Electricity Balancing Significant Code Review
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1 Electricity Balancing Significant Code Review Place your chosen image here. The four corners must just cover the arrow tips. For covers, the three pictures should be the same size and in a straight line. Alex Haffner
2 Electricity Balancing SCR - Progress to Date March 2012: Ofgem announced intention to launch an electricity cash-out SCR August 2012: Initial Consultation stakeholder views sought on a range of initial policy considerations (scope was balancing, wider than just cash-out ) February 2013: Open Letter on EBSCR and Future Trading Arrangements scope of EBSCR reduced July 2013: Draft Policy Decision stakeholder views sought on a package of reforms to increase efficiency of the cash-out price signal May 2014: Publication of Final Policy Decision with directions to National Grid to raise modifications to the Balancing and Settlements Code (BSC) for the June 2014 BSC Panel meeting June 2014: Commencement of BSC modification (P305) process, Ofgem have strongly urged industry towards specified implementation timescales (detailed in following slides) March 2015: Panel recommendation sent for Authority decision (e.g. Proposed vs Alternative, P305 vs P316) 2
3 The three EBSCR Policies that Sharpen the Cash-out Price Demand Control Pricing: Demand Control action added to the stack, priced at Value of Lost Load (VoLL) VoLL: Win 15/16 = 3k/MWh VoLL: Win 18/19 = 6k/MWh Energy actions stacked in price order Demand VoLL Buy Action E (most expensive) Buy Action D Buy Action C Buy Action B (Reserve) Buy Action A (least expensive) Win-14/15 PAR250 Current PAR500 Win-18/19 PAR1 Win-15/16 PAR50 RSP Price /MWh More Marginal Price: Phased reduction of Price Average Reference (PAR) volume over which the weighted average of the most expensive actions are taken VoLL Reserve for Response Pricing Reserve: Level of capacity on the system at Gate Closure is used to determine the RSP price Margin MW 3
4 The fourth EBSCR Policy: Single Cash-out Price System Position Party Position Long Short Long Receive Main Price Pay Reverse Price Short Receive Reverse Price Pay Main Price Reverse price inefficiency: - Those parties are effectively helping to balance the system - The price is not reflective of the cost saving to the SO (and consumer) Party Position Long Short System Position Long (SSP sets price) / Short (SBP sets price) Receive Main Price Pay Main Price 4
5 Proposed P305 Implementation Solution The latest EBSCR policy package timescales are as follows: P316 More Marginal Pricing Reducing the volume of balancing actions over which the weighted average is taken 500 MWh 50 MWh 1 MWh Dual to Single Pricing Single cash-out pricing system, removing the price spread for imbalances in opposite directions Dual Single Reserve Pricing Use a scarcity based approach to cost reserve actions in cash-out Utilisation Price / BPA Static LoLP Dynamic LoLP Demand Control Pricing Price demand control actions into cash-out based on an administratively set Value of Lost Load (VoLL) None 3000 /MWh 6000 /MWh Today Nov-15 Nov-18 5
6 Alternative P305 Implementation Solution The latest EBSCR policy package timescales are as follows: P316A More Marginal Pricing Reducing the volume of balancing actions over which the weighted average is taken 500 MWh 100 MWh Dual to Single Pricing Single cash-out pricing system, removing the price spread for imbalances in opposite directions Dual Single Reserve Pricing Use a scarcity based approach to cost reserve actions in cash-out Utilisation Price / BPA Static LoLP Demand Control Pricing Price demand control actions into cash-out based on an administratively set Value of Lost Load (VoLL) None 3000 /MWh 6000 /MWh Today Nov-15 Nov-18 6
7 Operational Impacts on Market Participants More Marginal Pricing Impact limited to general sharpening of imbalance prices Reserve Pricing Indicative LOLP / De-rated margin forecasts published ahead of real time 12:00 D-1 for SP up to end of next day then 8, 4, 2 and 1 hour ahead of SP Gate Closure value used in cash-out price Non BM STOR will feed into calculation Disaggregated actions visible Dual to Single Pricing Market index price continues to be produced (despite no longer being used for reverse price) Demand Control Pricing New data feeds provided in addition to existing system warnings providing: notification of demand control instruction estimated volume SO-flag status and event type notification of cessation of demand control Automatic LFDD SO flagged therefore will not feed VoLL into cash-out price calc 7
8 Place your chosen image here. The four corners must just cover the arrow tips. For covers, the three pictures should be the same size and in a straight line. Q&A alex.haffner@nationalgrid.com
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