Glossary Term: Market Index Definition Statement
The Market Index Definition Statement (MIDS) is annually reviewed by the Elexon on behalf of the BSC Panel, to ensure that the Market Index Price is providing a reasonable reflection of the price of wholesale electricity in the short term market. The purpose of the Market Index Price is to reflect the price of wholesale electricity in Great Britain in the short term market, for delivery in respect of that Settlement Period.
The MIDS review consists of checking that parameters used in the Market Index Price calculation defined in the MIDS (i.e. the Individual Liquidity Threshold (ILT), timeband weightings and product weightings) remain fit for purpose and through the parameters, checking the MIDS principles are being met (BSC Section T1.5.3).
BSC defined definition
The Panel shall establish by no later than the commencement date, and have in force at all times thereafter, a statement having regard to the principles set out in paragraph 1.5.3 and which is approved by the Authority; has the meaning given to that term in Section T1.5.1;