Formal title: Introduction of a single marginal cash-out price
This Modification seeks to introduce a single marginal imbalance price (cash-out price), which will be applied in place of the dual imbalance prices currently in use.
The Proposer believes that P316 will increase the certainty of a single marginal price being implemented in a timely manner and ahead of winter 2015/16.
RWE raised P316 on 4 November 2014. The Panel agreed to submit P316 to an Assessment Procedure, and the Assessment Report is due to be presented on 12 February 2015. The Workgroup’s Assessment Procedure Consultation was issued on 16 December 2014 with responses due by 14 January 2015. The Workgroup’s Assessment Report was considered by the Panel on 12 February 2015.
The Panel initially recommended by majority that the P316 Alternative Modification should be approved and the Proposed Modification should be rejected. The Panel’s Report Phase Consultation was issued on 13 February 2015 with responses due back on 3 March 2015.
The Panel considered the Draft Modification Report and Report Phase Consultation responses at its meeting on 12 March 2015. The final majority Panel recommendation is that the P316 Alternative Modification should be approved and the Proposed Modification should be rejected
The Authority rejected P316 on 2 April 2015.