Settlement Data for All Roles

EMRS Settlement Calendar provides a schedule of when payments for Suppliers, CfD Generators and Capacity Provider will be invoiced, when payment is due, and if applicable, the Settlement Date and the Settlement Run.

For more information about how Market Reference Prices are used the please see the Contracts for Difference page.

This document sets out the main rates and amounts used in the calculation of payments under both the Contracts for Difference (CfD) and Capacity Market (CM) schemes. For example, it includes the Interim Levy Rate for the CfD scheme and Weighting Factors for the CM scheme.

For more information about how Market Reference Prices are used the please see the Contracts for Difference page.

Market Reference Prices are used to calculate CfD Generator payments. There are two classifications of generation under a CfD contract and each has its own Market Reference Price:

• Baseload Technologies (such as biomass with CHP);
• Intermittent Technologies (such as solar or wind).

EMRS calculates both these reference prices, known as the Intermittent Market Reference Price (IMRP) and the Baseload Market Reference Price (BMRP), on behalf of Low Carbon Contracts Company.

The BMRP is calculated on a seasonal basis pursuant to condition 15 of the Contract for Difference Standard Terms and Conditions. Baseload prices are calculated using a traded volume weighted average based on forward season data received from LEBA. The BMRP is published in April and October of each year.

The Intermittent Market Reference Price is calculated using day-ahead data received from EPEX SPOT  and N2EX. An IMRP is calculated for every hour of the day pursuant to condition 21 of the Contract for Difference Standard Terms and Conditions.

Baseload Market Reference Price

Intermittent Market Reference Price

The Intermittent Market Reference Price is calculated using day-ahead data received from EPEX SPOT  and N2EX. An IMRP is calculated for every hour of the day pursuant to condition 21 of the Contract for Difference Standard Terms and Conditions.

For more information about how Market Reference Prices are used the please see the Contracts for Difference page.

Each year Strike Price Adjustments are calculated for the CfD contracts, which then apply from the relevant Indexation Anniversary. The purpose of these adjustments is to keep the Strike Prices aligned with movements in CPI inflation and electricity market charges (if applicable in the CfD contract).

The Balancing System Charge and TLM(D) Charge are each a Strike Price Adjustment, based on the Actual Balancing System Charge and the Actual TLM Charge  respectively, as detailed in the Contract for Difference Standard Terms and Conditions.

The Actual Balancing System Charge is sourced from relevant data provided by the GB System Operator (in the case of BSUoS Charges) or ELEXON (in the case of RCRC Credits) for the period from 01 February in the calendar year immediately preceding the relevant Balancing System Charge Report Year to 31 January in such Balancing System Charge Report Year.

The Actual TLM(D) Charge is sourced from relevant data provided by a ELEXON for the period from 01 January in the calendar year immediately preceding the relevant TLM(D) Charge Report Year to 31 December in such TLM(D) Charge Report Year.

The Strike Price Adjustment calculation details for some CfD Generators is available within the below spreadsheet. This spreadsheet also contains the TLM(D) and BSUoS data for the relevant generator settlement period data used in calculating the Balancing System Charge Difference and the TLM(D) Charges Difference.

LCCC has published a ‘Strike Price Adjustment Guidance’ which is intended to help CfD Generators understand the series of calculations that result in a Generators Annual Adjusted Strike Price. The document provides non-binding guidance and simplified worked examples of various Strike Price adjustments for Allocation Round 1 (AR1), Allocation Round 2 (AR2) and Investment Contracts. Allocation Round 3 (AR3) projects are dealt separately in Section 7 of the guidance.

For more information about how Strike Prices are used the please see the Contracts for Difference page. For more information about how Strike Prices are adjusted please see the Indexation section of the LCCC Payments page.

Capacity Cleared Price (CCP) is adjusted for UK Consumer Prices Index (CPI) for T-4 Auctions only.

 

This must be calculated no later than three months before the commencement of the Delivery Year. CPI adjusted CCP is calculated in pounds per MW and is the price at which Capacity Payments are payable in respect of Capacity Market Units (CMU) for the Delivery Year. This is detailed within the Electricity Capacity Regulations 2014 (as amended).

 

The table below illustrates the CCP adjusted for CPI:

*As stated in the Final Auction: Results T-4 Capacity Market Auction 2014, Auction Results: T-4 Capacity Market Auction 2015 and Auction Results: T-4 Capacity Market Auction 2016 for this table it’s been converted from £ per kW to £ per MW.
** “CPI” means the UK Consumer Prices Index (All Items) published monthly by the Office for National Statistics or, if such index ceases to be published, such other index as may replace it.
*** As stated in the Electricity Capacity Regulations 2014 (as amended) to calculate the price in pounds per MW.

G17 – Capacity Provider Payments illustrates a worked example of Capacity Cleared Price (CCP) adjusted for inflation in Appendix 4.

The Capacity Volume Register (CVR) will be published from 10^th to 20^th Working Day inclusive after the end of the month in which a System Stress Event occurred.

Delivery Year 2017-18 – No System Stress Events

The CVR lists all the CMUs’ over or under delivery positions from a System Stress Event with the aim of facilitating Volume Reallocation amongst CMUs. It also includes the following for each Settlement Period in the previous calendar month which was a System Stress Event and in respect of each CMU:

• The capacity delivered by a CMU (i) during the Settlement Period (j), (E);
• The Adjusted Load Following Capacity Obligation (ALFCO);
• (if any) the Initial Over-Delivery Volume (IOD);
• (if any) the Initial Under-Delivery Volume (IUD);
• The Aggregated traded Capacity Market Volume (ACMV); and
• The adjusted metered output (AE), which is equal to E plus ACMV.

The CVR will be updated and republished by 5pm daily throughout the window. We’d encourage you to check this webpage to view the latest CVR.

Please note:

• During the Volume Reallocation window any CMVRNs received between 8.30am-4pm will be reflected in the CVR published by 5pm on the same day.
• CMVRNs received after 4pm will be processed the following day.
• At 5pm on WD19 EMRS will publish the CVR with all trades received up to 4pm.

While the Volume Reallocation window is open, your performance during the Stress Event (E) and your DSR baseline will be recalculated if EMRS receives updated data through a later Settlement Run. This may cause changes to your Over-Delivery or Under-Delivery amounts before the close of the window.

The Final Capacity Volume Register will be published Working Day 20. This will include any trades received between 4pm and 5pm on Working Day 19. This will indicate everyone’s positions as at 5pm on Working Day 19, the close of the Volume Reallocation window.

WP48 – Volume Reallocation provides details on how Capacity Providers can participate in Volume Reallocation and the timescales associated with this process.

In the Capacity Market, Capacity Committed CMUs must fulfil their Capacity Obligations during a System Stress Event. After a System Stress Event has occurred, Capacity Providers may use Volume Reallocation if they have under or over-delivered compared to their obligation. This can be done to reduce penalty charges they may face based on their performance during the System Stress Event and provide a mechanism for over-delivering CMUs to receive earlier payments for their excess capacity.