Exiting the Market

Glossary

This page outlines the requirements for BSC Parties that wish to withdraw from the market. For a BSC Party to withdraw from the BSC it must comply with the requirements within BSC Section A – Parties and Participation.

How it relates to you

The withdrawal actions of each Party will depend on registrations, trading activity and other factors relating to the Party.

If you wish to withdraw from the BSC please contact [email protected] who will work with you to determine factors that may prevent you from withdrawing.

Factors may include:

  • The Party’s last day of trading
  • Registrations in CRA
  • Registrations in MDD
  • ECVN/MVRNs to which you are a Party
  • Registered ECVNA/MVRNA Authorisations
  • Communications line status
  • Lodged Credit Cover
  • Outstanding charges

P414 Withdrawal

In February 2021, Modification P414 ‘Allowing a Party to Withdraw from the BSC and transfer outstanding liabilities to another Party’ was implemented.

This allows a BSC Party to withdraw from the Code as soon as possible after serving a notice of withdrawal, provided that all liabilities under the Code are satisfied or transferred to another BSC Party through a transfer of its BSC party ID to that legal entity.

This process can only be used when the receiving Party are registered in the same role as the originating party.

Before you can execute a P414 Withdrawal, you must have agreed on a Licence revocation date with Ofgem and we will work with you to ensure that the P414 Withdrawal takes place after this licence revocation date has passed.

The P414 Withdrawal process involves the submission of numerous forms, many of which are time sensitive. For this reason, it is a good idea to familiarise yourself with the Category A Authorised Signatories from your business before starting the process.

For more information or to initiate a P414 Withdrawal, please contact [email protected].

For an overview of the Market Exit process see the Simple guide to Market Exit.

Checklists by role

The following checklists have been designed to help you monitor your progress through the Withdrawals process and are for guidance only. Whilst this checklist aims to be as chronological as possible, some of these steps may be carried out in parallel.

Please refer to the relevant BSCPs indicated within the checklist for further details.

All Withdrawing Parties should refer to Balancing & Settlement Code (BSC) Section A5 for details of the Withdrawal criteria & BSCP65 for details of Party de-registration & Withdrawal.

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