ELEXON’s 2018/19 Annual Report and Financial Statements
Our 2018/19 Annual Report and Financial Statements are now ready to view setting out how we delivered against our objectives, and the contributions we are making to major reform programmes in the energy sector.
Highlighting some of our key achievements
ELEXON manages the Balancing and Settlement Code (BSC) which ensures that payments for imbalances in wholesale electricity supply and demand are settled accurately.
Our Annual Report explains our key achievements, together with the work we are doing to respond to the needs of our customers, and the challenges facing the energy system.
- The role we are playing in the review by the Department for Business, Energy and Industrial Strategy (BEIS) and regulator Ofgem into the energy codes, where we have shared our views on how they can be simplified and consolidated to benefit the industry and consumers
- The progress we are making in creating a new flexible, digital, data platform to serve the industry and support agile change to BSC rules
- The key role we are playing in design of Market-wide Half-Hourly Settlement arrangements for electricity, which will help the industry and consumers to get the most benefit from smart meters
- The work we have done to continue provision of leading customer service among energy code administrators
Efficient management of our budget
In our Financial Statements for 2018/19 we explain in detail the work we have done to ensure that we provide our services efficiently and economically for BSC Parties.
During the 2018/19 financial year, BSC expenditure out-turned at £39.8m, contributing to a £3.8m underspend (nine per cent) against an annual budget of £43.6m.
This was partly attributable to internal savings, as well as fewer market changes than expected and a rephasing of our investment in central systems. Unused funding is returned to BSC Parties.