Met-Ed and Penelec’s 2011 to 2013 Default Service Program: The May 2010 Solicitation
Chantale LaCasse, Senior Vice President, NERAAmparo Nieto, Senior Consultant, NERAKush Patel, Consultant, NERA
15 April 2010
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Met-Ed and Penelec Default Service Program
Agenda
Overview of Met-Ed and Penelec’s Default Service Program
Key Elements of the May 2010 Solicitation
Products and Supplier’s Business Opportunity
Auction Rules
Proposal Submission Process for the May 2010 Solicitation
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Met-Ed and Penelec Default Service Program
Disclaimer
Any statements describing or referring to documents and agreements are summaries only, and are qualified in their entirety by reference to such documents and agreements
The governing documents are: Joint Petition for Settlement of Metropolitan Edison Company
(“Met-Ed”) and Pennsylvania Electric Company (“Penelec”) for their Default Service Programs (Docket Nos. P-2009-2093053 and P-2009-2093054)
Metropolitan Edison Company/Pennsylvania Electric Company Default Service Program Fixed Auction Process and Rules 2011-2013
Metropolitan Edison Company/Pennsylvania Electric Company Default Service Program Hourly Auction Process and Rules 2011-2013
Met-Ed and Penelec Default Service Supplier Master Agreements for the Residential, Commercial, and Industrial Customer Classes
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Met-Ed and Penelec Default Service Program
Overview of the Program
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Met-Ed and Penelec Default Service Program
Met-Ed and Penelec’s Default Service Program
Met-Ed and Penelec filed their Default Service (“DS”) Program on February 20, 2009 to procure power from those customers that do not choose service from an Electric Generation Supplier (“EGS”)
The DS program starts when generation rate caps expire on January 1, 2011 and ends on May 31, 2013
The Pennsylvania Public Utility Commission (“PaPUC”) approved the Petition for Settlement on Nov 6, 2009: http://www.puc.state.pa.us/general/search.aspx
NERA’s role is to serve as the Independent Evaluator as well as the interface between Bidders and the Companies
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Met-Ed and Penelec Default Service Program
The Met-Ed and Penelec’s DS Program is Comprehensive
The Program covers three classes of customers for each Company
Residential or R Class; Commercial or C Class (up to 400 kW); Industrial or LI Class (above 400 kW)
Specifies three bidding processes for different portions of the supply
Full requirements products (energy, capacity, ancillary services, applicable Transmission Services, any other service as required by PJM) through descending clock auctions
Two parallel procurement processes as part of the same DS program:
RFPs to obtain Solar Photovoltaic Alternative Energy Credits (“SPAECs”) over a 10 year period (will be available to DS Suppliers to satisfy their solar requirements under the AEPS Act)
RFPs for block power supply products
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Met-Ed and Penelec Default Service Program
How Many Solicitations and When
Four solicitations are planned every year in January, March, May, and October, allowing price diversity in the supply base
All solicitations have a Fixed Auction while the Hourly Auction is held once a year
2010
Fixed
Hourly
2011
Fixed Hourly
2012
Fixed
Hourly
Jan Jan Jan Mar Mar Mar May May May Oct * Oct Oct *Solicitation for Fixed Price Industrial product
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Met-Ed and Penelec Default Service Program
Two Different Auctions For Two Different Price Plans
Fixed Auction is for a fixed price plan
Industrial opt-in: payments and rates based on the final auction price
Residential: Stub period: payments and rates based on the final auction
price for 95% and the real time PJM price and a fixed $9/MWh adder for 5% for each MWh served
Starting June 1, 2011: 100% fixed at the final auction price
Commercial: payments and rates based on the final auction price for 90% of each MWh served and is paid the real time PJM price and a fixed $9/MWh adder for 10%
Hourly Auction is for service priced to the hourly market
Industrial: payments and rates based on the final auction price, the real-time PJM price, and a fixed $2 adder
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Met-Ed and Penelec Default Service Program
What Portion of Supply Is at Auction: Residential and Commercial 100% in the stub period from January 1, 2011 to May 31,
2011
For the remainder of the Program term:
Residential Class
75% full requirements supply through the Fixed Auction
25% block energy through RFP with Company balancing and other components from PJM markets
Commercial Class
100% full requirements supply through the Fixed Auction
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Met-Ed and Penelec Default Service Program
What Portion of Supply Is at Auction: Industrial customers
Industrial Class
Full requirements supply for the remainder through the Hourly Auction
Up to 50 MW supply through the Fixed Auction to customers that affirmatively enroll
Industrial Class straddles the two Auctions
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Met-Ed and Penelec Default Service Program
Auction Web Site
Auction web site will be your main source of information: www.firstenergycorp.com/mepnauction
Web site includes:
All solicitation documents and forms
Relevant Commission decisions
Data Room
Link to submit questions ([email protected])
Frequently Asked Questions page
Please direct all questions relating to the Auctions to NERA and not to FirstEnergy personnel
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Met-Ed and Penelec Default Service Program
Key Elements of the May 2010 Solicitation
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Met-Ed and Penelec Default Service Program
Main Features of the Auction
1. A Fixed Auction with a descending-clock format
2. Residential and Commercial products, each with three dimensions: the Company the Class the supply period
3. Each Class DS load divided into “tranches” A tranche represents a fixed share of load for the
Class Sized to approximately 50 MW
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Met-Ed and Penelec Default Service Program
What’s New in the May 2010 Solicitation
New products. In addition to the 5-month products for the stub period, Auction procures supply for:
Residential 24-month (June 1, 2011 to May 31, 2013) Commercial 12-month (June 1, 2011 to May 31, 2012)
There will be a total of eight products in the Auction
Different payment basis for the Residential Class. In the stub period payments based on final auction price for 95% while for the 24-month contract the payment is based on final auction price for 100%
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Met-Ed and Penelec Default Service Program
What’s New in the May 2010 Solicitation
Seasonal Factors. Suppliers paid on the basis of Auction price that is adjusted seasonally
Seasonal factors for period starting June 1, 2012 may be updated in May 2011
Season Periods Seasonal Factor
Winter
Jan 1-May 31, 2011
0.97Oct 1 2011-May 31, 2012
Oct 1 2012-May 31, 2013
SummerJun 1-Sept 30, 2011
1.06Jun 1-Sept 30, 2012
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Met-Ed and Penelec Default Service Program
The Products of the May 2010 Fixed Auction
Products, Tranche Targets and Load Caps
May 2010 Solicitation
Product Supply PeriodTotal No. Tranches
Load Cap
Tranche Size (%)
Met-Ed R-5 Jan 2011 – May 2011 7 5 3.57
Met-Ed R-24 Jun 2011 – May 2013 4 3 3.57
Met-Ed C-5 Jan 2011 – May 2011 6 4 4.35
Met-Ed C-12 Jun 2011 – May 2012 5 3 4.35
Penelec R-5 Jan 2011 – May 2011 5 3 4.76
Penelec R-24 Jun 2011 – May 2013 3 2 4.76
Penelec C-5 Jan 2011 – May 2011 5 3 5.00
Penelec C-12 Jun 2011 – May 2012 5 3 5.00
Total 40 26
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Met-Ed and Penelec Default Service Program
Auction Format is a Clock Auction
Multi-product design Tranches for both Met-Ed and Penelec are procured at
once
Multi-round design Suppliers state how many tranches they want to supply
at prices suggested by the Independent Evaluator Prices tick down if there is excess supply Suppliers could switch their bids from one product to
another in a given Auction All in price in $/MWh
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Met-Ed and Penelec Default Service Program
Fixed Auction Example: Prices Tick Down When There Is Excess Supply
Round 1
Product Price ($/MWh)
ME-R-5 100.00
ME-R-24 100.00
ME-C-5 100.00
ME-C-12 100.00
#bid
#to buy
57 7
29 4
56 6
30 5
Excess Supply
Oversupply Ratio
50 0.7353
25 0.6098
50 0.9259
25 0.6250
PN-R-5 100.00
PN-R-24 100.00
PN-C-5 100.00
PN-C-12 100.00
25 5
13 3
10 5
5 5
20 0.5000
10 0.3704
5 0.1250
0 0.0000
Round 2Start
Price
95.00
95.32
95.00
95.00
95.00
96.46
99.22
100.00
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Met-Ed and Penelec Default Service Program
Fixed Auction Example: Prices Tick Down When There Is Excess Supply
Round 2
Product Price ($/MWh)
ME-R-5 95.00
ME-R-24 95.32
ME-C-5 95.00
ME-C-12 95.00
#bid #to buy
47 7
29 4
26 6
25 5
Excess Supply
Oversupply Ratio
40 0.5882
25 0.6098
20 0.3704
20 0.5000
PN-R-5 95.00
PN-R-24 96.46
PN-C-5 99.22
PN-C-12 100.00
25 5
18 3
10 5
10 5
20 0.5000
15 0.5556
5 0.1250
5 0.1250
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Met-Ed and Penelec Default Service Program
Commission Has Approved the SMAs
Different Supplier Master Agreement (“SMA”) for each Class and Company
The parties to the SMA are the Company and the Default Service Supplier
Participants in the proceeding had the opportunity to submit comments and to propose modifications
Final Agreements are approved by the PaPUC and are non-negotiable
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Met-Ed and Penelec Default Service Program
May 2010 Auction Timeline
Monday Tuesday Wednesday
Thursday Friday
April 12 13 14 15Webcast
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Initial Alternate
Guaranty Form
19 20 21 22 23
26 27
Final Decision on Alt
Guaranty
28 29 30
MAY 2010
3 4 May 5Part 1
Date
6 7
10Bidders Qualified
11 12 13 14Bidder Training
17 May 18Part 2 Date
19 20 21Bidders
Qualified
May 24AUCTION
BEGINS
25 26 27 28
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Met-Ed and Penelec Default Service Program
Commission Will Consider Auction Results
Independent Evaluator will submit a report the day after bidding closes
Commission will consider the results of the Auction within one business day
Either all results are approved (for both Companies and all Classes) or all results are rejected
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Met-Ed and Penelec Default Service Program
SMA Execution and Beyond
If Commission accepts the results, SMAs executed within three business days
If any security is required under the creditworthiness standards of the Agreement, it is posted upon execution of the Agreement
Any financial guarantees submitted as part of the Proposal process are returned to the Supplier
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Met-Ed and Penelec Default Service Program
Supplier’s Role and Standard Contract
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Met-Ed and Penelec Default Service Program
What is a Tranche?
A tranche is a set percentage of a Company’s Default Service load for a Class (Residential, Commercial, or Industrial)
Winning suppliers will be serving the tranches of DS Supply for a specific Company and Class
Loads upon which Suppliers are paid are adjusted for losses to the zonal aggregate load bus and de-rated in accordance with PJM’s marginal loss implementation procedures
All Default Service customers are free to come and go from Default Service provided that they give notice at least 16 days before their next scheduled meter reading date
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Met-Ed and Penelec Default Service Program
Each Company will inform PJM of each Supplier’s obligation for each category of ancillary service
From PJM perspective, DS Suppliers are “Electric Generation Suppliers” (EGS) and must be registered as Load Serving Entities (LSE) by January 1, 2011
PJM’s Perspective of Suppliers
Each Day:
Unforced capacity obligation
Each Company will inform PJM the DS Supplier Responsibility Share of each Supplier’s Peak Load Capacity obligation, which PJM will use to determine that Supplier’s capacity obligation
Each Hour:
Energy at zone bus
PJM will know each Company’s total zonal energy and each Company will transmit to PJM the share of each EGS and each DS Supplier’s Responsibility Share
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Met-Ed and Penelec Default Service Program
Fixed Auction Aggregate supply portfolio from wholesale sources Assess and price load variability, market price volatility and
migration risk Platform for participation in future auctions Provide price-risk management services
Wholesale Sources include:
Generation owners in PJM or in adjoining regions, wholesale marketers, financial and OTC power and gas markets, PJM markets, weather derivatives markets
Supplier Role and Business Opportunity
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Met-Ed and Penelec Default Service Program
Key Elements of Credit Provisions of SMAs Security requirements are on a sliding scale on the basis of
credit ratings and Tangible Net Worth (“TNW”) Minimum Rating to obtain unsecured credit line is BB- from S&P /
Fitch and Ba3 from Moody’s
Credit Rating of Default Service Supplier
Max. Credit Limit (lesser of the % of TNW and credit limit cap
below)
S&P Moody’s Fitch % of TNWCredit Limit Cap
BBB+ and
above
Baa1 and above
BBB+ and
above16% of TNW $75,000,000
BBB Baa2 BBB 10% of TNW $50,000,000
BBB- Baa3 BBB- 8% of TNW $25,000,000
BB+ Ba1 BB+ 4% of TNW $15,000,000
BB Ba2 BB 3% of TNW $10,000,000
BB- Ba3 BB- 2% of TNW $5,000,000
Below BB-
Below Ba3
Below BB-
0% of TNW $0
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Met-Ed and Penelec Default Service Program
Key Elements of Credit Provisionsof SMAs (cont.)
Fixed Auction SMAs: Independent Credit Requirement (“ICR”) as well as Mark-to-Market ICR declines over the term of each of the
SMAs (See Appendix B of the SMA) Initial ICR for the May 2010 Solicitation
$375,000 per Tranche for a 5-month product $750,000 per Tranche for a 12-month product $1,500,000 per Tranche for a 24-month product
The Independent Credit Threshold (“ICT”) determined as a function of the Supplier’s credit ratings and % of TNW is used to either partially or fully cover the aggregate ICR amounts across all Default Service obligations to a given Company
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Met-Ed and Penelec Default Service Program
Supply Payments for the May 2010 Solicitation Vary by Class
Seasonal supplier payments:
Final auction price for a product times a seasonal billing factor
Season PeriodsSeasonal Payment Factor
Winter
Jan 1-May 31, 2011
0.97Oct 1 2011-May 31, 2012
Oct 1 2012-May 31, 2013
SummerJun 1-Sept 30, 2011
1.06Jun 1-Sept 30, 2012
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Met-Ed and Penelec Default Service Program
Supply Payments for the May 2010 Solicitation Vary by Class
Commercial Class
90% Fixed at the final auction price. 10% varies based on the real-time PJM hourly energy price at the Company zone plus a fixed pre-specified adder of $9.00/MWh
Residential Class
100% Fixed for the 12- and 24-month products
For the 5-month products is: 95% Fixed at the final auction price and 5% varies based on the real-time PJM hourly energy price at the
Company zone plus a fixed pre-specified adder of $9.00/MWh
Rates for customers are determined on the same basis
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Met-Ed and Penelec Default Service Program
Compliance with AEPS through AECs
Compliance with Tier I and II requirements must be demonstrated using Alternative Energy Credits or AECs issued by PJM-EIS GATS
Suppliers must use PJM-EIS GATS to transfer AECs to the Companies to meet their AEPS requirements
Prior to using the PJM-EIS GATS, Suppliers must register into GATS and open a Retail LSE Account
GATS Administrator is available to help Suppliers through process:
For information and forms, see: www.pjm-eis.com Phone: 610-666-2245; Fax: 610-771-4114
Suppliers will be responsible for any changes to non-solar Tier I and Tier II requirements prior to execution of a Default Service SMA
Suppliers will not be responsible for future legislative or administrative changes to the Tier I and Tier II requirements that are imposed following the effective date of the Default Service SMA
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Met-Ed and Penelec Default Service Program
Supplier Risk Mitigation Features
Full requirements excludes Network Integration Transmission Service (“NITS”), which is paid by the Company and recovered from customers
Supplier is protected from the following risks: Change in NITS rate Changes in AEPS law
Risks of procurement of SPAECs
Supplier assumes other risks of full requirements product, including migration risks
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Met-Ed and Penelec Default Service Program
Bidding in the Auction
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Met-Ed and Penelec Default Service Program
1. Bids are binding until the price ticks down:
A bidder cannot change the number of tranches bid on a product if the going price did not tick down
2. Total number of tranches bid cannot increase:
Bidders can only maintain or reduce their total number of tranches bid from one round to the next
3. Auction closes on all products at once:
Winners are determined for all products at the same time
4. Uniform price:
All winners on a product are given the same price
Descending Clock Auction Has Four Main Features
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Met-Ed and Penelec Default Service Program
Round Schematic
Bids at Going PricesBids at Going Prices
Information to Bidders
Information to Bidders
Round andBidding Start
Round andBidding Start
Bidding EndsBidding Ends
Round EndsRound Ends
Total excess supply in the round and going prices for next round
(Price for a product ticks down if tranches bid are greater than the target)
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Met-Ed and Penelec Default Service Program
What is a Bid in Round 1?
A bid is a number of tranches for each product that a supplier is willing to serve at the going prices of the round. Example:
Two rules: the total number of tranches bid on all
products cannot exceed bidder’s initial eligibility
the number of tranches bid on a product cannot exceed the load cap
Fixed-Auction Bids at Round 1 Prices
ME-R-5 ME-C-12 PN-R-5 PE-C-12
3 3 2 1
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Met-Ed and Penelec Default Service Program
Round 1 Report
The Bidder can see: Range of total excess supply
Total excess supply is the sum of excess supply for all products
Range includes actual total excess supply
Five-tranche range at start of Auction
The next round prices (round 2)
The bidder’s own bid in round 1Bidder has no information
about others’ bids, identities or eligibilities
Fixed Auction Round 1
Total Excess Supply: 55-60
ProductRound 2 Price
($/MWh)
ME-R-5 105.25
ME-R-24 104.30
ME-C-5 102.22
ME-C-12 99.97
PN-R-5 98.24
PN-R-24 98.22
PN-C-5 97.20
PN-C-12 97.45
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Met-Ed and Penelec Default Service Program
Changes in Round 2 Bidding
A bidder will be able to: Keep the number of tranches bid for each product
the same as in round 1
Withdraw some tranches from the Auction
Switch between products, by reducing tranches bid on one product and increasing tranches bid on another
Both withdraw and switch
If the price for a product has not ticked down, a bidder cannot reduce the number of tranches bid for that product
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Met-Ed and Penelec Default Service Program
What Are The Rules In Round 2?
The total number of tranches bid on all products combined cannot exceed eligibility in round 2 (the number of tranches bid in round 1)
Again, the number of tranches bid on any one product cannot exceed the load cap for that product
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Met-Ed and Penelec Default Service Program
Bidders Must Name an Exit Price When Withdrawing a Tranche
A bidder must enter an exit price (a final and best offer):
Above current going price
Below or equal to the going price of the previous round
Fixed Auction
product ME-R-5ME-C-
12PN-R-5
PE-C-12
Price Round 1 95.00 95.00 92.50 97.50
Bid Round 1 3 3 2 1
Price Round 2 91.73 92.02 92.02 96.09
Bid Round 2 3 2 2 1Exit Price 94.51
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Met-Ed and Penelec Default Service Program
A Bidder Could Be Asked to Provide Switching Priority Information
A bidder may reduce the tranches bid on one or more products and increase the tranches bid on more than one product
The bidder will be asked for a switching priority to be used if not all switches can be granted
Switching Priority 1 2
Fixed Auction
product ME-R-5ME-C-
12PN-R-5 PE-C-12
Price Round 1 95.00 95.00 92.50 97.50
Bid Round 1 3 3 2 1
Price Round 2 91.73 92.02 92.02 96.09
Bid Round 2 4 1 3 1
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Met-Ed and Penelec Default Service Program
A Bidder Could Be Asked to Indicate Which Tranche is Withdrawing
A bidder may decrease the number of tranches bid on more than one product but switch only part of them
The bidder will be asked to designate which tranches are being withdrawn and name an exit price for the withdrawn tranches
Exit
Exit Price 93.753
Fixed Auction
product ME-R-5ME-C-
12PN-R-5 PE-C-12
Price Round 1 95.00 95.00 92.50 97.50
Bid Round 1 3 3 2 1
Price Round 2 91.73 92.02 92.02 96.09
Bid Round 2 2 1 3 1
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Met-Ed and Penelec Default Service Program
Changes in Round 2 Calculating Phase
A bidder may have requested a switch or a withdrawal – but it may not be granted if necessary to fill the tranche targets
The Independent Evaluator fills tranche target in this order: first with tranches bid at the going price then by retaining exits (if necessary to fill the
target) then by denying switches (if still necessary)
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Met-Ed and Penelec Default Service Program
Changes in Round 2 Reporting
Each bidder gets this information:
A range of total excess supply
The prices for next round
The bidder’s own bid, including: Any tranches requested to be withdrawn that were retained (retained at the exit price)
Any tranches requested to be switched that were denied (retained at the last price freely bid)
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Met-Ed and Penelec Default Service Program
Same Rules Apply for Rounds 3, 4…
Eligibility in round 3 is equal to eligibility in round 2 minus tranches withdrawn in round 2 (even if any of those exits were denied)
Bidder can reduce number of tranches bid on a product (via switching or withdrawal) only if price has ticked down in that round
Exit price must still be above current going price and equal to or below previous going price
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Met-Ed and Penelec Default Service Program
When Does The Auction Close?
The Auction closes when total excess supply equals zero and none of the prices have ticked down
Bidding on all products will stop at the same time and the final auction prices will be calculated then
All bidders who win tranches of a product will be paid the final auction price for that product
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Met-Ed and Penelec Default Service Program
Bids Are Submitted Online
Bidding is done through online Internet bidding through specialized auction software
Bidders access an Internet link
Bidders log in to the auction software using a Login ID and password provided by the Independent Evaluator to the Authorized Representative
Bids are submitted and round results received through the auction software
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Met-Ed and Penelec Default Service Program
Standard PC Windows 98, Windows Me, Windows NT
4.0, Windows 2000, Windows XP, or Windows Vista
Internet Connection
Primary access through a company network
Secondary access through an alternative ISP
Web Browser Internet Explorer 7, Internet Explorer 8,
Firefox 3.0, Firefox 3.1, Firefox 3.5, Safari 4, or Chrome 2
Backup Systems
Backup laptop and backup connection
Dedicated fax machine
System Requirements Are Minimal
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Met-Ed and Penelec Default Service Program
To Be Technically Prepared
Bidding teams in two geographical locations Reduces the likelihood that disruptions in one location
will affect your participation
Access to a backup ISP
Backup computer (preferably a laptop with charged batteries and access to the backup ISP)
A dedicated fax machine for backup bidding
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Met-Ed and Penelec Default Service Program
Pauses
A bidder can request an extension to the bidding phase two times during the Auction Typically due to technical problems
Bidders will be advised of length of extension (typically 15 min)
All bidders will benefit from the extended bidding phase
The Independent Evaluator can call a “time-out” any time
For example, in case of general technical difficulty
Generally no more than 15 minutes
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Met-Ed and Penelec Default Service Program
Proposal Submission Process
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Met-Ed and Penelec Default Service Program
1. Alternate Guaranty Process (Optional)
2. Part 1 Proposal: Basic Contact Information and financial information
New Bidders use the “Long Part 1 Form” to submit the Part 1 Proposal
Bidders that submitted a successful Part 1 Proposal in January or March may use the “Short Part 1 Form” for the May auction
3. Part 2 Proposal: Indicative Offers and Financial Guarantees
4. Submission of Bids: Auction Starts
Stages of Proposal Submission Process
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Met-Ed and Penelec Default Service Program
Key Dates
16 April 2010Deadline to submit initial Alternate Guaranty Form and supporting documents
5 May 2010 Part 1 Proposal deadline
10 May 2010 Part 1 Proposal Notification
18 May 2010 Part 2 Proposal deadline
21 May 2010 Part 2 Proposal Notification
24 May 2010 Auction starts
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Met-Ed and Penelec Default Service Program
Requirements for Part 1
1. Applicant’s Contact Information Designated Representative : point of contact for
Independent Evaluator
Officer of the Bidder makes certifications in Proposal
2. Licensing requirements No state licensing required
Supplier must be an LSE in PJM by January 1, 2011
3. Agree to Auction Rules and SMAs
4. Financial Information for creditworthiness evaluation Annual and quarterly financial information
Senior unsecured debt ratings
5. Comments on Pre-Bid Letter of Credit (optional)
Part 1 Forms are available for completion on the Web site
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Met-Ed and Penelec Default Service Program
A Supplier with a successful Part 1 Proposal may submit a Part 2 Proposal
Need to provide an indicative offer and preliminary interest at the maximum starting price and minimum starting price
Provide Pre-Bid Security proportional to indicative offer at maximum starting price
Bidders relying on their own financial standing and qualifying for an unsecured credit line under the SMA, submit a Letter of Credit or cash of $125,000 per tranche
Bidders relying on the financial standing of a guarantor submit a Letter of Credit or cash of $125,000 per tranche and a Letter of Intent to Provide a Guaranty of $250,000 per tranche
Bidders that do not qualify for an unsecured credit line under the SMA and that do not have a Guarantor submit a Letter of Credit or cash of $375,000 per tranche
Requirements for Part 2
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Met-Ed and Penelec Default Service Program
Role of the Indicative Offers
For the Bidder,, the indicative offer at the maximum starting price sets:
The maximum number of tranches that the bidder can bid in the auction (initial eligibility)
The amount of pre-bid security required with the Part 2 Application
For the Companies,, they can use the indicative offers in setting prices for round 1 of the Auction
QUESTIONS???