Consolidation and simplification of Transactive products

Chapter X Transactive Energy (TeMIX) Products The following four TeMIX Product Types are defined: 1. TeMIX Power Product 2. TeMIX Transport Product, 3. TeMIX Option Power Product, or 4. TeMIX Option Transport Product The Transactive States for a TeMIX Product are: Indication of Interest, Tender, Transaction, Delivery or Publish. All TeMIX Products are subscriptions for power over a single Delivery Interval. Subscriptions impose an obligation on the buyer to purchase and the seller to deliver a TeMIX Power Product. A TeMIX Delivery Interval is specified by a Duration and Start Time. When TeMIX Product is specified for a set of Delivery Intervals, then elements that do not vary by Delivery Interval may be specified in a Gluon. However each TeMIX Delivery Interval is transacted independently of the others in the set. A TeMIX Power Product defines a subscription for Power (energy = power * duration) over a Delivery Interval. The subscribed power of TeMIX Power Product is constant over all measured (metered) intervals within a TeMIX Delivery Interval. For example, 1 MW of power subscribed for delivery tomorrow for 2-hours between 3 and 5 PM provides 1 MWh of energy over each hour and 2-MWh over the two hours. If delivery is measured every 15-minutes, then the power subscribed in each 15 minute interval is 1 MW. The energy subscribed in each 15-minute interval is 0.25 MWh. If the energy delivered in each 15-minute interval is greater or less than 0.25 MWh then the balance (positive or negative) will typically be sold or purchased in a subsequent balancing transaction. The Price of a TeMIX Product is expressed in energy units. For the example above, when the price is $80 per MWh of energy, the extended price (cost) of 1 MW of Power for 2- hours between 3 and 5 PM is $160 and the extended price for 1 MW of Power in each 15-minute interval of the 2-hours is $20. A TeMIX Transport Product is a subscription for Transport (transmission or distribution) to transport a TeMIX Power Product from one EMIX Interface to another. A TeMIX Transport Product is a subscription for power transport at a constant rate over the delivery interval. A TeMIX Option Product is a subscription for optionality applied to a TeMIX Power or Transport Product. A TeMIX Option Product is a subscription that provides the Option Holder a right to instruct the Option Writer to deliver (call) or take (put) a TeMIX Power or Transport Product up to the subscribed quantity (rate of delivery) of the Option at a Strike Price. TeMIX Options are either Call or Put Options on TeMIX Power and Transport Products. A TeMIX Option can be exercised during the Delivery Interval of the Option for any subinterval not smaller than the Option Interval Granularity. For example a TeMIX Option for 10 MW for a Day and an Option Interval Granularly of 1-hour and an Option Lead Time of 30 minutes would allow the Holder to exercise the option for any or all hours of the Day at the Strike Price by giving notice 30 minutes before each hour. The elements of a TeMIX Power and Transport Products are shown in Table X-1. Table X-2 extends Table X-1 when the product is a TeMIX Option Power or Option Transport Product. Table X-1: Elements of the EMIX TEMIX Definition UID Identifier of this artifact. In many (if not most) markets the UID is required to be globally unique. EMIX Interface The interfaces for the Product. Generally a Power Product has one interface and a Transport Product has two interfaces Duration Duration of the Delivery Interval Start Time Start time of the Delivery Interval Price The Unit Energy Price for the Delivery Interval Energy Units The Units that the Energy Price applies to. Power Quantity The amount expressed in power units as the rate of delivery of energy over each Delivery Interval Transactive State Indication of Interest, Tender, Transaction, Delivery or Publish. Currency A code that indicates the currency used, as specified in [CEFACT] Side (Buy or Sell) Indicates the direction of the quantity Expires Date Time of expiration when Transactive State = Tender. Attributes Frequency, voltage, AC/ DC Envelope As defined in section 4.3 Inside the Envelope - the Extrinsic Items Table X-2 TeMIX Option Elements Definition Option Holder The side (buy or sell side of the option) which enjoys the benefit of choosing whether or not to exercise the option. The other side is the Option Writer. Strike Price The price at which the Option Holder can require Option Writer to deliver. Option Lead Time The required lead time before the response.. Option Type An enumerated list of Option types ( Call or Put) Option Interval Granularity The granularity of the smallest interval that the option can be exercised on.