Simplified Risk Evaluation Register will help identify settlement risks
We have published a new simplified Risk Evaluation Register for 2019/2020 which comes into effect on 1 April. The RER is designed to help energy companies that need to comply with the Balancing and Settlement Code.
Latest Risk Evaluation Register
ELEXON’s objective is to improve the accuracy of settlement. From April 2019 we are making it simpler for BSC parties to identify operational risks by consolidating the risk categories from 200 down to 34, as set out in the new Risk Evaluation Register (RER).
The RER identifies the risks which could lead to incorrect or poorly estimated data resulting in inaccurate settlement of energy. Inaccurate settlement ultimately leads to incorrect imbalance payments being made.
Risks that lead to inaccurate settlement include meters not being registered correctly (or not being registered at all) and consumption being recorded inaccurately.
We are currently consulting on a new Risk Operating Plan (ROP) which will give parties a clear indication of how we plan to mitigate the risks identified.
Visual diagrams about risk
To make the risks easier to understand we have produced process charts for each risk which give a visual representation of the events that occur. The diagrams should be used together with the RER.
The benefits of using the diagrams include making it clear where a deviation from certain processes can increase the chances of errors occurring. The diagrams also provide basic information about each of the 34 risks.