be active, increasing the capacity that will be charged if scheduled.
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Yes, to accomplish this, enter a new bid at a different price for each tier you desire. You will be charged for IT services, starting with the highest price proceeding downwards, on the scheduled IT services.
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Yes, you will be charged for the interruptible rights that are scheduled. For example, you’ve bid 10,000 Dths at $.01 and you nominate 20,000 Dths of interruptible rights. The first 10,000 Dths that is scheduled will be charged at $.01/Dth. If you choose to nominate no interruptible rights then no charges will apply. Whether an OFO is called is not considered in the billing.
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The ITQ bill is determined by your ITQ bid and the quantity scheduled, which is the gross quantity before fuel is deducted.
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All bids are accepted. The auction merely creates a priority queue to determine which nominations will be confirmed, based on the available interruptible capacity, in descending price order.
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No, all bids are final and subject to charges if the rights are scheduled. You can avoid charges by not using interruptible rights.
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There is no restriction on nominating your interruptible rights during an OFO. Those rights will be considered zero-priced interruptible rights and be at the bottom of the ITQ. Whether it gets scheduled will depend on the available capacity for the flow day.
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Interruptible capacity is determined within minutes after the nomination deadline. The capacity is calculated each cycle, and only a corresponding quantity of nominations will be confirmed based on the ITQ.
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The use of interruptible rights is based on the “first come, first serve” rule, meaning that interruptible rights cannot bump other interruptible rights in a later nomination cycle. During a later cycle, interruptible capacity is first allocated to previously scheduled interruptible quantities, then to newly nominated interruptible quantities based on the ITQ.
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The Reports link on the Storage Auction System website allows you to view three different ITQ reports. Without logging in you can view the ITQ or the ITQ Posting reports. After logging in you will be able to view Bid Confirmation reports of your bidding activity. The ITQ report shows the priority queue for the interruptible rights of a specified flow period. The ITQ Posting report discloses the names of the entities bidding and their bid prices for each flow period. The Bid Confirmation report shows your bidding activity for a specified flow date period and serves as a transaction confirmation for your bids.
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Yes, one business day after the bid date all bids are made public for 30 days via the ITQ Posting report under the Reports link.
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A Proxy Bid provides instructions for the Utility to bid on your behalf. You specify the quantity and the maximum bid rate. Your bid will be inserted into the auction at the highest current rate that is equal to or lower than your maximum rate, sharing capacity with the bidders at that rate. If no bids exist, your bid will be entered at the minimum rate. When a higher bid is entered, your bid will increase to match the higher rate, up to your maximum rate. You can increase the quantity or maximum rate by selecting Edit. You cannot reduce the quantity or the maximum rate. A Proxy Bid allows you to participate in the auction without attending.
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Since the Proxy Bid was designed to match the highest bid, it will not go above the highest bid on its own. However, you can make a higher-priced Manual Bid. The Proxy Bid will match any bid that is higher, even if it is yours. By making the Manual Bid quantity small, you can be the highest price tier without committing to a much higher quantity than the Proxy Bid.
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