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P207 Release
Modification P207 ‘Introduction of a new governance regime to allow a risk based Performance Assurance Framework (PAF) to be utilised and reinforce the effectiveness of the current PAF’ was approved by the Authority on 10 July 2007, with an Implementation Date of 10 September 2007.
P207 will introduce new governance arrangements to allow a risk based Performance Assurance Framework (PAF) to be applied to the Supplier Volume Allocation (SVA) aspects of the Trading Arrangements.
P207 will introduce SVA Assurance objectives into the BSC to define the purpose of the assurance arrangements and will expand the role of the Performance Assurance Board (PAB) to allow it to identify, evaluate and prioritise the risks in the market and then elect, by developing a Risk Management Plan for each Party and Party Agent, which assurance techniques should be deployed against those risks, and to manage the application of those techniques.
These changes will impact all SVA Parties and Party Agents.
Assurance of the Central Volume Allocation (CVA) arrangements would continue to be carried out in the same way as currently.
The changes to the BSC for P207 were implemented on 10 September 2007, as were the changes to the PAB Terms of Reference (ToR) and BSCP537 for P207.
The Risk Management Plan for each Party and Party Agent will be approved by the PAB at its meeting in November 2008 (the Performance Assurance Effective Date).
The P207 Project will design, develop, test and implement a number of documents, processes, systems and methodologies necessary to produce the Risk Management Plans, which will include:
- Risk Methodology – this document will describe how the PAB will determine the risks to Settlement (in the SVA market this will be in accordance with the two SVA Assurance Objectives contained in Section Z of the BSC), the significance of those risks; and how risks will be related to individual participants. This document will be approved by the PAB.
- Risk Evaluation Register – this will list Settlement Risks and the significance of each risk. This document will be approved by the BSC Panel.
- Operating Plan – this will list the performance assurance technique(s) that will be applied to mitigate against each Settlement Risk on the Risk Evaluation Register and the projected costs of providing performance assurance for the forthcoming year. This document will be approved by the BSC Panel.
- Risk Management Plan Template.
- Annual Report Template.
- Guidance Notes for the new approach to Performance Assurance.
A timetable for the production of these products including, where applicable, the dates of the industry consultations, will be presented to the PAB for endorsement on 21 November 2007 and to the BSC Panel for approval on 13 December 2007.
Release Manager
Colin Berry is the Release Manager for the P207 Release. He can be contacted via cvachanges@elexon.co.uk.
Modification Proposal
| No. |
Title |
Implementation Date |
| P207 |
Introduction of a new governance regime to allow a risk based Performance Assurance Framework (PAF) to be utilised and reinforce the effectiveness of the current PAF |
10/09/2007 |
Business Requirements Solutions
The Business Requirements Solution (BRS) document details the requirements and solutions to be implemented for P207.