Formal title: Increased efficiency in the reporting of Credit Default statements
P118 seeks to allow the Energy Contract Volume Allocation Agent (ECVAA) to report Level 1 Credit Default notices immediately on a Party entering Level 1 Credit Default. This will add extra rigour to the Credit Default process by allowing the ECVAA system to be developed to automatically post Credit Default notices on the Balancing Mechanism Reporting Service (BMRS).
The Authority approved the Proposed Modification on 3 June 2003. P119 was implemented on 24 June 2003 as a stand-alone Code change. P118 was implemented on 24 June 2003 as part of the CVA June 2003 Release.