Formal title: Change to timeband weightings in the Market Index Definition Statement
The BSC obligates Elexon to review annually the Market Index Definition Statement (MIDS). At its meeting in October, the BSC Panel considered the annual Review of the MIDS. The MIDS includes a set of relevant products and timebands in which trades are made on those products, and sets weightings on them to determine which should be used to calculate the Market Index Price and Market Index Volume submitted by each power exchange in their role as Market Index Data Providers. The products and weightings are reviewed annually.
CP1358 proposes to set to Zero the weightings for timebands 7 and 8, meaning that only trades made within 12 hours of Gate Closure (timebands one to six) are included in the calculation of the reverse imbalance price. The BSC Panel has recommended this change be raised based on an ISG recommendation following industry consultation.
CP1358 was raised and issued for industry impact assessment as part of CPC00704 on 28 October 2011, with responses due back on 24 November 2011. It was approved by the ISG on 20 December 2011 for implementation on 1 April 2012.