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Ofgem approves Emergent Energy’s proposal to use the BSC Sandbox
Energy regulator Ofgem has approved the first proposal to use Elexon’s Balancing and Settlement Code (BSC) Sandbox. The BSC Sandbox allows innovators to trial concepts in a live market environment without having to meet all the usual BSC rules.
Ofgem’s decision follows Elexon’s consultation on a proposal by Emergent Energy to use the service. The BSC Panel then recommended the proposal for approval by Ofgem.
CAP increase announced for 16 June 2021
On Wednesday 16 June 2021, the CAP value will increase to £77/MWh. This follows a consultation which closed Tuesday 25 May 2021 with no responses disagreeing to the proposal.
Modification P399 approved by Ofgem
On 18 May, Ofgem approved Modification P399. This modification will level the playing field between publicly available data on BM and non-BM trades, so that market participants can identify the organisations and assets which are providing these additional non-BM balancing services. P399 will be implemented on 4 November 2021 as part of the November 2021 BSC release.
BSC insight: How Covid-19 impacts Load Profiles
There are two different types of data that the Balancing and Settlement Code (BSC) requires for electricity Settlement; Half Hourly and Non Half Hourly. Electricity Settlement happens in Half Hourly periods, so Elexon uses the profiling process to calculate Half Hourly data from Non Half Hourly meters. In this Insight article, Mehdi Jafari discusses the Group Average Demand data used in the profiling process and the way it has been impacted by the COVID-19 pandemic.
CAP increase consultation announced 17 May 2021
Following an increase in forward market prices, a Credit Assessment Price (CAP) review was triggered. There is now a consultation paper on the value of the CAP which asks whether you agree with the proposal to increase the value of CAP.
The proposal is to increase the value of CAP to £77/MWh from last notified value of £70/MWh
BSC Insight: the impact of Trading Charges in 2020/21
In the 2020/21 financial year, the absolute cashflow for BSC Trading Charges was £2.96bn. This was the most cashflow settled in a financial year. In this BSC Insight our Analysis and Insight Senior Product Analyst, Emma Tribe, explains how BSC Trading Charges are settled by Elexon.
CAP increase announced for 3 June 2021
On Thursday 3 June 2021, the CAP value will increase from £60/MWh to £70/MWh. This follows a consultation paper issued on Tuesday 4 May 2021 following a breach of the CAP trigger level.
CAP increase consultation announced 04 May 2021
Following an increase in forward market prices, a Credit Assessment Price (CAP) review was triggered. There is now a consultation paper on the value of the CAP which asks whether you agree with the proposal to increase the value of CAP.
The proposal is to increase the value of CAP to £68/MWh from last notified value of £60/MWh.
BSC Insight: Unprecedented Price Spikes in 2021
In 2021, we have seen the highest System Prices since 2001, which was the first year of the New Electricity Trading Arrangement. The highest price this year was £4,000/MWh on 8 January in Settlement Periods 39 and 40. On 12 April 2021, the System Price was over £1,000/MWh for five consecutive Settlement Periods. In this BSC Insight, one of our Product Analysts, Angus Fairbairn, looks into how and why these high prices occur.
Consultation on reference architecture to support MHHS
Today (26 April) we have published the Architecture Working Group (AWG) consultation on the reference architecture to support Market-wide Half Hourly Settlement (MHHS) implementation.
The additional meter readings available from smart meters will result in a big increase in the volume and frequency of meter data that needs to be settled. This requires a different approach to the way energy companies interact with each other and Settlement data. The reference architecture sets out the framework for this new data integration.