Market Index Definition Statement Review 2020 – consultation open
Our yearly analysis suggests that there are no further changes to the MIDS required at this time, with the current Individual Liquidity Threshold (ILT), timeband weightings and product weightings remaining suitable.
MIP not a factor in System Price calculation from 2021
BSC Parties should note that as part of the BSC Modification P410 workgroup, the future of the MIDS will be determined. From 15 January 2021, the MIP cannot be used as a component of the System Price calculation in order for the BSC to comply with the European Balancing Guideline.
The MIDS Review 2020 consultation includes a question to BSC Parties to help understand how the Market Index Price (MIP) is used outside of the System Price calculation and what consequences there would be for Parties if the calculation of the MIP was discontinued.
Consultation response
You can find the consultation document and proforma on the Market Index Definition Statement Review consultation page.
Please respond send your responses, entitled ‘MIDS Review 2020 Consultation’, to [email protected] by Friday 18 September 2020.
Responses to this consultation will be considered by the Imbalance Settlement Group at its meeting on 6 October 2020, where a final recommendation will be made to the BSC Panel for approval.
More about the MIDS
The Market Index Definition Statement (MIDS) defines the use of Market Index Data to calculate the MIP, a price reflective of wholesale electricity for a Settlement Period in the short term market. An annual review of this document is required by the BSC, to ensure that the MIP is providing a reasonable reflection of the price of wholesale electricity in the short term market.