The Loss of Load Probability (LoLP) is a measure of system reliability calculated by the System Operator (SO) for each Settlement Period. The LoLP indicates the probability of insufficient capacity to meet the generation needs. 

The Transmission Company shall send any Loss of Load Probability function calculated in accordance with the Loss of Load Probability Calculation Statement to the BMRA not less than three months before it is due to take effect. Not later than 15 minutes following Gate Closure for each Settlement Period, the Transmission Company shall send to the BMRA the Final Loss of Load Probability value applicable to the relevant Settlement Period calculated in accordance with the Static LoLP Function Methodology.

In relation to a Settlement Period, the Final Loss of Load Probability or the Indicative Loss of Load Probability as the context so requires.

• Elexon Insights Solution – Loss of Load Probability (LoLP) and De-rated Margin

BSC defined definition

In relation to a Settlement Period, the Final Loss of Load Probability or the Indicative Loss of Load Probability as the context so requires.