P465 ‘Correction to P415 legal text to amend Credit Cover requirements for Virtual Trading Parties’

P465 was presented to the BSC Panel on 14 December 2023 (345/

The Self-Governance appeal window opened on 14 December 2023 and closed on 9 January 2024.

There were no appeals against P465 being Self-Governance, P465 will be implemented on 7 November 2024 as part of the November 2024 Standard Release.

The Final Modification Report is provided below.

The BSC Panel agreed to submit P465 to Report Phase on 14 November 2023 (344/07). The Report Phase Consultation for P465 closed on 28 November 2023.

Elexon had initially recommended that P465 proceed as a non-Self Governance Modification (handed over to the Authority for their decision) on the basis that the error was contained in a requirements document that formed part of the Final Modification Report, and that seeking Authority approval would remove any risk of Ofgem objecting to proceeding under Self Governance rules.

However, during the Report Phase Consultation period, Elexon engaged with Ofgem to explain the change and this rationale. The Authority confirmed that their approval of P415 was based on the intent of the policy rather than the lower level documents, and that they did not see any need to make a decision on P465. Therefore, we have amended the recommendation to ask that the BSC Panel make a decision on whether to approve P465 at their meeting on 14 December 2023.

Please see the P465 consultations webpage for further information.

The BSC Panel raised P465 at their meeting on 9 November 2023 (443/07).