Glossary Term: Reserve Scarcity Price
Acronym: RSVPj
The price per Settlement Period, per MWh
The Reserve Scarcity Price (RSVPj) is determined by multiplying the Final Loss of Load Probability (LoLPj) by the Value of Lost Load (VoLLj).
- if there is no Final Loss of Load Probability available for a Settlement Period then the Final Loss of Load Probability shall be the most recently calculated Indicative Loss of Load Probability for that Settlement Period.
- if there is no Indicative Loss of Load Probability or Final Loss of Load Probability available for a Settlement Period then the Final Loss of Load Probability shall be NULL and the Reserve Scarcity Price shall be calculated as RSVPj = 0
BSC defined definition
In respect of a Settlement Period, the price per MWh determined in accordance with Section T3.13.