Contingent transmission rights in the standard market design

We define transmission rights that are compatible with the Federal Energy Regulatory Commission's proposed standard market design (SMD) and that provide flexibility in the points of receipt or delivery of energy contracts. The contingent transmission rights introduced here provide a viable, flexible method for defining SMD-compatible rights for transmission customers having current (pre-SMD) transmission rights that cover multiple points. These contingent rights can be bought and sold in the transmission rights auctions under SMD.