P314 – Reduction in PAR from 500MWh to 350MWh
Formal title: Reduction in PAR from 500MWh to 350MWh
Current Status
Summary
The P314 proposed solution seeks a reduction in the Price Average Reference (PAR) value from 500MWh to 350MWh with an Implementation Date of 2 January 2015.
The Workgroup’s alternative solution also proposes a reduction in PAR to 350MWh but with an alternative Implementation Date (matching that of P304) of 31 October 2014.
Progression
First Utility raised P314 on 5 September 2014, and requested that it be treated as an Urgent Modification. The Panel met on 8 September 2014 to consider this request and agreed that P314 should be treated as an Urgent Modification. The Authority granted P314 Urgent status on 10 September 2014.
The Panel agreed to submit P314 to an Assessment Procedure by a Workgroup, during which P314 underwent the Workgroup’s Assessment Consultation. The Workgroup recommended that P304 should be rejected, and its Draft Modification Report was presented to the Panel at its meeting on 9 October 2014.
The Panel recommended that P314 should be rejected at its meeting on 9 October 2014. The Authority rejected P314 on 28 October 2014.