T-1 auction definition

T-1 auction means a capacity auction, other than a DSR transitional auction, held during the auction window commencing not less than 1 year and not more than 2 years before the start of the delivery year for which the capacity auction is held;
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Examples of T-1 auction in a sentence

  • Moreover, the ability to offer the capacity of existing plant into the (T-1) auction makes it more profitable to withhold capacity from the (T-4) auction in an attempt to drive the price up to the cost of new entry.

  • However, in a (T-1) auction the capex and pre-development costs of the new build will have already been sunk, so if there is any risk that the investor may not receive a contract in the auction then they might bid below their cost of new entry to ensure they get at least some revenue to cover fixed costs.

  • The amount of capacity to contract at the (T-1) auction will be determined on the basis of an assessment of how much DSR is expected to come forward.

  • However, with each additional auction there should be greater certainty about the volume of DSR that can participate cost-effectively against thermal plant, and Government can learn if past estimates were too high or too low based on whether the (T-1) auction cleared at a price greater than or less than the (T-4) auction.

  • To participate in a (T-1) auction, by contrast, a new build would have to take a greater risk that the price in that auction would be high enough to cover the plant’s fixed costs.

  • The decision of how much capacity to procure at the (T-1) auction is clearly likely to be influential to the technology mix that the Capacity Market will bring forward.

  • Moreover, there are gaming- mitigation measures in the (T-1) auction, including use of a demand curve and price cap as well as rules for existing plant to be price-takers without due justification.

  • Indeed, if the need for capacity decreases between the T-4 auction and the T-1 auction, the target will be adjusted downwards to avoid such a risk.

  • It means that existing plant or DSR may be able to set a high price in the (T-1) auction if they know there is insufficient capacity and no threat of competition from new plant.

  • Relying on a (T-1) auction in years when new build may be needed would therefore impose a higher level of risk on investors than having a (T-4) auction.

Related to T-1 auction

  • Reverse auction means a procurement method in which offerors are invited to bid on specified goods or services through online bidding and real-time electronic bidding. During an electronic bidding process, offerors’ prices or relative ranking are available to competing offerors and offerors may modify their offer prices until the closing date and time.

  • public auction means a method of sale where goods or services are offered by the trader to consumers, who attend or are given the possibility to attend the auction in person, through a transparent, competitive bidding procedure run by an auctioneer and where the successful bidder is bound to purchase the goods or services;

  • Dutch Auction means an auction (an “Auction”) conducted by Holdings or one of its Subsidiaries in order to purchase any Term Loans under a Tranche (the “Purchase”) in accordance with the following procedures or such other procedures as may be agreed to between the Administrative Agent and the Borrower:

  • LIBOR Auction means a solicitation of Money Market Quotes setting forth Money Market Margins based on the London Interbank Offered Rate pursuant to Section 2.3.

  • Reverse auctioning means a procurement method wherein bidders are invited to bid on specified goods or nonprofessional services through real-time electronic bidding, with the award being made to the lowest responsive and responsible bidder. During the bidding process, bidders' prices are revealed and bidders shall have the opportunity to modify their bid prices for the duration of the time period established for bid opening.

  • Failed Auction has the meaning assigned to such term in the definition of “Dutch Auction”.

  • E-Auction Process /”E-Auction” shall mean the electronic auction process for sale of the Company conducted in accordance with the provisions of IBC, Liquidation Process Regulations, Applicable Law(s) and this E- Auction Process Information Document inviting Bid from the Bidders for consummating the sale of Company on going concern basis in accordance with the provisions of IBC and Liquidation Process Regulations;

  • Absolute Rate Auction means a solicitation of Competitive Bid Quotes setting forth Competitive Bid Absolute Rates pursuant to Section 2.03.

  • Incremental Auction means any of several auctions conducted for a Delivery Year after the Base Residual Auction for such Delivery Year and before the first day of such Delivery Year, including the First Incremental Auction, Second Incremental Auction, Third Incremental Auction or Conditional Incremental Auction. Incremental Auctions (other than the Conditional Incremental Auction), shall be held for the purposes of:

  • Auction shall have the meaning specified in Section 2.1 hereof.

  • electronic auction means an iterative process that involves the use of electronic means for the presentation by suppliers of either new prices, or new values for quantifiable non-price elements of the tender related to the evaluation criteria, or both, resulting in a ranking or re-ranking of tenders;

  • Reliability Pricing Model Auction or “RPM Auction” shall mean the Base Residual Auction or any Incremental Auction, or, for the 2016/2017 and 2017/2018 Delivery Years, any Capacity Performance Transition Incremental Auction.

  • Base Residual Auction means the auction conducted three years prior to the start of the Delivery Year to secure commitments from Capacity Resources as necessary to satisfy any portion of the Unforced Capacity Obligation of the PJM Region not satisfied through Self- Supply.

  • Auction Final Price means the relevant auction final price that may be published by ISDA or any administrator of any auction coordinated by ISDA from time to time and that would be applicable to the senior, unsecured debt obligations issued or guaranteed by the relevant

  • Auction Date means the first Business Day preceding the first day of a Dividend Period.

  • Auction Notice has the meaning assigned to such term in the definition of “Dutch Auction”.

  • Second Incremental Auction means an Incremental Auction conducted ten months before the Delivery Year to which it relates.

  • Auction Period means the dates during which the Test the Waters Auction is held and ending on the last day of the Test the Waters Auction.

  • Last best offer package means the offer exchanged by parties not less than 14 days prior

  • First Incremental Auction means an Incremental Auction conducted 20 months prior to the start of the Delivery Year to which it relates.

  • Successful Bidder” or “Successful E-Auction Process Participant means, the Qualified Bidder whose bid is approved and who is declared successful by the Liquidator at the end of the determined auction phase.C. INTRODUCTION

  • Invitation to Bid or “Bid” shall mean all documents, including those attached or incorporated by reference, used for soliciting bids.

  • Conditional Incremental Auction means an Incremental Auction conducted for a Delivery Year if and when necessary to secure commitments of additional capacity to address reliability criteria violations arising from the delay in a Backbone Transmission upgrade that was modeled in the Base Residual Auction for such Delivery Year.

  • FTR Portfolio Auction Value means for each customer account of a Market Participant, the sum, calculated on a monthly basis, across all FTRs, of the FTR price times the FTR volume in MW.

  • Auction Rate means the rate of interest per annum that results from implementation of the Auction Procedures and is determined as described in Section 2.02(a)(iii)(B) of this Appendix A.

  • Response Date has the meaning assigned to such term in Section 2.22(a).