Consultation on Market Index Definition Statement
Following our annual review of the Market Index Definition Statement (MIDS) we are recommending that there should be no change to the statement for now.
What is Market Index Data used for?
Market Index Data is used to calculate a Market Index Price (MIP – expressed in £/MWh) for wholesale electricity in the short term market. This price relates to each Settlement Period. The MIP is used as a default price in the energy imbalance price calculation.
We are required to carry out an annual review of the MIDS document under the terms of the BSC. This is to ensure that the MIP is providing a reasonable reflection of the price of wholesale electricity in the short term market.
Our latest review of the Market Index Definition Statement
Our review of the MIDS used analysis covering the period from 1 August 2018 to 31 July 2019. Changes were made to the MIDS as part of BSC Modification P377 ‘Amending Gate Closure references in Market Index Data’, implemented on 18 April 2019.
Our analysis suggests that we do not need to make further changes to the MIDS at the moment. We are asking for views from stakeholders on this and have published a consultation, which includes our supporting analysis.
- More information on Modification P377 is on this webpage.
How to respond to our consultation
Our consultation on the outcome of the Market Index Definition Statement review is available to view:
If you would like to respond please email firstname.lastname@example.org by Thursday 10 October 2019. Responses to this consultation will be considered by the Imbalance Settlement Group at its meeting on 22 October 2019, where a final recommendation will be made to the BSC Panel for approval.
If the Panel decides that the MIDS should not be amended then the current version will remain in use.