Elexon helped 70 companies register for new roles in the market

Elexon helped 70 companies register for new roles in the market between 1 April 2023 and 31 March 2024.

We also processed 4.3m Energy Contract Volume Notifications (ECVNs) in 2023/24 compared with 3.3m in 2022/23. ECVNs are notifications that Parties must provide to Elexon of their contract positions to enable imbalance volumes to be calculated.

We believe that the reason for the increase in ECVNs is due to the increasing health of the electricity market, with the number of participants rising, allowing for greater flexibility to trade and interact on a greater number of propositions.

These statistics are from our 2023/24 Balancing and Settlement Code (BSC) annual report. We have also published Elexon’s 2023/24 Annual Report and Financial Statements, which focus on
Elexon’s activity and financial reporting.

The reports demonstrate what Elexon and the BSC Panel is doing to deliver high quality BSC services, and support Net Zero.

Download the full reports:

• BSC Annual Report 2023/24
• Elexon Annual Report and Financial Statements 2023/24

Highlights from both reports include:

• Implementation of 28 BSC changes (9 Modifications and 19 Change Proposals)
• Completing the switch off of the Balancing Mechanism Reporting Service (BMRS) in May 2024, as it has been replaced with the Insights Solution, a much improved wholesale market data service. Switching off legacy services which supported the BMRS has so far saved at least £300,000 for Parties.
• The Market-wide Half Hourly Settlement (MHHS) Programme passing important milestones of completing Component Integration Testing and entering System Integration Testing.
• Continuing to support delivery of Government energy policies through:

• • Administering a scheme where Suppliers were paid in exchange for providing a discount for daily standing charges for pre-payment meter (PPM) users between October 2023 and March 2024.
  • Administering a new scheme for around 340 energy intensive industries in Great Britain, to compensate them for the cost of network charges on their electricity bills
  • Our subsidiary – Electricity Market Reform Settlement (EMRS) – being chosen by Government to administer a levy to fund the Government’s nuclear regulated asset base (RAB) approach, which supports the development of new nuclear plant