Help
Print This Page
Modification Proposal P211
Main imbalance price based on ex-post unconstrained schedule (Rejected)
Current Status
P211 was raised by EDF Energy on 16 April 2007.
P211 sought to amend the calculation of the ‘main’ imbalance price such that, when the market is short and System Buy Price (SBP) is the main price, then it was to be based on the least expensive Offers that the System Operator (SO) could utilise on an unconstrained system. Conversely, when the system is long and System Sell Price (SSP) is the main price, then it was to be based on the least cost Bids that the SO could have utilised on an unconstrained system. This was to be achieved by creating a new Ex-Post Unconstrained Schedule (EPUS). Price Average Reference (PAR) tagging would then be applied to the EPUS to ensure that only the most expensive 500MWh of Bids or Offers that the SO could utilise (to resolve the energy imbalance in an unconstrained system) were used to set the main price. The ‘reverse’ price would have remained unchanged.
At its meeting on 10 May 2007, the BSC Panel considered the Initial Written Assessment and agreed that P211 proceed to the Assessment Phase. An Assessment Report was presented to the BSC Panel at its meeting on 13 September 2007 in which the Panel agreed by majority with the Modification Group's recommendation that the Proposed Modification should not be made. A draft Modification Report was presented to the BSC Panel on 11 October 2007. The final Modification Report was submitted to the Authority on 22 October 2007. The BSC Panel provided a majority recommendation to the Authority to reject P211.
In considering whether to approve P211, the Authority conducted a Regulatory Impact Assessment (RIA). P211 and two other Pricing Modifications (P212 were P217) were mutually incompatible (only one could be in place at any one time).The RIA can be found on Ofgem's website.
In October, Ofgem rejected P211 and approved P217 (Alternative). The decision letter is published in the table at the bottom of this page.
Proposer: EDF Energy (EDF Energy)
Current Phase: Rejected
Modification's Lifecycle
Below is a chronology of this Modification’s lifecycle. Dates may be subject to
change, therefore if you wish to attend a meeting or require further
information, please contact the Lead
Analyst. To download documentation relating to this Modification
Proposal please use the document basket.
Refer to the drop-down menu below to view the details of a different
Modification Proposal.