matt tozer ercot manager, settlements & billing 9/4/2013 ercot update management of the...
TRANSCRIPT
Matt TozerERCOT Manager, Settlements & Billing9/4/2013
ERCOT UpdateManagement of the Balancing Account
CMWG
2
Agenda
• Why are we considering alternative methodologies for management of the Balancing Account?
• Concepts for an alternative methodology
• Next Steps
3
Why?
• Large CRR Shortfall in May 2013 prompted questions about the cause of the scenario and how to remedy it going forward
• Questions of equity in the current methodology• We are NOT talking about CRR Auction Revenue that is always
a revenue stream to QSEs with load• We ARE talking about the Balancing Account Distribution that
varies month to month
Month Monthly Balancing Account Distribution to Loads
CRR Auction Revenue Distribution to Loads
Jan-13$ - $ (20,873,624.18)
Feb-13$ (404,949.97) $ (17,789,806.60)
Mar-13 $ (2,929,383.01) $ (18,703,659.74)
Apr-13$ - $ (24,792,087.01)
May-13$ - $ (31,871,950.28)
Jun-13 $ (7,215,541.84) $ (36,261,389.44)
4
Why?
• In 10 of 31 months, CRRs were not fully funded– ~$30M not funded, in total
• Percentage of CRR Payments not funded – Worst case March 2011: ~29%– Dec 2010 through June 2012: ~ 3%
• Excess funds distributed to QSEs representing load in the other 21 months– ~$164M distributed, in total
Jan-11 20.8%Mar-11 28.7%Dec-11 2.2%Jan-12 1.2%Oct-12 1.5%Nov-12 8.0%Dec-12 0.4%Jan-13 4.6%Apr-13 9.2%May-13 11.0%
Month% of CRR
Payments Not Funded
5
Concepts for Proposed Methodology
1) Daily CRR Shortfall• Current: apply excess congestion rent funds to shortfalls on a
monthly basis• Alternative: apply excess congestion rent funds to shortfalls on a
daily basis and on a monthly basis
2) Establish a Rolling Balancing Account Fund • Current: after refunds for CRR shortfalls, distribute any excess
funds to load (“close out” the balancing account for the month)• Current: CRRs remain short-paid if not enough funds to cover the
shortfall• Alternative: on a monthly basis, after refunds for CRR shortfalls,
deposit any excess into a “Rolling Balancing Account Fund” to be used to cover shortfalls in future months. Distribute to load when the funds exceeds a specified threshold.
6
Daily CRR Shortfall
• Current Day Ahead Process calculates CRR Shortfalls every hour
– 7.9.3.1 DAM Congestion Rent
– 7.9.3.2 Credit to CRR Balancing Account
– 7.9.3.3 Shortfall Charges to CRR Owners
• Proposal would accumulate the Congestion Rent for all hours of the day and calculate a final Daily Shortfall.
– Excess funds for the day? Fully fund CRRs in that day
– Still have excess funds? Deposit into the Balancing Account
– Net short for the day? CRRs remain short-paid, with potential of payment through the monthly closure of the Balancing Account
• By moving to a Daily CRR Shortfall determination
– More CRRs will be fully funded through DAM Settlements for the day
– Less leftover funds accumulated in the Balancing Account
7
Daily CRR Shortfall – Avoided Shortfall Charges
Current MethodTotal CRR Shortfall
Charges
Proposed MethodTotal CRR Shortfall
Charges Avoided CRR
Shortfall Charges
2011 (incl. 12/10) $ 24,552,037.19 $ 21,080,729.53 $ (3,471,307.66)
2012 $ 12,343,458.25 $ 10,062,365.20 $ (2,281,093.05)
2013 (through June) $ 23,907,220.55 $ 18,948,063.49 $ (4,959,157.06)
Total $ 60,802,715.99 $ 50,091,158.22 $ (10,711,557.77)
8
Establish a Rolling Balancing Account Fund
• Rolling Balancing Account Fund concepts
– Continue to execute the monthly Balancing Account closure process to try to pay CRRs that were not fully funded through DAM Settlements
– Remaining funds accumulate in the Rolling Balancing Account Fund
– This Fund can be used to supplement refunds of shortfall charges in subsequent months.
• In a month where additional funds are available in the Balancing Account and shortfalls are fully refunded, the Rolling Balancing Account Fund is refilled before allocating to QSEs with load.
• If the “refill” activity brings the Rolling Balancing Account Fund over the designated Fund Cap, allocate the overage to QSEs with Load
• Each month, maintain a Rolling Balancing Account Fund balance <= to the designated Fund Cap
9
Daily CRR Shortfall & Rolling Balancing Account Fund
Congestion Rent
CRR PaymentsTo CRRAH
Balancing Account
Rolling Balancing Account Fund
(NEW)
$
$
$
$
On a daily basis (NEW)full or partial funding of CRRs
On a daily basisdeposit any excess fundsinto the Balancing Account
On a monthly basis apply funds to short-paid CRRs
On a monthly basisIf any remaining funds, deposit into the Rolling Fund (NEW)
Distribution to QSEs with Load
$If the deposit will cause the fund to exceed the Fund Cap, distribute the overage to QSEs with Load (NEW)
$On a monthly basisIf can’t fully fund short-paid CRRs from Balancing Account,supplement from the Rolling Fund (NEW)
Conceptual Flow
Money still flows to CRRAHs and QSEs with Load
Greater certainty of fully funding CRRs
Opportunity to fully fund CRRs sooner
QSEs with Load retain opportunity to receive excess Congestion Rent
10
Defining the Fund Cap
• Feedback and analysis is needed– Based on historical data, do we aim to maintain a balance that would
fund CRRs 100% of the time, or something less?
• Statistics for consideration:
Total Calculated CRR Shortfall, before refunds, current method (all months 12/10 - 6/13)
Min $ 5K Max $ 12M Average $ 2M
Total Calculated CRR Shortfall, before refunds, Daily Shortfall method (all months 12/10 - 6/13)
Min $ 0 Max $ 11M Average $ 2M
11
Next Steps
• Collect feedback– Concepts– Fund Cap
• ERCOT to incorporate feedback
• ERCOT to file the NPRR
12
APPENDIX
13
Settlement Data – Current Methodology
*Data included in spreadsheet posted with meeting materials
Total Shortfall (-) or Excess (+)
Total Shortfall Charges to CRRAH
Total Refunds to Short-Paid CRRAHs
Distribution to QSEs with Load
DAOBLCHTOT DAOBLCRTOT DAOPTAMTTOT DAOPTRAMTTOT Total CRRBACR CRRFEETOT Total DACRRSAMTTOT CRRRAMT total LACRRAMT
2010 Dec 14,181,417.63 1,730,626.49 (5,925,737.82) (6,480,374.54) (37.20) (10,675,523.07) 3,505,894.56 3,730,903.87 3,730,903.87 225,009.31 (225,009.31) - 0.0% (3,505,894.56) 2011 Jan 14,277,340.35 2,374,319.80 (8,824,313.38) (11,567,463.37) (395.22) (18,017,852.17) (3,740,511.82) 789,291.92 789,291.92 4,529,803.74 (789,291.92) 3,740,511.82 20.8% - Feb 65,525,940.33 17,969,059.83 (42,558,537.43) (36,031,133.27) (10,525.23) (60,631,136.10) 4,894,804.23 11,718,214.65 11,718,214.65 6,823,410.42 (6,823,410.42) - 0.0% (4,894,804.23) Mar 16,681,012.13 4,122,680.38 (12,851,047.58) (14,677,420.50) (74.97) (23,405,862.67) (6,724,850.54) 700,185.48 700,185.48 7,425,036.02 (700,185.48) 6,724,850.54 28.7% - Apr 20,727,089.80 3,519,558.16 (9,791,187.86) (11,657,342.46) (1,417.88) (17,930,390.04) 2,796,699.76 3,970,222.47 3,970,222.47 1,173,522.71 (1,173,522.71) - 0.0% (2,796,699.76) May 38,501,197.71 5,680,701.61 (23,421,039.61) (15,651,250.72) (5,217.71) (33,396,806.43) 5,104,391.28 5,414,747.32 5,414,747.32 310,356.04 (310,356.03) 0.01 0.0% (5,104,391.30) Jun 62,234,365.18 7,842,715.14 (27,642,208.06) (27,897,539.34) (2,075.27) (47,699,107.53) 14,535,257.65 14,598,247.90 14,598,247.90 62,990.25 (62,990.17) 0.08 0.0% (14,535,257.73) Jul 46,310,065.04 15,293,793.12 (30,293,101.57) (16,374,261.87) (1,189.81) (31,374,760.13) 14,935,304.91 14,940,567.31 14,940,567.31 5,262.40 (5,262.29) 0.11 0.0% (14,935,305.00) Aug 37,875,551.89 9,633,587.86 (22,673,927.15) (16,101,857.52) (726.97) (29,142,923.78) 8,732,628.11 8,760,981.74 8,760,981.74 28,353.63 (28,353.46) 0.17 0.0% (8,732,628.32) Sep 28,095,799.64 4,802,416.65 (18,977,032.11) (11,173,494.89) (2,839.24) (25,350,949.59) 2,744,850.05 3,880,528.49 3,880,528.49 1,135,678.44 (1,135,678.55) (0.11) 0.0% (2,744,849.92) Oct 29,963,277.67 6,260,788.23 (20,538,163.86) (13,168,753.09) (3,185.82) (27,449,314.54) 2,513,963.13 3,233,956.14 3,233,956.14 719,993.01 (719,993.03) (0.02) 0.0% (2,513,963.09) Nov 22,665,355.62 5,174,466.87 (14,880,511.37) (9,785,299.16) (9,350.03) (19,500,693.69) 3,164,661.93 3,445,448.44 3,445,448.44 280,786.51 (280,785.87) 0.64 0.0% (3,164,662.53) Dec 24,531,766.61 3,076,089.40 (18,733,229.69) (9,428,958.41) (2,971.21) (25,089,069.91) (557,303.30) 1,274,531.41 15643.24 1,290,174.65 1,831,834.71 (1,290,174.70) 541,660.01 2.2% - 2012 Jan 15,458,860.65 1,967,349.34 (9,693,827.60) (7,949,639.71) (7,235.72) (15,683,353.69) (224,493.04) 1,106,989.04 42204.22 1,149,193.26 1,331,482.08 (1,149,193.25) 182,288.83 1.2% - Feb 13,100,204.97 2,327,162.33 (7,884,998.31) (5,565,540.74) (20,885.09) (11,144,261.81) 1,955,943.16 2,074,369.13 38565.88 2,112,935.01 118,425.97 (118,425.75) 0.22 0.0% (1,994,509.25) Mar 30,802,078.72 7,952,250.10 (17,543,891.54) (13,268,737.67) (10,710.47) (22,871,089.58) 7,930,989.14 8,275,708.50 39960.73 8,315,669.23 344,719.36 (344,719.36) - 0.0% (7,970,949.88) Apr 32,433,447.10 6,289,933.93 (20,381,114.38) (14,508,449.41) (14,680.41) (28,614,310.27) 3,819,136.83 4,054,751.05 40874.92 4,095,625.97 235,614.22 (235,614.00) 0.22 0.0% (3,860,012.03) May 49,988,262.26 8,147,754.28 (28,692,406.43) (23,103,128.85) (8,583.08) (43,656,364.08) 6,331,898.18 6,622,697.30 43762 6,666,459.30 290,799.12 (290,798.53) 0.59 0.0% (6,375,660.78) Jun 68,322,280.22 12,106,613.18 (38,233,257.60) (26,454,709.75) (45,778.56) (52,627,132.73) 15,695,147.49 15,796,034.38 39388.82 15,835,423.20 100,886.89 (100,886.96) (0.07) 0.0% (15,734,536.24) Jul 68,599,388.13 9,748,267.84 (32,691,123.72) (25,567,204.35) (3,220.03) (48,513,280.26) 20,086,107.87 20,092,230.54 55426.68 20,147,657.22 6,122.67 (6,122.65) 0.02 0.0% (20,141,534.58) Aug 82,875,690.39 14,031,207.10 (46,082,363.19) (26,779,218.95) (15,214.48) (58,845,589.52) 24,030,100.87 24,035,325.10 96376.56 24,131,701.66 5,224.23 (5,224.24) (0.01) 0.0% (24,126,477.44) Sep 48,074,565.25 6,730,802.40 (26,704,467.49) (17,516,026.35) (21,132.20) (37,510,823.64) 10,563,741.61 10,839,948.43 78032.91 10,917,981.34 276,206.82 (276,206.76) 0.06 0.0% (10,641,774.58) Oct 52,176,585.32 12,968,408.21 (40,464,354.72) (25,601,988.74) (15,788.25) (53,113,723.50) (937,138.18) 1,516,863.36 121542.68 1,638,406.04 2,454,001.54 (1,638,406.03) 815,595.51 1.5% - Nov 43,317,604.16 6,215,656.40 (31,314,346.40) (22,100,551.40) (7,204.01) (47,206,445.41) (3,888,841.25) 1,511,188.00 93209.16 1,604,397.16 5,400,029.25 (1,604,397.15) 3,795,632.10 8.0% - Dec 18,285,858.63 3,290,028.51 (13,191,536.93) (8,513,020.10) (16,988.89) (18,431,517.41) (145,658.78) 1,634,287.32 63382.51 1,697,669.83 1,779,946.10 (1,697,669.79) 82,276.31 0.4% (0.02) 2013 Jan 14,314,279.86 3,649,608.27 (11,304,086.30) (7,374,940.41) (8,158.77) (15,037,577.21) (723,297.35) 650,009.33 31538.7 681,548.03 1,373,306.68 (681,548.04) 691,758.64 4.6% - Feb 15,351,824.70 3,380,919.58 (10,508,468.24) (7,837,016.63) (21,253.98) (14,985,819.27) 366,005.43 1,432,969.51 38943.16 1,471,912.67 1,066,964.08 (1,066,962.67) 1.41 0.0% (404,949.97) Mar 24,501,415.29 6,808,120.03 (16,047,625.41) (12,339,637.40) (34,718.86) (21,613,861.64) 2,887,553.65 3,418,189.20 41829.28 3,460,018.48 530,635.55 (530,635.47) 0.08 0.0% (2,929,383.01) Apr 38,563,417.30 9,917,443.30 (31,972,289.92) (20,270,268.97) (180,021.19) (42,505,136.78) (3,941,719.48) 2,062,243.82 35696.77 2,097,940.59 6,003,963.30 (2,097,940.60) 3,906,022.70 9.2% - May 74,014,136.84 11,059,709.98 (54,082,291.84) (40,120,106.02) (16,257.23) (83,158,945.11) (9,144,808.27) 2,628,794.96 39251.66 2,668,046.62 11,783,841.04 (2,668,046.68) 9,115,794.36 11.0% - Jun 65,511,566.39 6,453,818.47 (34,403,790.36) (30,377,182.80) (4,966.75) (58,332,121.44) 7,179,444.95 7,490,559.52 36096.28 7,526,655.80 311,114.57 (311,113.93) 0.64 0.0% (7,215,541.84) Total 1,177,261,645.78 (1,043,515,743.00) 191,700,985.63 991,726.16 192,692,711.79 57,965,320.66 (28,368,925.80) 29,596,394.86 2.8% (164,323,786.06)
Data for Current Methodology for Management of the Balancing Account (i.e., as settled)
MonthTotal DAM
Congestion Rent
CRR PaymentsTotal Balancing Account Funds Available to Pay CRRs
at end of MonthTotal CRR Not Refunded
(i.e., remaining short-paid)
% of CRR Payments
Not Funded
14
Example Data – Proposed Methodology
*Estimated datasets included in spreadsheet posted with meeting materials
10,000,000.00$
CURRENT METHODOLOGY
DAOBLCHTOT DAOBLCRTOT DAOPTAMTTOT DAOPTRAMTTOT2010 Dec 3,585,022.20 1,730,626.49 (5,925,737.82) (6,480,374.54) (37.20) 79,127.64 N (79,127.64) - 3,505,894.56 - - - 2011 Jan 576,988.80 2,374,319.80 (8,824,313.38) (11,567,463.37) (395.22) 4,317,500.62 Y (4,082,883.36) 3,505,894.56 - - 234,617.26 3,740,511.82 Feb 11,254,358.04 17,969,059.83 (42,558,537.43) (36,031,133.27) (10,525.23) 6,359,553.81 N (6,359,553.81) - 4,894,804.23 - - - Mar 466,092.11 4,122,680.38 (12,851,047.58) (14,677,420.50) (74.97) 7,190,942.65 Y (5,360,896.34) 4,894,804.23 - - 1,830,046.31 6,724,850.54 Apr 3,634,025.18 3,519,558.16 (9,791,187.86) (11,657,342.46) (1,417.88) 837,325.42 N (837,325.42) - 2,796,699.76 - - - May 5,150,979.86 5,680,701.61 (23,421,039.61) (15,651,250.72) (5,217.71) 46,588.58 N (46,588.58) - 7,901,091.04 - - 0.01 Jun 14,535,257.65 7,842,715.14 (27,642,208.06) (27,897,539.34) (2,075.27) - N - - 10,000,000.00 (12,436,348.69) - 0.08 Jul 14,935,304.91 15,293,793.12 (30,293,101.57) (16,374,261.87) (1,189.81) - N - - 10,000,000.00 (14,935,304.91) - 0.11 Aug 8,732,628.11 9,633,587.86 (22,673,927.15) (16,101,857.52) (726.97) - N - - 10,000,000.00 (8,732,628.11) - 0.17 Sep 3,056,774.38 4,802,416.65 (18,977,032.11) (11,173,494.89) (2,839.24) 311,924.33 N (311,924.33) - 10,000,000.00 (2,744,850.05) - (0.11) Oct 2,878,682.70 6,260,788.23 (20,538,163.86) (13,168,753.09) (3,185.82) 364,719.57 N (364,719.57) - 10,000,000.00 (2,513,963.13) - (0.02) Nov 3,191,884.63 5,174,466.87 (14,880,511.37) (9,785,299.16) (9,350.03) 27,222.70 N (27,222.70) - 10,000,000.00 (3,164,661.93) - 0.64 Dec 1,004,164.15 3,076,089.40 (18,733,229.69) (9,428,958.41) (2,971.21) 1,545,824.21 Y (1,545,824.21) 541,660.06 9,458,339.94 - - 541,660.01 2012 Jan 870,406.53 1,967,349.34 (9,693,827.60) (7,949,639.71) (7,235.72) 1,052,695.35 Y (1,052,695.35) 182,288.82 9,276,051.12 - - 182,288.83 Feb 2,056,961.19 2,327,162.33 (7,884,998.31) (5,565,540.74) (20,885.09) 62,452.15 N (62,452.15) - 10,000,000.00 (1,270,560.16) - 0.22 Mar 8,278,364.41 7,952,250.10 (17,543,891.54) (13,268,737.67) (10,710.47) 307,414.54 N (307,414.54) - 10,000,000.00 (7,970,949.87) - - Apr 3,894,341.95 6,289,933.93 (20,381,114.38) (14,508,449.41) (14,680.41) 34,330.20 N (34,330.20) - 10,000,000.00 (3,860,011.75) - 0.22 May 6,543,459.74 8,147,754.28 (28,692,406.43) (23,103,128.85) (8,583.08) 167,799.56 N (167,799.56) - 10,000,000.00 (6,375,660.18) - 0.59 Jun 15,734,536.31 12,106,613.18 (38,233,257.60) (26,454,709.75) (45,778.56) - N - - 10,000,000.00 (15,734,536.31) - (0.07) Jul 20,141,534.55 9,748,267.84 (32,691,123.72) (25,567,204.35) (3,220.03) - N - - 10,000,000.00 (20,141,534.55) - 0.02 Aug 24,126,477.43 14,031,207.10 (46,082,363.19) (26,779,218.95) (15,214.48) - N - - 10,000,000.00 (24,126,477.43) - (0.01) Sep 10,822,856.16 6,730,802.40 (26,704,467.49) (17,516,026.35) (21,132.20) 181,081.64 N (181,081.64) - 10,000,000.00 (10,641,774.52) - 0.06 Oct 1,058,702.62 12,968,408.21 (40,464,354.72) (25,601,988.74) (15,788.25) 1,874,298.12 Y (1,874,298.12) 815,595.50 9,184,404.50 - - 815,595.51 Nov 1,236,239.64 6,215,656.40 (31,314,346.40) (22,100,551.40) (7,204.01) 5,031,871.73 Y (5,031,871.73) 3,795,632.09 5,388,772.41 - - 3,795,632.10 Dec 1,268,145.64 3,290,028.51 (13,191,536.93) (8,513,020.10) (16,988.89) 1,350,421.91 Y (1,350,421.91) 82,276.27 5,306,496.14 - - 82,276.31 2013 Jan 450,025.50 3,649,608.27 (11,304,086.30) (7,374,940.41) (8,158.77) 1,141,784.15 Y (1,141,784.15) 691,758.65 4,614,737.49 - - 691,758.64 Feb 1,241,423.55 3,380,919.58 (10,508,468.24) (7,837,016.63) (21,253.98) 836,474.96 N (836,474.96) - 5,019,686.08 - - 1.41 Mar 3,342,138.14 6,808,120.03 (16,047,625.41) (12,339,637.40) (34,718.86) 412,755.21 N (412,755.21) - 7,949,069.01 - - 0.08 Apr 1,301,227.61 9,917,443.30 (31,972,289.92) (20,270,268.97) (180,021.19) 5,207,250.32 Y (5,207,250.32) 3,906,022.71 4,043,046.30 - - 3,906,022.70 May 2,244,242.24 11,059,709.98 (54,082,291.84) (40,120,106.02) (16,257.23) 11,349,798.85 Y (6,287,288.54) 4,043,046.30 - - 5,062,510.31 9,115,794.36 Jun 7,215,541.23 6,453,818.47 (34,403,790.36) (30,377,182.80) (4,966.75) - N - - 7,215,541.23 - - 0.64
Total 184,828,787.16 (1,043,515,743.00) 50,091,158.22 (42,963,984.34) 22,458,979.19 (134,649,261.59) 7,127,173.88 29,596,394.86
Set the Fund Cap --->
1)Estimates based on applying Methodology for Daily CRR Shortfall & Rolling Balancing Account Fund on Daily Basis2) CRR Payments and CRR Fees are not impacted by new methodology; data is the same as with the current methodology
Compare Current Balancing Account Methodology to Proposed Methodology for Daily CRR Shortfall & Rolling Balancing Account Fund
Distribution to QSEs with Load
Proposed Method:
Shorts not refunded
Current Method:Shorts not refunded
Month
PROPOSED METHODOLOGY
CRR PaymentsTotal of Daily
Shortfalls for month
Available Funds <
Shortfalls? (Y/N)
CRR Refunds(CRRRAMT)
Rolling Balancing Account Fund Amount Used to Cover Shortfall
Balance in Rolling Balancing Account
Fund at end of month
Daily Balancing Account Method for
month
15
Distribution to Loads – Nodal Go-Live through June 2013
MonthMonthly Balancing Account
Distribution to LoadsCRR Auction Revenue Distribution to Loads
Dec-10 $ (3,487,726.17) $ (13,500,643.25)Jan-11 $ - $ (16,360,004.08)Feb-11 $ (4,824,577.53) $ (14,978,604.82)Mar-11 $ - $ (20,180,056.36)Apr-11 $ (2,704,527.07) $ (20,431,089.95)May-11 $ (5,104,391.30) $ (31,391,327.79)Jun-11 $ (14,535,257.73) $ (31,691,298.24)Jul-11 $ (14,935,305.00) $ (60,012,792.82)
Aug-11 $ (8,732,628.32) $ (60,931,260.45)Sep-11 $ (2,744,849.92) $ (34,188,676.34)Oct-11 $ (2,513,963.09) $ (27,623,503.66)Nov-11 $ (3,164,662.53) $ (23,037,565.19)Dec-11 $ - $ (29,524,087.87)Jan-12 $ - $ (22,861,676.53)Feb-12 $ (1,994,509.25) $ (19,673,159.05)Mar-12 $ (7,970,949.88) $ (20,715,964.40)Apr-12 $ (3,860,012.03) $ (24,071,325.85)May-12 $ (6,375,660.78) $ (26,344,586.18)Jun-12 $ (15,734,536.24) $ (26,411,621.45)Jul-12 $ (20,141,534.58) $ (31,162,934.08)
Aug-12 $ (24,126,477.44) $ (29,113,187.07)Sep-12 $ (10,641,774.58) $ (23,403,005.77)Oct-12 $ - $ (25,317,551.17)Nov-12 $ - $ (22,849,492.62)Dec-12 $ (0.02) $ (21,454,606.12)Jan-13 $ - $ (20,873,624.18)Feb-13 $ (404,949.97) $ (17,789,806.60)Mar-13 $ (2,929,383.01) $ (18,703,659.74)Apr-13 $ - $ (24,792,087.01)May-13 $ - $ (31,871,950.28)Jun-13 $ (7,215,541.84) $ (36,261,389.44)