P323

Formal title: Enabling inclusion and treatment of SBR in the Imbalance Price

Current Status

Submission
Initial Written Assessment
Assessment Procedure
Report Phase
With Authority
Awaiting Implementation
Implemented

Summary

P323 proposes to enable the value of Supplemental Balancing Reserve (SBR) to be included in the imbalance price calculation without affecting Balancing Mechanism (BM) cash flows. The Proposer seeks to have this in place by 5 November 2015 in line with the implementation of approved Modification Proposal P305 ‘Electricity Balancing Significant Code Review Developments’. This is because it is necessary that other elements of P305 are in place (e.g. the Value of Lost Load (VoLL) price) and to avoid delays so that the market receives the appropriate signals.

Progression

National Grid raised P323 on 26 June 2015. The Panel considered the Initial Written Assessment at its meeting on 9 July 2015 where it agreed that P323 be placed into a two month Assessment Procedure.

The Panel considered the Assessment Report on 10 September 2015 and gave its initial views on P323, initially recommending that it should be approved. The Report Phase consultation for P323 was issued on 11 September 2015, with responses due by 28 September 2015. Elexon presented the P323 Draft Modification Report to the BSC Panel at its meeting on 8 October, which recommended approval.

On 15 October 2015, the Authority approved P323 for implementation on 5 November 2015.

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