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Elexon Imbalance Pricing Guide > Chapter 2 - Key Concepts > Flashcards

Chapter 2 - Key Concepts Flashcards

1
Q

What are Non-Physical Traders?

A

Intermediaries which suppliers or generators can enter into contracts with to trade energy

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2
Q

What does BSC stand for?

A

Balancing and Settlement Code

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3
Q

What are transmission losses?

A

Energy lost when transmitting electricity over long distances mainly due to heat

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4
Q

What are BMUs?

A

Represent the generation or consumption at a particular location. Each party is assigned BMUs for their power stations or areas of demand. The BSC sums up a party’s volumes and contracts when they carry out the Settlement calculations.

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5
Q

What is “Gate Closure”?

A

The hour before a settlement period is due to begin, all Physical Notifications are frozen and no more may be submitted.

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6
Q

What is a Physical Notification?

A

A submitted document by a party outlining how much each BMU intends to generate/consume. (Intention)

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7
Q

What are Final Physical Notifications?

A

These are the final Physical notifications submitted for gate closure, once these are in they are locked and become FPN

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8
Q

What 2 documents need to be submitted before a settlement period begins?

A
  • Final Physical Notification (FPN)

- Energy Contract Volume Notification (ECVNs)

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9
Q

What is a Energy Contract Volume Notification?

A
  • Notify BSC about contracted party volumes

- Can be submitted up to the start of the settlement period

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10
Q

What us the Transmission System Length?

A
  • Another name for the transmission system’s net imbalance
  • Long = Gen > Demand
  • Short = Gen < Demand
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11
Q

What 3 methods are predominantly used to balance the grid?

A
  • Bid Offer Acceptances (BM)
  • TERRE instructions (BM)
  • Balancing Services Adjustment Actions (Outside BM)
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12
Q

SO selects cheapest Balancing Action, what technical limitations must they consider?

A
  1. Power station / demand manger - ability to react

2. Transmission System - fesability of transmission from from one locale to another

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13
Q

When does the Balancing Mechanism operate?

A

After “Gate Closure”

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14
Q

When can BASDs be submitted?

A

At any point

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15
Q

How are TERRE actions submitted and on what time scale?

A
  • Via the Balancing Mechanism

- 15 minute delivery blocks

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16
Q

What are example Ancillary and Commercial services?

A
  • Reactive Power
  • Frequency Response
  • Black Start
  • Reserve Services
17
Q

What is Applicable Balancing Services Volume Data (ABSVD) used for?

A

As ancillary and commercial services tend not to be considered when calculating energy imbalance price, as they are system balancing. The ABSVD the SO sends to the BSC allows these parties to have their volumes suitably adjusted.

18
Q

What is an Offer?

A

Proposal to increase generation or decrease demand

19
Q

What is a Bid?

A

Proposal to decrease generation or increase demand

20
Q

When must Bid and Offers be submitted?

A

Before gate closure

21
Q

How many Bid/Offer pairs can a party submit per BM?

A

10

22
Q

What does a Bid/Offer include (4)?

A
  • Bid Price
  • Offer Price
  • Settlement Period
  • Individual Bid/Offer range limits
23
Q

Why are Bid/Offers submitted in pairs?

A

Offers and “undo” option

24
Q

What are BOAs?

A

Accepted Bids and Offers

25
Q

What is project TERRE?

A

Central European platform for the trading of balancing energy with Transmission SOs in 9 participating countries
- UK not allowed to participate on platform directly, but can still trade with EU countries via inter connectors

26
Q

How does the TERRE auction work?

A
  • Hourly auctions for 15 min blocks of balancing energy

- Transmission SOs submit net balancing need and offers for individual balancing blocks

27
Q

What is a TERRE instruction?

A

These are instructions from TERRE to Transmission SOs to adjust necessary Balancing Services
- In GB the Balancing Mechanism is used to communicate these instructions

28
Q

What are availability payments?

A

Payments made to STORs in return for capacity being made available

29
Q

What is the Utilization Price?

A

The pre-agreed price the SO pays the STOR when it is called upon

30
Q

Alternate price used to account for market prices when using STOR?

A

Reserve Scarcity Price (RSVP)

31
Q

What is Demand Control?

A

When a Demand Control action is issued using a Demand Control Instruction, it will instruct distribution network owners to reduce demand across their systems via reducing voltage and/or disconnecting consumers

32
Q

How are actions taken outside of the Balancing Mechanism submitted?

A

Via Balancing Services Adjustment Data (BSAD)

33
Q

What is the Balancing Services Adjustment Data made up of?

A
  1. Balancing Services Adjustment Actions (BSAA)

2. Buy/Sell Price Price Adjustments (BPA/SPA)

34
Q

What are some example BSAAs?

A
  • Forward contracts
  • Maximum generation
  • System to Generator Operational Intertripping
  • Emergency de-energization instructions
  • Demand Side Balancing Reserve
  • Non-BM STOR
35
Q

What do BPA/SPA represent?

A

A reflection of the costs to the SO of regulating reserve and BM start-up

Elexon Imbalance Pricing Guide (6 decks)

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