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P445 ‘Improving efficiency of Default Funding Share process and Energy Supply Company Administration’

Formal title: Improving efficiency of Default Funding Share process and Energy Supply Company Administration

This Modification seeks to allow the Funds Administration Agent (FAA) to process a Default Funding Share for unpaid Trading Charges earlier to reduce the cost of the borrowing facility and reduce the risk of shortfall. The Modification will also allow the Panel to instruct the FAA to release Trading Charges where the default relates to an Energy Supply Company Administration (ESCA).

The proposed solution is based on a change to FAA system and BSC Documents to allow Trading Charges for a Defaulting Party (BSC Parties in Section H Default) to be mutualised from the Notification date (ND) onwards without delay, reducing the duration of outstanding payments from 6 Working Days (WD) to 0 WD.

Current Status

Submission

Report Phase

Awaiting Implementation

Implemented

Timetable

Event	Date
Present Initial Written Assessment to Panel	8 September 2022
Report Phase Consultation	12 September 2022 – 27 September 2022
Present Draft Modification Report to Panel	13 October 2022
Self-Governance Appeals Window	13 October – 3 November 2022
Publish Final Modification Report	17 October 2022

Implemented

Awaiting Implementation

The Panel agreed to implement P445 at its meeting on 13 October 2022 under Self-Governance. The Self-Governance Objection Window closed on Thursday 3 November 2022 no objections were received. The BSC Panel:

AGREED that P445 DOES better facilitate Applicable BSC Objective (d);
AGREED that P445does not impact the EBGL Article 18 terms and conditions held within the BSC;
DETERMINED (in the absence of any Authority direction) that P445 is a Self-Governance Modification Proposal;
APPROVED an Implementation Date of:
- 10 Working Days after Self-Governance Appeals Window closes;
APPROVED the legal text for P445;
APPROVED the Code Subsidiary Documents for P445; and
APPROVED the P445 Modification Report.

P445 NETSO Direction Letter

Size 57.91 KB

Report Phase

The P445 Report Phase Consultation was issued on 12 September 2022, with responses due 27 September 2022. No responses were received to the consultation. The BSC Panel considered the Draft Modification Report at its meeting on 13 October 2022 and agreed to approve P445 under Self-Governance.

Submission

P445 was raised by the Panel at its meeting on 8 September 2022 and progressed Straight-to-Report Phase as a Self-Governance Modification.

P445 Initial Written Assessment

Size 1.33 MB

P445 Proposal Form

Size 641.18 KB

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P445 ‘Improving efficiency of Default Funding Share process and Energy Supply Company Administration’

Formal title: Improving efficiency of Default Funding Share process and Energy Supply Company Administration

Current Status

Timetable

Implemented

Awaiting Implementation

Report Phase

Submission

My BSC