Agenda Item Discussion Actions Decisions / Views 1 Recap on The team: GMRG Complete – previous Reflected the last meeting had analysis through using meeting involved a good discussion Natural Gas Services with respectful debate. Bulletin Board data Reflected progress had been comparing the contracted made on forming a view that quantities per pipeline the firm product is less likely against the nominated to be auctioned than the and actual flows. This interruptible given the could be used to indicate requirement to accommodate the chances of a Day renomination rights, Ahead Auction product notwithstanding that the being bumped. team is yet to discuss intermediary options; the team discussed whether this was adequately reflected in the minutes, with a final position to accept as is. Discussed whether the renomination rights that are to be accommodated are limited to those that are expressly in the contract, or including those that are understood to be a right through custom and practice. Noted pipeline operators may receive hundreds of intraday nominations in a day. Discussed the purpose of the auction to incentivise trading in the secondary market. Reflected on Veronika Nemes’ presentation in the previous meeting, including that the value of the product is compromised when it is uncertain, design can avoid possibilities of gaming, better to know how much is in the auction before participating, and that the team was encourage to find a middle ground. The minutes of the previous meeting were accepted. The team discussed the upcoming procurement process for the GMRG to engage an expert advisor for the auction design. The team noted the progress that had been made by the other project teams. 2 Transportation The team recapped the product products to be options that are at the two ends of the spectrum, that had been
Agenda Item Discussion Actions Decisions / Views 1 Recap on previous meeting The team: Reflected the last meeting had involved a good discussion with respectful debate. Reflected progress had been made on forming a view that the firm product is less likely to be auctioned than the interruptible given the requirement to accommodate renomination rights, notwithstanding that the team is yet to discuss intermediary options; the team discussed whether this was adequately reflected in the minutes, with a final position to accept as is. Discussed whether the renomination rights that are to be accommodated are limited to those that are expressly in the contract, or including those that are understood to be a right through custom and practice. Noted pipeline operators may receive hundreds of intraday nominations in a day. Discussed the purpose of the auction to incentivise trading in the secondary market. Reflected on Veronika Nemes’ presentation in the previous meeting, including that the value of the product is compromised when it is uncertain, design can avoid possibilities of gaming, better to know how much is in the auction before participating, and that the team was encourage to find a middle ground. The minutes of the previous meeting were accepted. The team discussed the upcoming procurement process for the GMRG to engage an expert advisor for the auction design. The team noted the progress that had been made by the other project teams. GMRG – Complete analysis through using Natural Gas Services Bulletin Board data comparing the contracted quantities per pipeline against the nominated and actual flows. This could be used to indicate the chances of a Day Ahead Auction product being bumped. 2 Transportation products to be The team recapped the product options that are at the two ends of the spectrum, that had been