P444 ‘Compensation for Virtual Lead Party actions in the Balancing Mechanism’

Ofgem sent P444 back to the BSC Panel on 8 September 2023, as it was unable to form an opinion on whether or not P444 should be approved.

The Panel approved the draft P444 Send Back Process at its meeting on 14 September 2023. 

The P444 Final Modification Report was submitted to the Authority on 15 June 2023 for decision.

The Report Phase Consultations for P444 and P415 were issued on 17 April 2023, running for one calendar month due to identified impacts on the EBGL Article 18 Terms and Conditions. 

The consultation closed on 17 May 2023, following this the BSC Panel considered P444 for a final time on 8 June 2023.

The Panel unanimously agreed that P444 Proposed does better facilitate Applicable BSC Objectives (b), that the Alternative solution better facilitates Applicable BSC Objectives (b) and (c).

The Panel unanimously agreed that the P444 Alternative Modification is better than the P444 Proposed Modification and that the Alternative Solution should be approved (with the Proposed Solution rejected).

The Panel unanimously:

• agreed that P444 should not be treated as a Self-Governance Modification;
• agreed that P444 does impact the EBGL Article 18 Terms and Conditions;
• agreed the Implementation Date;
• agreed the legal text; and
• approved that P444 report

Workgroup 4 – held on 28 March to conduct final voting and gather final views.

Workgroup 3 – held on 22 February to consider consultation responses.

The P444 Assessment Consultation has been issued, for response by 14 February 2023.

P444 Workgroup meeting 2 was held on 7 December 2022

The first P444 Workgroup meeting was held on 7 October 2022.

The P444 Initial Written Assessment was presented to the BSC Panel at their meeting on 8 September 2022.

P444 was raised by Flexitricity on 1 September 2022.