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New version of the Market Index Definition Statement to go live on 1 April 2012

Posted: 26 March 2012

On Sunday 1 April 2012, a new version of the Market Index Definition Statement (MIDS) will go live. The MIDS details how Market Index Data is calculated and used to produce the reverse Energy Imbalance Price. The Imbalance Settlement Group approved changes to the MIDS in December 2011 which are detailed in two Change proposals CP1358 and CP1359. The new version of the MIDS has also been approved by Ofgem.

The changes are as follows:

  • A One Hour Block product, which was introduced by the APX Power Exchange in November 2011, will now be included in the qualifying trades
  • Only trades made within 12 Hours of Gate Closure will be included in the calculation. Currently trades
    made within 20 hours of Gate Closure are included.

In addition, the new version of the MIDS includes the Day Ahead Auction product that is traded on both Power Exchanges as a relevant product. Please note that the Auction product is assigned a weighting of zero and has no impact on the reverse price.

The new version 7.0 of the MIDS is available as a redlined copy on the Future Changes page of the ELEXON website.

For more information, please contact Roger Harris on 020 7380 4311.