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Frequently Asked Questions - Topics - Credit

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Answers to Frequently Asked Questions are provided in this section. 

The first posting of FAQs will be in August.  The last posting of FAQs will be in the latter part of January, after bidders are registered to participate in the Auctions.   From that point, questions and answers are emailed directly to Registered Bidders and are not posted to the BGS Auction website.  Questions that are not from Registered Bidders or their advisors are answered strictly on a best efforts basis.

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SMA Section 15.9 (5)
Association and Confidential Information Rules (49)
Credit (22)
Application (24)
Supplier Master Agreement  (5)
General (26)
Auction Rules (2)
Rates (5)
Data (10)

Credit

FAQ-132

Is it necessary to obtain the name and title of the individuals expected to execute the Annexes of the Pre-Auction Letter of Credit?


No, the signature blocks of the Annexes to the Pre-Auction... Read Answer

1/11/2018.


FAQ-131

What are the circumstances under which the EDCs can draw upon a Pre-Auction Letter of Credit? Do these circumstances include not presenting a bid at the Auction?


No. The circumstances under which a Pre-Auction Letter of... Read Answer

1/11/2018.


FAQ-130

Is the deadline for the hardcopy originals of the Pre-Auction Security documents the same as the due date for the Part 2 Form?


Yes. All materials for the Part 2 Application, including... Read Answer

1/11/2018.


FAQ-128

Our internal procedures require us to obtain W-9s for each of the EDCs as beneficiaries to the Pre-Auction Letter of Credit. Can you please provide those documents?


These documents are available upon request from the Auction... Read Answer

1/11/2018.


FAQ-127

What steps must be taken by the bidder if the committee of EDC representatives reviewing pre-auction security instruments rejects the bidder’s submitted letter of reference?


A bidder always has the option, instead of providing a... Read Answer

1/8/2018.


FAQ-125

Can you please provide contact information for each of the beneficiaries for purposes of preparing the Pre-Auction Letter of Credit?


The contact information for the beneficiaries of the... Read Answer

1/4/2018.


FAQ-123

Is the bank that issues the Pre-Auction Letter of Credit required to have a New York address?


No. However, the bank is required to comply with the... Read Answer

1/2/2018.


FAQ-122

Do the signatures on the Letter of Intent to Provide a Guaranty by our Guarantor and by the Bidder on the certification need to be on the same original copy or can the Bidder’s signed portion be delivered to the BGS Auction Manager’s office separately?


The Bidder’s signature of the certification on the... Read Answer

1/2/2018.


FAQ-121

Do the signatures on the Letter of Reference by the Issuing Bank and by the Bidder need to be on the same original copy or can the Bidder’s signed portion be delivered to the BGS Auction Manager’s office separately?


The Bidder’s signature of the certification on the... Read Answer

1/2/2018.


FAQ-120

Are all Pre-Auction Security documents required to be submitted as hardcopy originals including the Letter of Reference and the Letter of Intent to Provide a Guaranty?


All Pre-Auction security documents must be provided as... Read Answer

1/2/2018.


FAQ-119

Can we submit modifications to the Letter of Intent to Provide a Guaranty?


The sample Letter of Intent to Provide a Guaranty available... Read Answer

1/2/2018.


FAQ-117

Is cash an acceptable form of pre-auction security?


No, cash is not acceptable as pre-auction security. Each... Read Answer

1/2/2018.


FAQ-116

When should the expiry date be for the BGS Pre-Auction Letter of Credit?


The expiry date must be at least sixty (60) calendar days... Read Answer

1/2/2018.


FAQ-115

Does a Qualified Bidder in the BGS-RSCP Auction need to submit one Pre-Auction Letter of Credit for each EDC or a single Pre-Auction Letter of Credit for all EDCs?


Each Qualified Bidder provides a single Pre-Auction Letter... Read Answer

1/2/2018.


FAQ-113

Is there a requirement that the bank that issues the Pre-Auction Letter of Credit be the same as the bank that issues the Letter of Reference?


Both the Pre-Auction Letter of Credit and the Sample... Read Answer

1/2/2018.


FAQ-112

Can we provide the letter of credit that our bank wants to issue to the BGS Auction Manager as a redline to the standard format for review?


Bidders had the opportunity to suggest modifications to the... Read Answer

1/2/2018.


FAQ-111

Will the EDCs evaluate the acceptability of our draft Letter of Reference before we submit it for purposes of the Part 2 Application?


The EDCs do not provide courtesy reviews of draft... Read Answer

1/2/2018.


FAQ-110

In our Part 1 Application for the BGS-RSCP Auction, we presented financial information for our Guarantor. If we decide not to rely on the financial standing of our Guarantor and to rely on our own financial standing instead going forward, how should we provide notice to the Auction Manager?


The Auction Manager provides to each Qualified Bidder a... Read Answer

1/2/2018.


FAQ-109

Can you confirm that no pre-auction security is required under the Part 1 Application and that any pre-auction security required is due with the Part 2 Application?


Correct. There is no pre-auction security required with the... Read Answer

12/8/2017.


FAQ-107

What mailing address do we use to send the pre-auction security documents?


The mailing address is provided in Paragraph 14 of the... Read Answer

12/8/2017.


FAQ-43

Is it possible to review the Mark-to-Market Information Release from the 2017 BGS-RSCP Auction?


You can access the Mark-to-Market Information Release from... Read Answer

11/7/2017.


FAQ-22

The BGS Post-Auction Letter of Credit states: “This Letter of Credit is transferable one or more times, but in each instance only to a single transferee for the full amount available to be drawn under the Letter of Credit at the time of such transfer.” Who would the Post-Auction Letter of Credit be transferred to?


Under the terms of the Post-Bid Letter of Credit, the... Read Answer

10/17/2017.


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What's New

Board Approves Results of 2018 BGS Auctions...   GO >>

ANNOUNCEMENT: Processing Priorities for Bidder Questions...   GO >>

POSTINGS: Final Decrement Formulas and Mark-to-Market Information Release...   GO >>

POSTING: EDC Municipal Aggregation Enrollment and CIEP Opt-In Files ...   GO >>

ANNOUNCEMENT: Final Seasonal Factors POSTING: Updated BGS-RSCP Rate Spreadsheets and Rate Spreadsheet Tool...   GO >>

Announcement: Rates for Firm Transmission Service...   GO >>

REMINDER: Part 2 Application Deadline is TODAY, Wednesday, January 10, 2018...   GO >>

REMINDER: Part 2 Application Deadline is TOMORROW, Wednesday, January 10, 2018...   GO >>

REMINDER: Part 2 Application Deadline is Wednesday, January 10, 2018...   GO >>

Announcement: Rates for Firm Transmission Service Expected to be Announced by January 16, 2018...   GO >>

REMINDER: Part 2 Application Deadline is Wednesday, January 10, 2018...   GO >>

ANNOUNCEMENT: Online Part 2 Form AVAILABLE!...   GO >>

FINAL REMINDER: Part 1 Application is Due by NOON TODAY!...   GO >>

ANNOUNCEMENT: Compliance Filing Documents Approved as Final Documents; POSTING: Terms and Conditions of Auction Software ...   GO >>

REMINDER: Part 1 Application is Due TOMORROW, Tuesday, December 12!...   GO >>

POSTING: Bidder Information Webcast Materials...   GO >>

REMINDER: Part 1 Application is Due Tuesday, December 12!...   GO >>

POSTING: Compliance Filing Documents...   GO >>

REMINDER: Part 1 Application is Due Tuesday, December 12!...   GO >>

POSTING: Auction Rules and Supplier Master Agreements...   GO >>

ANNOUNCEMENT: Online Part 1 Form Now Open!...   GO >>

ANNOUNCEMENT: Daily FAQ Postings; POSTING: Association and Confidential Information Rules Q&A ...   GO >>

FINAL REMINDER: RSVP Now for the Bidder Information Webcast TODAY!...   GO >>

ANNOUNCEMENT: Board Decision on BGS Proposals...   GO >>

REMINDER: RSVP Now for the Upcoming Bidder Information Webcast!...   GO >>

ANNOUNCEMENT UPDATE: Total 2018 Auction RSCP Peak Load Share (MW) Update...   GO >>

POSTING: Final Part 2 Application Form...   GO >>

ANNOUNCEMENT: Minimum and Maximum Starting Prices, Tranche Targets, and Load Caps for the 2018 BGS-RSCP Auction...   GO >>

ANNOUNCEMENT: Minimum and Maximum Starting Prices, Tranche Targets, and Load Caps for the 2018 BGS-CIEP Auction...   GO >>

INVITATION: RSVP Now for the Upcoming Bidder Information Webcast!...   GO >>

POSTING: Post-Auction Letters of Credit...   GO >>

POSTING: BGS Pre-Auction Letters of Credit...   GO >>

FINAL REMINDER: Deadline for Comments on Letters of Credit is TOMORROW, October 24...   GO >>

POSTINGS: Illustrative Application Forms and Webcast FAQs...   GO >>

REMINDER: Comment Process for Letters of Credit...   GO >>

POSTING: Bidder Information Webcast Materials...   GO >>

Comment Process for Letters of Credit: Posting of Further Documents...   GO >>

Comment Process for Letters of Credit: Posting of Further Documents...   GO >>

REMINDER: RSVP Now for the Upcoming Bidder Information Webcast!...   GO >>

REMINDER: RSVP Now for the Upcoming Bidder Information Webcast!...   GO >>

REMINDER: RSVP Now for the Upcoming Bidder Information Webcast!...   GO >>

ANNOUNCEMENT: RSVP Now for the Upcoming Bidder Information Webcast!...   GO >>

INVITATION: Comment Process for Letters of Credit...   GO >>

POSTING: Alternate Guaranty Process...   GO >>

Deadline for Initial Comments on Proposals for Procurement of BGS is Tomorrow...   GO >>

Deadline for Initial Comments on Proposals for Procurement of BGS...   GO >>

POSTING: First FAQs and BGS-RSCP Pricing Spreadsheet Tool...   GO >>

ANNOUNCEMENT: EDCs' Filing is Available on the BGS Auction Website...   GO >>

Board Approves Results of 2017 BGS Auctions...   GO >>